MANHATTAN RENTAL MARKET REPORT
MANHATTAN RENTAL MARKET REPORT ARCHIVE
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TABLE OF CONTENTS
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introduction
THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.
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CHANGE
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$4,638NOVEMBER 2022
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$4,628DECEMBER 2022
A QUICK LOOK
Over the last month, the average rental price in Manhattan decreased by 0.21%, from $4,638 to $4,628. The average rental price for a non-dorman studio unit decreased by 2.5%, from $2,955 to $2,881. The average rental price for a non-doorman one-bedroom unit increased by 0.61%, from $3,714 to $3,737. The average rental price for a non-doorman two-bedroom unit increased by 0.47%, from $4,825 to $4,848. The average rental price for a doorman studio unit decreased by 1.45%, from $3,660 to $3,607. The average rental price for a one-bedroom doorman unit decreased by 1.71%, from $5,119 to $5,031. The average rental price for a doorman two-bedroom unit increased by 1.09%, from $7,091 to $7,168.
Year-over-year, the average rental price for a non-doorman studio increased by 22.18%, while the average rental price for a doorman studio increased by 4.24%. The average rental price for a non-doorman one-bedroom unit increased by 11.08%, while doorman one-bedroom units saw their average rental price increased by 3.38%. The average rental price for a non-doorman two-bedroom unit increased by 12.89%, while the average rental price for doorman two-bedroom units increased by 8.06%.Overall, the average rental price in Manhattan increased by 8.11% from this time last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Non-doorman studios | TriBeCa $5,919 | Harlem $2,039 |
| Non-doorman one bedrooms | TriBeCa $7,225 | Harlem $2,391 |
| Non-doorman two bedrooms | TriBeCa $8,515 | Harlem $3,002 |
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Doorman studios | TriBeCa $4,367 | Harlem $2,775 |
| Doorman one bedrooms | SoHo $6,925 | Harlem $3,383 |
| Doorman two bedrooms | Greenwich Village $8,793 | Harlem $4,444 |
WHERE PRICES DECREASED
CHELSEA
Non-Doorman Two-Bedroom -1.4%
Doorman One-Bedroom -2.3%
Doorman Two-Bedroom -2.5%
EAST VILLAGE
Non-Doorman Studios -4.1%
Non-Doorman One-Bedroom -6.4%
Non-Doorman Two-Bedroom -3.5%
Doorman Studios -5.2%
Doorman One-Bedroom -5.9%
FINANCIAL DISTRICT
Non-Doorman Studios -15.4%
Non-Doorman One-Bedroom -2.2%
Doorman Studios -0.2%
Doorman One-Bedroom -0.5%
Doorman Two-Bedroom -1.4%
GRAMERCY
Non-Doorman Studios -8.7%
Non-Doorman One-Bedroom -2.5%
Non-Doorman Two-Bedroom -6.2%
Doorman Studios -4.5%
Doorman One-Bedroom -3.2%
GREENWICH VILLAGE
Non-Doorman Studios -5.0%
Doorman Studios -3.2%
Doorman One-Bedroom -6.7%
Doorman Two-Bedroom -0.2%
HARLEM
Non-Doorman One-Bedroom -1.4%
Non-Doorman Two-Bedroom -2.6%
Doorman Studios -0.4%
Doorman One-Bedroom -6.0%
Doorman Two-Bedroom -2.9%
LOWER EAST SIDE
Non-Doorman Studios -2.9%
Doorman Studios -3.2%
Doorman Two-Bedroom -0.1%
MIDTOWN EAST
Doorman Studios -0.8%
Doorman One-Bedroom -2.0%
Doorman Two-Bedroom -3.0%
MIDTOWN WEST
Non-Doorman Two-Bedroom -5.0%
Doorman One-Bedroom -3.1%
Doorman Two-Bedroom -2.9%
MURRAY HILL
Doorman Studios -2.1%
Doorman One-Bedroom -4.4%
SOHO
Non-Doorman Studios -0.8%
Non-Doorman Two-Bedroom -12.5%
TRIBECA
Non-Doorman Studios -5.3%
Doorman Studios -3.5%
Doorman One-Bedroom -1.8%
UPPER EAST SIDE
Doorman Studios -1.1%
UPPER WEST SIDE
Non-Doorman Two-Bedroom -1.2%
Doorman Studios -2.6%
Doorman One-Bedroom -0.5%
WHERE PRICES INCREASED
BATTERY PARK CITY
Doorman Studios 3.9%
Doorman One-Bedroom 5.8%
Doorman Two-Bedroom 4.0%
CHELSEA
Non-Doorman Studios 4.3%
Non-Doorman One-Bedroom 0.3%
Doorman Studios 0.0%
EAST VILLAGE
Doorman Two-Bedroom 2.5%
FINANCIAL DISTRICT
Non-Doorman Two-Bedroom 7.1%
GRAMERCY
Doorman Two-Bedroom 6.1%
GREENWICH VILLAGE
Non-Doorman One-Bedroom 1.4%
Non-Doorman Two-Bedroom 5.6%
HARLEM
Non-Doorman Studios 2.2%
LOWER EAST SIDE
Non-Doorman One-Bedroom 1.2%
Non-Doorman Two-Bedroom 5.3%
Doorman One-Bedroom 2.5%
MIDTOWN EAST
Non-Doorman Studios 1.7%
Non-Doorman One-Bedroom 1.7%
Non-Doorman Two-Bedroom 4.9%
