MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.

  • 3.46%
    CHANGE
  • $3,560
    MAY 2021
  • $3,683
    JUNE 2021

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan increased by 3.46%, from $3,560.15 to $3,683.48. The average rental price for a non-doorman studio unit increased by 0.99%, from $2,119 to $2,140. The average rental price for a non-doorman one-bedroom unit increased by 4.03%, from $2,719 to $2,829. The average rental price for a non-doorman two-bedroom unit increased by 2.13%, from $3,585 to $3,662. The average rental price for a doorman studio unit increased by 3.81%, from $2,803 to $2,910. The average rental price for a one-bedroom doorman unit increased by 4.97%, from $3,934 to $4,129. The average rental price for a doorman two-bedroom unit increased by 3.66%, from $5,899 to $6,115. This past month, non-doorman units represented 57.3% of the rental market while doorman units comprised the remaining 42.7%.

Year-over-year, the average rental price for a non-doorman studio is down by 9.63%, while the average rental price for a doorman studio is down by 7.01%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 9.16%, while doorman one-bedroom units saw their average rental price decrease by 3.49%. The average rental price for a non-doorman two-bedroom unit fell by 11.99%. The average rental price for a doorman two-bedroom increased by 0.54%. Overall, the average rental price in Manhattan is down 5.71% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $3,570 Harlem $1,731
Non-doorman one bedrooms Tribeca $5,416 Harlem $2,083
Non-doorman two bedrooms Tribeca $7,073 Harlem $2,527
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,383 Harlem $2,165
Doorman one bedrooms SoHo $5,748 Harlem $2,755
Doorman two bedrooms SoHo $7,766 Harlem $3,624

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman Studios -0.4%

EAST VILLAGE

Doorman Two-Bedroom -4.3%

FINANCIAL DISTRICT

Non-Doorman Studios -10.7%

GRAMERCY

Non-Doorman Studios -2.5%

Non-Doorman One-Bedroom -6.4%

LOWER EAST SIDE

Doorman Studios -2.2%

Doorman Two-Bedroom -6.4%

MIDTOWN EAST

Non-Doorman Studios -1.7%

Non-Doorman Two-Bedroom -4.7%

MURRAY HILL

Non-Doorman Studios -0.1%

SOHO

Doorman Two-Bedroom -6.6%

Non-Doorman One-Bedroom -4.0%

Non-Doorman Two-Bedroom -10.0%

TRIBECA

Doorman Two-Bedroom -4.3%

Non-Doorman Two-Bedroom -5.8%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman One-Bedroom 2.2%

