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 INCREASED THIS MONTH.
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CHANGE
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$4,487MARCH 2022
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$4,525APRIL 2022
A QUICK LOOK
Over the last month, the average rental price in Manhattan increased by 0.85%, from $4,487 to $4,525. The average rental price for a non-doorman studio unit increased by 8.73%, from $2,538 to $2,760. The average rental price for a non-doorman one-bedroom unit increased by 1.78%, from $3,417 to $3,478. The average rental price for a non-doorman two-bedroom unit increased 0.36%, from $4,513 to $4,529. The average rental price for a doorman studio unit increased by 0.90%, from $3,695 to $3,729. The average rental price for a one-bedroom doorman unit increased by 1.40%, from $5,022 to $5,092. The average rental price for a doorman two-bedroom unit increased by 1.64%, from $6,866 to $6,978.
Year-over-year, the average rental price for a non-doorman studio is up by 32.99%, while the average rental price for a doorman studio is up by 36.02%. In that same span, the average rental price for a non-doorman one-bedroom unit increased by 27.36%, while doorman one-bedroom units saw their average rental price increase by 33.12%. The average rental price for a non-doorman two-bedroom unit increased by 27.52%. The average rental price for a doorman two-bedroom increased by 19.95%. Overall, the average rental price in Manhattan is up 29.04% from this time last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Non-doorman studios | Tribeca $4,955 | Harlem $2,003 |
| Non-doorman one bedrooms | TriBeCa $6,425 | Harlem $2,365 |
| Non-doorman two bedrooms | TriBeCa 8,000 | Harlem $2,787 |
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Doorman studios | TriBeCa $5,189 | Harlem $2,766 |
| Doorman one bedrooms | SoHo $6,340 | Harlem $3,358 |
| Doorman two bedrooms | SoHo $9,013 | Harlem $4,065 |
WHERE PRICES DECREASED
CHELSEA
Non-Doorman Studios -6.1%
EAST VILLAGE
Non-Doorman Two-Bedroom -0.6%
FINANCIAL DISTRICT
Non-Doorman Studios -
Doorman Two-Bedroom -0.5%
GRAMERCY
Non-Doorman One-Bedroom -1.2%
Non-Doorman Studios -5.2%
GREENWICH VILLAGE
Non-Doorman Two-Bedroom -1.7%
Doorman Studios -8.0%
LOWER EAST SIDE
Non-Doorman One-Bedroom -4.4%
Non-Doorman Two-Bedroom -5.0%
MIDTOWN EAST
Doorman Two-Bedroom -0.8%
MIDTOWN WEST
Non-Doorman One-Bedroom -0.1%
Non-Doorman Two-Bedroom -6.1%
Doorman Two-Bedroom -0.3%
MURRAY HILL
Non-Doorman Studios -2.6%
Non-Doorman Two-Bedroom -0.5%
Doorman Studios -4.5%
Doorman One-Bedroom -2.4%
Doorman Two-Bedroom -1.9%
SOHO
Non-Doorman Two-Bedroom -8.4%
Doorman Two-Bedroom -3.4%
TRIBECA
Non-Doorman Studio -
Non-Doorman One-Bedroom -1.2%
Doorman Studios -6.7%
Doorman One-Bedroom -2.6%
Doorman Two-Bedroom -1.5%
UPPER EAST SIDE
Non-Doorman One-Bedroom -0.2%
Non-Doorman Two-Bedroom -3.8%
UPPER WEST SIDE
Non-Doorman Studios -1.0%
Non-Doorman Two-Bedroom -2.7%
Doorman One-Bedroom -16.1%
Doorman Two-Bedroom -2.4%
WHERE PRICES INCREASED
BATTERY PARK CITY
Doorman Studios 3.3%
Doorman One-Bedroom 4.2%
Doorman Two-Bedroom 2.3%
CHELSEA
Non-Doorman One-Bedroom 1.1%
Non-Doorman Two-Bedroom 3.8%
Doorman Studios 0.0%
Doorman One-Bedroom 1.8%
Doorman Two-Bedroom 4.6%
EAST VILLAGE
Non-Doorman Studios 5.6%
Non-Doorman One-Bedroom 1.0%
Doorman Studios 8.0%
Doorman One-Bedroom 8.4%
Doorman Two-Bedroom 10.3%
FINANCIAL DISTRICT
Non-Doorman Two-Bedroom 2.2%
Doorman Studios 3.1%
Doorman One-Bedroom 0.4%
GRAMERCY
Doorman One-Bedroom 0.0%
Non-Doorman Two-Bedroom 4.8%
Doorman Studios 3.6%
Doorman Two-Bedroom 4.8%
GREENWICH VILLAGE
Non-Doorman Studios 4.4%
Non-Doorman One-Bedroom 0.4%
Doorman One-Bedroom 4.9%
Doorman Two-Bedroom 10.9%
HARLEM
Non-Doorman Studios 8.6%
Non-Doorman One-Bedroom 3.5%
Non-Doorman Two-Bedroom 0.0%
Doorman Studios 2.1%
Doorman One-Bedroom 8.5%
Doorman Two-Bedroom 1.4%
LOWER EAST SIDE
