MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.

  • 0.27%
    CHANGE
  • $4,801
    JULY 2022
  • $4,789
    AUGUST 2022

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan decreased by 0.27%, from $4,801 to $4,789. The average rental price for a non-doorman studio unit increased by 5.81%, from $2,713 to $2,870. The average rental price for a non-doorman one-bedroom unit increased by 1.89%, from $3,697 to $3,767. The average rental price for a non-doorman two-bedroom unit increased 0.80%, from $4,818 to $4,857. The average rental price for a doorman studio unit decreased by 0.18%, from $3,800 to $3,793. The average rental price for a one-bedroom doorman unit decreased by 1.12%, from $5,283 to $5,224. The average rental price for a doorman two-bedroom unit increased by 0.46%, from $7,584 to $7,619.

Year-over-year, the average rental price for a non-doorman studio is up by 23.83%, while the average rental price for a doorman studio is up by 18.68%. The average rental price for a non-doorman one-bedroom unit increased by 21.36%, while doorman one-bedroom units saw their average rental price increase by 17.15%. The average rental price for a non-doorman two-bedroom unit increased by 18.93%, while the average rental price for a doorman two-bedroom increased by 16.45%. Overall, the average rental price in Manhattan is up 19.82% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios TriBeCa $4,750 Harlem $2,205
Non-doorman one bedrooms TriBeCa $6,648 Harlem $2,529
Non-doorman two bedrooms TriBeCa $9,000 Harlem $3,084
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,748 Harlem $2,735
Doorman one bedrooms SoHo $7,129 Harlem $3,231
Doorman two bedrooms SoHo $10,998 Harlem $4,640

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman Studios -0.8%

Doorman One-Bedroom -8.9%

CHELSEA

Non-Doorman Studios -1.1%

Non-Doorman Two-Bedroom -4.1%

Doorman Two-Bedroom -3.8%

EAST VILLAGE

Non-Doorman Studios -2.1%

Non-Doorman One-Bedroom -0.3%

Doorman Studios -1.9%

Doorman One-Bedroom -7.4%

FINANCIAL DISTRICT

Non-Doorman Studios -3.7%

Doorman Studios -0.5%

Doorman Two-Bedroom -1.4%

GRAMERCY

Non-Doorman Two-Bedroom -3.9%

Doorman Studios -2.4%

Doorman One-Bedroom -0.7%

Doorman Two-Bedroom -4.3%

HARLEM

Non-Doorman One-Bedroom -0.8%

Non-Doorman Two-Bedroom -0.7%

Doorman One-Bedroom -5.8%

Doorman Two-Bedroom -3.4%

MIDTOWN EAST

Non-Doorman Studios -3.0%

Non-Doorman One-Bedroom -1.1%

Doorman One-Bedroom -2.1%

Doorman Two-Bedroom -3.4%

MIDTOWN WEST

Non-Doorman Two-Bedroom -2.8%

Doorman Studios -4.4%

Doorman One-Bedroom -0.3%

MURRAY HILL

Non-Doorman Studios -1.9%

Non-Doorman Two-Bedroom -3.3%

Doorman Studios -6.9%

Doorman One-Bedroom -2.3%

SOHO

Non-Doorman Studios -3.5%

Non-Doorman One-Bedroom -6.6%

Doorman Studio -5.0%

Doorman One-Bedroom -3.0%

TRIBECA

Non-Doorman Two-Bedroom -0.3%

Doorman One-Bedroom -5.1%

UPPER EAST SIDE

Non-Doorman Studios -0.1%

Doorman Studios -0.3%

Doorman Two-Bedroom -0.4%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Two-Bedroom 1.2%