MIDTOWN WEST
Non-Doorman Studios 2.4%
Non-Doorman One-Bedroom 4.4%
Doorman Studios 1.2%
MURRAY HILL
Non-Doorman Studios 3.3%
Non-Doorman One-Bedroom 3.9%
Non-Doorman Two-Bedroom 1.4%
Doorman Two-Bedroom 0.4%
SOHO
Non-Doorman One-Bedroom 5.1%
Doorman Studio 0.0%
Doorman One-Bedroom 1.1%
Doorman Two-Bedroom 4.9%
TRIBECA
Non-Doorman One-Bedroom 0.0%/p>
Non-Doorman Two-Bedroom 9.6%
Doorman Two-Bedroom 6.4%
UPPER EAST SIDE
Non-Doorman Studios 0.3%
Non-Doorman One-Bedroom 1.2%
Non-Doorman Two-Bedroom 0.7%
Doorman One-Bedroom 1.5%
Doorman Two-Bedroom 0.3%
UPPER WEST SIDE
Non-Doorman Studios 4.4%
Non-Doorman One-Bedroom 3.9%
Doorman Two-Bedroom 2.4%
MANHATTAN AVERAGE PRICE
MANHATTAN AVERAGE PRICE
MANHATTAN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
MANHATTAN RENTS: DECEMBER 2021 VS. DECEMBER 2022
| TYPE | DECEMBER 2021 | DECEMBER 2022 | CHANGE |
|---|---|---|---|
| Non-doorman studios | $2,358 | $2,881 | 22.18% |
| Non-doorman one bedrooms | $3,364 | $3,737 | 11.08% |
| Non-doorman two bedrooms | $4,294 | $4,848 | 12.89% |
| TYPE | DECEMBER 2021 | DECEMBER 2022 | CHANGE |
|---|---|---|---|
| Doorman studios | $3,460 | $3,607 | 4.24% |
| Doorman one bedrooms | $4,867 | $5,031 | 3.38% |
| Doorman two bedrooms | $6,634 | $7,168 | 8.06% |
MANHATTAN PRICE TRENDS
BATTERY PARK CITY PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 4.48%.
CHELSEA PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE DECREASED BY 1.86%, WHILE NON-DOORMAN RENTS INCREASED BY JUST 0.42%.
EAST VILLAGE PRICE TRENDS
DOORMAN RENTS DECREASED THIS PAST MONTH BY 2.1% , WHILE NON-DOORMAN RENTS DECREASED BY 4.62%.
FINANCIAL DISTRICT PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT SLIGHTLY DECREASED BY JUST 0.81%, WHILE NON-DOORMAN RENTS INCREASED BY 2.95%.
GRAMERCY PARK PRICE TRENDS
NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.71% SINCE LAST MONTH, AS DOORMAN RENTS DECREASED BY 5.68%.
GREENWICH VILLAGE PRICE TRENDS
NON-DOORMAN RENTS DECREASED BY 3.02% THIS PAST MONTH, AND DOORMAN RENTS INCREASED BY 1.63%.
HARLEM PRICE TRENDS
MONTH-OVER-MONTH, NON-DOORMAN RENTS DECREASED BY 3.29%, WHILE DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.93%.
LOWER EAST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.05% SINCE LAST MONTH, AND DOORMAN RENTS INCREASED BY 1.78%.
MIDTOWN EAST PRICE TRENDS
DOORMAN RENTS DECREASED THIS PAST MONTH BY 2.19%, WHILE NON-DOORMAN RENTS INCREASED BY 3.02%.
MIDTOWN WEST PRICE TRENDS
THIS PAST MONTH, THE AVERAGE DOORMAN RENTS DECREASED BY 1.99%, WHILE NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.07%.
MURRAY HILL PRICE TRENDS
FOR THE MONTH OF DECEMBER, AVERAGE RENTAL PRICES FOR DOORMAN RENTS DECREASED THIS PAST MONTH BY 1.68%, WHILE NON-DOORMAN RENTS INCREASED BY 2.68%.
SOHO PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 3.18%, AND NON-DOORMAN RENTS DECREASED BY 4.42%.
TRIBECA PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.21%, AND NON-DOORMAN RENTS REMAINED STABLE WITH NO CHANGES THIS MONTH.
UPPER EAST SIDE PRICE TRENDS
BOTH DOORMAN AND NON-DOORMAN RENTS SLIGHTLY INCREASED THIS MONTH BY JUST 0.35% AND 0.74%, RESPECTIVELY.
UPPER WEST SIDE PRICE TRENDS
NON-DOORMAN RENTS THIS MONTH HAVE SLIGHTLY INCREASED BY JUST 0.63%, AND NON-DOORMAN RENTS INCREASED AS WELL BY 1.78%.
THE REPORT EXPLAINED
THE MANHATTAN RENTAL MARKET REPORT COMPARES FLUCTUATION IN THE CITY’S RENTAL DATA ON A MONTHLY BASIS. IT IS AN ESSENTIAL TOOL FOR POTENTIAL RENTERS SEEKING TRANSPARENCY IN THE NYC APARTMENT MARKET AND A BENCHMARK FOR LANDLORDS TO EFFICIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN MANHATTAN.
The Manhattan Rental Market Report is based on data cross-sectioned from over 10,000 currently available listings located below 125th Street and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR. com) and R.O.L.E.X. (Real Plus).
Author: MNS has been helping Manhattan & Brooklyn landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help.
Contact Us Now: 718-222-0211
Note: All market data is collected
and compiled by MNS’s marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice.
If you would like to republish this report on the web, please be sure to source it as the “Manhattan Rental Market Report” with a link back to its original location.