Doorman Two-Bedroom 5.6%

CHELSEA

Doorman Studios 8.6%

Doorman One-Bedroom 1.4%

Doorman Two-Bedroom 3.0%

Non-Doorman Studios 2.9%

Non-Doorman One-Bedroom 4.1%

Non-Doorman Two-Bedroom 7.4%

EAST VILLAGE

Doorman Studios 3.5%

Doorman One-Bedroom 1.4%

Non-Doorman Studios 2.2%

Non-Doorman One-Bedroom 4.1%

Non-Doorman Two-Bedroom 11.0%

FINANCIAL DISTRICT

Doorman Studios 9.5%

Doorman One-Bedroom 5.5%

Doorman Two-Bedroom 4.9%

Non-Doorman One-Bedroom 2.2%

Non-Doorman Two-Bedroom 4.1%

GRAMERCY

Doorman Studios 6.2%

Doorman One-Bedroom 2.8%

Doorman Two-Bedroom 8.2%

Non-Doorman Two-Bedroom 5.5%

GREENWICH VILLAGE

Doorman Studios 4.7%

Doorman One-Bedroom 4.8%

Doorman Two-Bedroom 18.4%

Non-Doorman Studios 3.3%

Non-Doorman One-Bedroom 9.0%

Non-Doorman Two-Bedroom 9.4%

HARLEM

Doorman Studios 6.3%

Doorman One-Bedroom 1.8%

Doorman Two-Bedroom 0.5%

Non-Doorman Studios 1.1%

Non-Doorman One-Bedroom 1.5%

Non-Doorman Two-Bedroom 2.5%

LOWER EAST SIDE

Doorman One-Bedroom 8.3%

Non-Doorman Studios 5.2%

Non-Doorman One-Bedroom 10.0%

Non-Doorman Two-Bedroom 8.6%

MIDTOWN EAST

Doorman Studios 1.4%

Doorman One-Bedroom 4.1%

Doorman Two-Bedroom 9.0%

Non-Doorman One-Bedroom 5.4%

MIDTOWN WEST

Doorman Studios 9.1%

Doorman One-Bedroom 6.5%

Doorman Two-Bedroom 12.6%

Non-Doorman Studios 1.0%

Non-Doorman One-Bedroom 1.0%

Non-Doorman Two-Bedroom 0.3%

MURRAY HILL

Doorman Studios 3.0%

Doorman One-Bedroom 9.2%

Doorman Two-Bedroom 6.3%

Non-Doorman One-Bedroom 2.6%

Non-Doorman Two-Bedroom 4.0%

SOHO

Doorman Studio 0.6%

Doorman One-Bedroom 6.7%

Non-Doorman Studios 4.1%

TRIBECA

Doorman Studios 5.7%

Doorman One-Bedroom 10.7%

Non-Doorman Studios 5.5%

Non-Doorman One-Bedroom 13.9%

UPPER EAST SIDE

Doorman Studios 2.9%

Doorman One-Bedroom 5.3%

Doorman Two-Bedroom 10.22%

Non-Doorman Studios 0.5%

Non-Doorman One-Bedroom 2.9%

Non-Doorman Two-Bedroom 3.4%

UPPER WEST SIDE

Doorman Studios 0.5%

Doorman One-Bedroom 2.6%

Doorman Two-Bedroom 3.4%

Non-Doorman Studios 1.9%

Non-Doorman One-Bedroom 1.7%

Non-Doorman Two-Bedroom 7.6%

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

MANHATTAN AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
Battery Park City
Chelsea
East Village
Finacial District
Gramercy
6.2%
1.0%
4.2%
4.3%
7.3%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
1.5%
13.5%
5.2%
7.6%
4.7%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
9.3%
11.4%
0.2%
9.0%
3.7%

YEAR OVER YEAR Price change

MANHATTAN RENTS: JUNE 2020 VS. JUNE 2021

price changes
TYPE JUNE 2020 JUNE 2021 CHANGE
Non-doorman studios $2,368 $2,140 9.6%
Non-doorman one bedrooms $3,114 $2,829 9.2%
Non-doorman two bedrooms $4,160 $3,662 12.0%
TYPE JUNE 2020 JUNE 2021 CHANGE
Doorman studios $3,129 $2,910 7.0%
Doorman one bedrooms $4,279 $4,129 3.5%
Doorman two bedrooms $6,082 $6,115 0.5%
MANHATTAN

THROUGH JUNE, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 3.32%.

BATTERY PARK CITY

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA INCREASED BY 5.25% THIS PAST MONTH.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA INCREASED BY 3.70%.

CHELSEA

THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A NONDOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 6.41%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE DECREASED BY 0.71%.

EAST VILLAGE

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT DECREASED BY JUST 0.38% THROUGH JUNE.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 6.11%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK DECREASED BY 0.73%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 6.01% THROUGH JUNE.

GRAMERCY PARK

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 7.79%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 10.80% THROUGH JUNE.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM INCREASED BY 1.77%.

THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM INCREASED BY 2.33%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 8.15%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE DECREASED BY 0.85%.

LOWER EAST SIDE

THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST DECREASED BY 0.54%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 6.01%.

MIDTOWN EAST

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST DECREASED BY 0.70%.

THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 9.88%.

MIDTOWN WEST

THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 2.42%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 6.46%.

MURRAY HILL

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO DECREASED BY 5.11% THROUGH JUNE.

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO DECREASED BY 0.89%.

SOHO

THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A NONDOORMAN RENTAL UNIT IN TRIBECA INCREASED BY 2.63%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA INCREASED BY 2.46%.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE INCREASED BY 2.43% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 7.16%.

UPPER EAST SIDE

THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE INCREASED BY 4.32% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 2.55%.

UPPER WEST SIDE

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.

HTTP://WWW.MNS.COM/MANHATTAN_RENTAL_MARKET_REPORT

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