Non-Doorman Studios 1.0%
Doorman Studios 1.6%
Doorman One-Bedroom 8.5%
Doorman Two-Bedroom 0.9%
MIDTOWN EAST
Non-Doorman Two-Bedroom 6.5%
Non-Doorman Studios 7.1%
Non-Doorman One-Bedroom 8.6%
Doorman Studios 6.2%
Doorman One-Bedroom 3.7%
MIDTOWN WEST
Non-Doorman Studios 8.8%
Doorman Studios 0.8%
Doorman One-Bedroom 0.4%
MURRAY HILL
Non-Doorman One-Bedroom 0.7%
SOHO
Non-Doorman Studios 2.1%
Non-Doorman One-Bedroom 6.3%
Doorman Studio 4.6%
Doorman One-Bedroom 3.1%
TRIBECA
Non-Doorman Two-Bedroom 6.7%
UPPER EAST SIDE
Non-Doorman Studios 0.9%
Doorman Studios 2.4%
Doorman One-Bedroom 5.1%
Doorman Two-Bedroom 1.7%
UPPER WEST SIDE
Non-Doorman One-Bedroom 13.3%
Doorman Studios 3.5%
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: APRIL 2021 VS. APRIL 2022
| TYPE | APRIL 2021 | APRIL 2022 | CHANGE |
|---|---|---|---|
| Non-doorman studios | $2,075 | $2,760 | 33.0% |
| Non-doorman one bedrooms | $2,731 | $3,478 | 27.4% |
| Non-doorman two bedrooms | $3,552 | $4,529 | 27.5% |
| TYPE | APRIL 2021 | APRIL 2022 | CHANGE |
|---|---|---|---|
| Doorman studios | $2,741 | $3,729 | 36.0% |
| Doorman one bedrooms | $3,825 | $5,092 | 33.1% |
| Doorman two bedrooms | $5,818 | $6,978 | 19.9% |
MANHATTAN PRICE TRENDS
BATTERY PARK CITY PRICE TRENDS
THROUGH APRIL, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 3.10%.
CHELSEA PRICE TRENDS
THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA INCREASED BY 0.48% THIS PAST MONTH.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA INCREASED BY 2.62%.
EAST VILLAGE PRICE TRENDS
THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 1.44%.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 9.31%.
FINANCIAL DISTRICT PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 1.21%.
GRAMERCY PARK PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 2.34%.
THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 2.44% THROUGH APRIL.
GREENWICH VILLAGE PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 0.44%.
THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 4.29% THROUGH APRIL.
HARLEM PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM INCREASED BY 3.45%.
THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM INCREASED BY 3.83%.
LOWER EAST SIDE PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE DECREASED BY 3.32%.
THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 3.46% THROUGH APRIL.
MIDTOWN EAST PRICE TRENDS
THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 7.32%.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 2.12%.
MIDTOWN WEST PRICE TRENDS
OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST DECREASED BY 0.61%.
THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 0.16%.
MURRAY HILL PRICE TRENDS
THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL DECREASED BY 0.69%
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL DECREASED BY 2.62%.
SOHO PRICE TRENDS
THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO DECREASED BY 0.87% THROUGH APRIL.
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO INCREASED BY 0.47%.
TRIBECA PRICE TRENDS
THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NONDOORMAN RENTAL UNIT IN TRIBECA INCREASED BY 3.04%.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA DECREASED BY 3.28%.
UPPER EAST SIDE PRICE TRENDS
THIS PAST MONTH THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE DECREASED BY 1.47% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 2.94%.
UPPER WEST SIDE PRICE TRENDS
THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE INCREASED BY 2.27% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 6.07%. THIS LARGE DROP IN PRICE FOR DOORMAN UNITS CAN BE ATTRIBUTED TO A CONSIDERABLE INCREASE IN INVENTORY, WITH 46% MORE UNITS ON THE MARKET COMPARED TO THE SAME TIME LAST MONTH.
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.
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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.