CHELSEA

Non-Doorman One-Bedroom 0.7%

Doorman Studios 0.8%

Doorman One-Bedroom 3.3%

EAST VILLAGE

Non-Doorman Two-Bedroom 0.8%

Doorman Two-Bedroom 0.3%

FINANCIAL DISTRICT

Non-Doorman One-Bedroom 2.5%

Non-Doorman Two-Bedroom 1.2%

Doorman One-Bedroom 3.9%

GRAMERCY

Non-Doorman Studios 8.9%

Non-Doorman One-Bedroom 2.0%

GREENWICH VILLAGE

Non-Doorman Studios 5.8%

Non-Doorman One-Bedroom 1.2%

Non-Doorman Two-Bedroom 7.3%

Doorman Studios 5.3%

Doorman One-Bedroom 0.4%

Doorman Two-Bedroom 4.0%

HARLEM

Non-Doorman Studios 3.5%

Doorman Studios 0.5%

LOWER EAST SIDE

Non-Doorman Studios 1.9%

Non-Doorman One-Bedroom 3.2%

Non-Doorman Two-Bedroom 1.5%

Doorman Studios 0.6%

Doorman One-Bedroom 5.3%

Doorman Two-Bedroom 2.6%

MIDTOWN EAST

Non-Doorman Two-Bedroom 7.4%

Doorman Studios 3.8%

MIDTOWN WEST

Non-Doorman Studios 0.7%

Non-Doorman One-Bedroom 1.5%

Doorman Two-Bedroom 2.8%

MURRAY HILL

Non-Doorman One-Bedroom 4.2%

Doorman Two-Bedroom 2.3%

SOHO

Non-Doorman Two-Bedroom 7.5%

Doorman Two-Bedroom 4.7%

TRIBECA

Non-Doorman Studios -

Non-Doorman One-Bedroom 9.6%

Doorman Studios 5.2%

Doorman Two-Bedroom 2.6%

UPPER EAST SIDE

Non-Doorman One-Bedroom 1.0%

Non-Doorman Two-Bedroom 1.4%

Doorman One-Bedroom 2.8%

UPPER WEST SIDE

Non-Doorman Studios 1.8%

Non-Doorman One-Bedroom 4.6%

Non-Doorman Two-Bedroom 0.6%

Doorman Studios 1.6%

Doorman One-Bedroom 3.7%

Doorman Two-Bedroom 0.1%

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
24.0%
15.7%
16.7%
11.2%
14.3%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
23.0%
20.2%
24.9%
21.9%
21.3%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
18.3%
23.3%
14.2%
28.4%
24.0%

YEAR OVER YEAR Price change

MANHATTAN RENTS: AUGUST 2021 VS. AUGUST 2022

price changes
TYPE AUGUST 2021 AUGUST 2022 CHANGE
Non-doorman studios $2,318 $2,870 23.83%
Non-doorman one bedrooms $3,104 $3,767 21.36%
Non-doorman two bedrooms $4,084 $4,857 18.93%
TYPE AUGUST 2021 AUGUST 2022 CHANGE
Doorman studios $3,196 $3,793 18.68%
Doorman one bedrooms $4,459 $5,224 17.15%
Doorman two bedrooms $6,543 $7,619 16.45%
MANHATTAN

OVER THE PAST MONTH, AVERAGE RENTS DECREASED BY 2.31%.

BATTERY PARK CITY

MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE SLIGHTLY DECREASED BY 0.55% WHILE NON-DOORMAN RENTS DECREASED BY 1.85%.

CHELSEA

DOORMAN RENTS DECREASED THIS PAST MONTH BY 2.95%, WHILE NON-DOORMAN RENTS SLIGHTLY DECREASED BY 0.30%.

EAST VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT SLIGHTLY INCREASED BY 0.42% AND NON-DOORMAN RENTS SLIGHTLY INCREASED BY 0.56%.

FINANCIAL DISTRICT

NON-DOORMAN RENTS INCREASED BY 1.21% SINCE LAST MONTH, AS DOORMAN RENTS DECREASED BY 2.71%.

GRAMERCY PARK

WHILE NON-DOORMAN RENTS INCREASED BY 4.78% THIS PAST MONTH, DOORMAN RENTS INCREASED BY 3.01%.

GREENWICH VILLAGE

MONTH-OVER-MONTH, NON-DOORMAN RENTS SLIGHTLY INCREASED BY 0.39%, WHILE DOORMAN RENTS DECREASED BY 3.18%.

HARLEM

AVERAGE NON-DOORMAN RENTS INCREASED BY 2.16% SINCE LAST MONTH, AS DOORMAN RENTS INCREASED BY 4.05%.

LOWER EAST SIDE

WHILE DOORMAN RENTS DECREASED THIS MONTH BY 1.49%, NON-DOORMAN RENTS INCREASED BY 1.85%.

MIDTOWN EAST

THIS PAST MONTH, AVERAGE DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.03% AND NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.55%.

MIDTOWN WEST

AS NON-DOORMAN AVERAGE RENTS SLIGHTLY DECREASED BY 0.68%, DOORMAN RENTS DECREASED BY 1.24%, MONTH-OVER-MONTH.

MURRAY HILL

OVER THE PAST MONTH, DOORMAN AVERAGE RENTS SLIGHTLY INCREASED BY JUST 0.13% SINCE LAST MONTH.

NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.22%.

SOHO

WITH A LOW AMOUNT OF NON-DOORMAN UNITS ON THE MARKET, AVERAGE RENTS INCREASED BY 3.65% THIS MONTH, WHILE DOORMAN RENTS SLIGHTLY INCREASED BY 0.70%.

TRIBECA

BOTH NON-DOORMAN AND DOORMAN RENTS SLIGHTLY INCREASED THIS MONTH BY JUST 0.85% AND 0.60%, RESPECTIVELY.

UPPER EAST SIDE

NON-DOORMAN RENTS THIS MONTH INCREASED BY 8.01% WHILE DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.70%.

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

thank you