MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.

  • 1.71%
    CHANGE
  • $4,069
    SEPTEMBER 2021
  • $4,139
    OCTOBER 2021

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan increased by 1.71%, from $4,069.24 to $4,138.81.24. The average rental price for a non-doorman studio unit increased by 0.60%, from $2,329 to $2,343. The average rental price for a non-doorman one-bedroom unit increased by 1.00%, from $3,135 to $3,167. The average rental price for a non-doorman two-bedroom unit increased by 2.04%, from $4,130 to $4,214. The average rental price for a doorman studio unit increased by 4.06%, from $3,210 to $3,340. The average rental price for a one-bedroom doorman unit increased by 1.52%, from $4,572 to $4,642. The average rental price for a doorman two-bedroom unit decreased by 0.49%, from $6,603 to $6,570. This past month, non-doorman units represented 48.5% of the rental market while doorman units comprised the remaining 51.5%.

Year-over-year, the average rental price for a non-doorman studio is up by 8.15%, while the average rental price for a doorman studio is up by 21.05%. In that same span, the average rental price for a non-doorman one-bedroom unit increased by 11.15%, while doorman one-bedroom units saw their average rental price increase by 19.38%. The average rental price for a non-doorman two-bedroom unit increased by 14.62%. The average rental price for a doorman two-bedroom increased by 16.52%. Overall, the average rental price in Manhattan is up 16.81% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios FiDi $3,400 Harlem $1,834
Non-doorman one bedrooms Tribeca $6,113 Harlem $2,179
Non-doorman two bedrooms Tribeca $7,048 Harlem $2,551
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $5,000 Harlem $2,082
Doorman one bedrooms SoHo $6,498 Harlem $3,042
Doorman two bedrooms SoHo $10,000 Harlem $3,553

WHERE PRICES DECREASED

price_down_icon

CHELSEA

Doorman One-Bedroom -0.1%

Doorman Two-Bedroom -3.6%

Non-Doorman Studios -8.2%

EAST VILLAGE

Doorman Studios -2.8%

Doorman Two-Bedroom -2.7%

FINANCIAL DISTRICT

Non-Doorman Studios -

GRAMERCY

Doorman One-Bedroom -1.9%

Doorman Two-Bedroom -6.0%

Non-Doorman One-Bedroom -3.9%

GREENWICH VILLAGE

Doorman Two-Bedroom -6.9%

HARLEM

Non-Doorman Two-Bedroom -0.6%

LOWER EAST SIDE

Doorman One-Bedroom -1.4%

MIDTOWN EAST

Doorman Two-Bedroom -6.0%

MURRAY HILL

Doorman Studios -2.6%

Non-Doorman One-Bedroom -14.7%

SOHO

Doorman One-Bedroom -0.3%

TRIBECA

Doorman Two-Bedroom -6.6%

Non-Doorman One-Bedroom -2.2%

Non-Doorman Two-Bedroom -10.3%

UPPER EAST SIDE

Doorman Studios -1.4%

UPPER WEST SIDE

Doorman Two-Bedroom -1.9%

Non-Doorman Two-Bedroom -5.8%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 0.6%

Doorman One-Bedroom 3.0%

Doorman Two-Bedroom 3.3%

CHELSEA

Doorman Studios 1.8%

Non-Doorman One-Bedroom 11.4%

Non-Doorman Two-Bedroom 5.2%

EAST VILLAGE

Doorman One-Bedroom 11.6%

Non-Doorman Studios 1.8%

Non-Doorman One-Bedroom 3.1%

Non-Doorman Two-Bedroom 6.4%

FINANCIAL DISTRICT

Doorman Studios 0.2%

Doorman One-Bedroom 2.6%

Doorman Two-Bedroom 2.2%

Non-Doorman One-Bedroom 6.3%

Non-Doorman Two-Bedroom 3.7%

GRAMERCY

Doorman Studios 3.9%

Non-Doorman Studios 5.5%

Non-Doorman Two-Bedroom 6.8%

GREENWICH VILLAGE

Doorman Studios 12.0%

Doorman One-Bedroom 0.4%

Non-Doorman Studios 4.0%

Non-Doorman One-Bedroom 1.3%

Non-Doorman Two-Bedroom 4.1%

HARLEM

Doorman Studios 0.4%

Doorman One-Bedroom 2.4%

Doorman Two-Bedroom 3.1%

Non-Doorman Studios 1.2%

Non-Doorman One-Bedroom 1.6%

LOWER EAST SIDE

Doorman Studios 0.8%

Doorman Two-Bedroom 2.4%

Non-Doorman Studios 2.7%

Non-Doorman One-Bedroom 2.1%

Non-Doorman Two-Bedroom 0.3%

MIDTOWN EAST

Doorman Studios 2.7%

Doorman One-Bedroom 1.2%

Non-Doorman One-Bedroom 0.6%

Non-Doorman Studios 1.0%

Non-Doorman Two-Bedroom 1.5%

MIDTOWN WEST

Doorman Studios 1.7%

Doorman One-Bedroom 3.5%

Doorman Two-Bedroom 1.0%

Non-Doorman Studios 0.4%

Non-Doorman One-Bedroom 5.3%

Non-Doorman Two-Bedroom 8.0%

MURRAY HILL

Doorman One-Bedroom 1.7%

Doorman Two-Bedroom 3.6%

Non-Doorman Studios 2.1%

Non-Doorman Two-Bedroom 7.4%

SOHO

Doorman Studio 23.5%

Doorman Two-Bedroom 10.2%

Non-Doorman Studios 1.4%

Non-Doorman One-Bedroom 0.3%

Non-Doorman Two-Bedroom 7.8%

TRIBECA

Doorman Studios 9.3%

Doorman One-Bedroom 0.002%

Non-Doorman Studios -

UPPER EAST SIDE

Doorman One-Bedroom 1.4%

Doorman Two-Bedroom 0.3%

Non-Doorman Studios 2.4%

Non-Doorman One-Bedroom 3.8%

Non-Doorman Two-Bedroom 5.7%

UPPER WEST SIDE

Doorman Studios 2.9%

Doorman One-Bedroom 1.5%

Non-Doorman Studios 2.7%

Non-Doorman One-Bedroom 1.6%

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
11.2%
24.3%
28.1%
21.7%
13.6%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
10.2%
1.1%
21.9%
16.3%
22.0%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
25.0%
7.9%
20.6%
14.3%
16.1%

YEAR OVER YEAR Price change

MANHATTAN RENTS: OCTOBER 2020 VS. OCTOBER 2021

price changes
TYPE OCTOBER 2020 OCTOBER 2021 CHANGE
Non-doorman studios $2,166 $2,343 8.1%
Non-doorman one bedrooms $2,849 $3,167 11.2%
Non-doorman two bedrooms $3,677 $4,214 14.6%
TYPE OCTOBER 2020 OCTOBER 2021 CHANGE
Doorman studios $2,759 $3,340 21.0%
Doorman one bedrooms $3,888 $4,642 19.4%
Doorman two bedrooms $5,638 $6,570 16.5%
MANHATTAN

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 2.57%.

BATTERY PARK CITY

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA INCREASED BY 3.83% THIS PAST MONTH.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA DECREASED BY 1.16%.

CHELSEA

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 4.19%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 1.53%.

EAST VILLAGE

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT DECREASED BY 1.07% THROUGH OCTOBER.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 1.85%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 2.79%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK DECREASED BY 2.46% THROUGH OCTOBER.

GRAMERCY PARK

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 3.14%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE DECREASED BY 0.34% THROUGH OCTOBER.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM INCREASED BY 0.60%.

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM INCREASED BY 2.22%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 1.53%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 0.83%.

LOWER EAST SIDE

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 1.08%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST DECREASED BY 2.17%.

MIDTOWN EAST

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 5.13%.

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 1.94%.

MIDTOWN WEST

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL DECREASED BY 0.83%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 1.63%.

MURRAY HILL

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO INCREASED BY 3.74% THROUGH OCTOBER.

ONCE AGAIN, MOSTLY DUE TO A CONSOLIDATION OF INVENTORY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO INCREASED BY 9.45% THROUGH OCTOBER. THANKS TO ITS MARKET DYNAMIC, SOHO OFTEN SEES RENTAL PRICING SPIKE AND DIP MONTH-OVER-MONTH.

SOHO

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN TRIBECA INCREASED BY 11.66%.

THIS LARGE INCREASE WAS THE DIRECT RESULT OF A LACK ON STUDIO INVENTORY, WHICH DROVE OVERALL PRICING UP. OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA DECREASED BY 0.87%.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE INCREASED BY 4.21% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 0.25%.

UPPER EAST SIDE

THROUGH OCTOBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE DECREASED BY 1.50% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 0.16%.

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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