MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.

  • 0.91%
    CHANGE
  • $3,415
    FEBRUARY 2021
  • $3,446
    MARCH 2021

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan increased by 0.91%, from $3,415.55 to $3,446.34. The average rental price for a non-doorman studio unit increased by 0.08%, from $2,057 to $2,059. The average rental price for a non-doorman one-bedroom unit fell by 0.15%, from $2,676 to $2,672. The average rental price for a non-doorman two-bedroom unit increased by 1.16%, from $3,472 to $3,513. The average rental price for a doorman studio unit increased by 1.02%, from $2,666 to $2,693. The average rental price for a one-bedroom doorman unit increased by 0.15%, from $3,728 to $3,783. The average rental price for a doorman two-bedroom unit increased by 1.05%, from $5,634 to $5,693. This past month, non-doorman units represented 51.1% of the rental market while doorman units comprised the remaining 48.9%.

Year-over-year, the average rental price for a non-doorman studio decreased by 22.82%, while the average rental price for a doorman studio unit fell by 15.92%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 21.51%, while doorman one-bedroom units saw their average rental price decrease by 16.97%. The average rental price for a non-doorman two-bedroom unit decreased by 20.06%. The average rental price for a doorman two-bedroom decreased by 11.47%. Overall, the average rental price in Manhattan is down 17.43% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $3,330 Harlem $1,697
Non-doorman one bedrooms Tribeca $4,643 Harlem $1,966
Non-doorman two bedrooms Tribeca $7,008 Harlem $2,441
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,314 Harlem $2,092
Doorman one bedrooms SoHo $5,722 Harlem $2,607
Doorman two bedrooms SoHo $8,391 Harlem $3,445

WHERE PRICES DECREASED

price_down_icon

CHELSEA

Non-Doorman Two-Bedroom -1.1%

EAST VILLAGE

Non-Doorman Studios -0.4%

Non-Doorman Two-Bedroom -0.4%

FINANCIAL DISTRICT

Doorman Studios -4.0%

Doorman One-Bedroom -3.6%

Doorman Two-Bedroom -1.0%

Non-Doorman One-Bedroom -0.1%

GRAMERCY

Doorman Two-Bedroom -3.4%

Non-Doorman One-Bedroom -3.2%

GREENWICH VILLAGE

Doorman One-Bedroom -1.9%

Doorman Two-Bedroom -1.4%

Non-Doorman One-Bedroom -0.2%

HARLEM

Doorman One-Bedroom -2.0%

Doorman Two-Bedroom -2.4%

Non-Doorman One-Bedroom -2.7%

LOWER EAST SIDE

Doorman Two-Bedroom -2.2%

Non-Doorman One-Bedroom -0.3%

Non-Doorman Two-Bedroom -0.2%

MIDTOWN EAST

Non-Doorman Two-Bedroom -1.89%

MIDTOWN WEST

Doorman Studios -0.2%

Non-Doorman Studios -2.2%

Non-Doorman One-Bedroom -0.8%

MURRAY HILL

Doorman Studios -1.0%

Non-Doorman One-Bedroom -1.4%

SOHO

Doorman Two-Bedroom -1.9%

Non-Doorman One-Bedroom -2.8%

TRIBECA

Non-Doorman Studios -5.4%

UPPER EAST SIDE

Non-Doorman Two-Bedroom -0.6%

UPPER WEST SIDE

Non-Doorman Studios -1.4%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 1.3%

Doorman One-Bedroom 0.4%

Doorman Two-Bedroom 1.7%

CHELSEA

Doorman Studios 2.1%

Doorman One-Bedroom 1.7%

Doorman Two-Bedroom 3.9%

Non-Doorman Studios 0.5%

Non-Doorman One-Bedroom 1.5%

EAST VILLAGE

Doorman Studios 1.1%

Doorman One-Bedroom 6.4%

Doorman Two-Bedroom 7.2%

Non-Doorman One-Bedroom 0.1%

FINANCIAL DISTRICT

Non-Doorman Studios 0.9%

Non-Doorman Two-Bedroom 5.1%

GRAMERCY

Doorman Studios 2.2%

Doorman One-Bedroom 1.9%

Non-Doorman Studios 1.1%

Non-Doorman Two-Bedroom 0.4%

GREENWICH VILLAGE

Doorman Studios 1.8%

Non-Doorman Studios 0.9%

Non-Doorman Two-Bedroom 2.2%

HARLEM

Doorman Studios 0.4%

Non-Doorman Studios 1.4%

Non-Doorman Two-Bedroom 1.0%

LOWER EAST SIDE

Doorman Studios 2.3%

Doorman One-Bedroom 4.0%

Non-Doorman Studios 1.6%

MIDTOWN EAST

Doorman Studios 1.4%

Doorman One-Bedroom 0.7%

Doorman Two-Bedroom 1.7%

Non-Doorman Studios 2.4%

Non-Doorman One-Bedroom 2.0%

MIDTOWN WEST

Doorman One-Bedroom 1.6%

Doorman Two-Bedroom 3.8%

Non-Doorman Two-Bedroom 1.2%

MURRAY HILL

Doorman One-Bedroom 0.2%

Doorman Two-Bedroom 0.8%

Non-Doorman Studios 0.7%

Non-Doorman Two-Bedroom 0.7%

SOHO

Doorman Studio 2.6%

Doorman One-Bedroom 6.9%

Non-Doorman Studios 4.6%

Non-Doorman Two-Bedroom 1.1%

TRIBECA

Doorman Studios 0.6%

Doorman One-Bedroom 0.4%

Doorman Two-Bedroom 5.6%

Non-Doorman One-Bedroom 2.3%

Non-Doorman Two-Bedroom 3.7%

UPPER EAST SIDE

Doorman Studios 1.6%

Doorman One-Bedroom 1.0%

Doorman Two-Bedroom 2.2%

Non-Doorman Studios 0.5%

Non-Doorman One-Bedroom 0.9%

UPPER WEST SIDE

Doorman Studios 1.5%

Doorman One-Bedroom 1.8%

Doorman Two-Bedroom 1.9%

Non-Doorman One-Bedroom 0.8%

Non-Doorman Two-Bedroom 0.6%

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
13.1%
18.0%
18.0%
21.4%
20.2%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
17.0%
17.6%
19.6%
17.9%
19.3%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
24.1%
11.1%
11.8%
19.8%
18.2%

YEAR OVER YEAR Price change

MANHATTAN RENTS: MARCH 2020 VS. MARCH 2021

price changes
TYPE MARCH 2020 MARCH 2021 CHANGE
Non-doorman studios $2,667 $2,059 22.8%
Non-doorman one bedrooms $3,404 $2,672 21.5%
Non-doorman two bedrooms $4,394 $3,513 20.1%
TYPE MARCH 2020 MARCH 2021 CHANGE
Doorman studios $3,203 $2,693 15.9%
Doorman one bedrooms $4,556 $3,783 17.0%
Doorman two bedrooms $6,430 $5,693 11.5%
MANHATTAN

THROUGH marRUARY, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 1.26%.

BATTERY PARK CITY

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA INCREASED BY JUST 0.08% THIS PAST MONTH.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA INCREASED BY 2.86%.

CHELSEA

THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE FELL BY 0.23%.

THANKS TO AN INFLUX OF HIGH-END LUXURY INVENTORY, THE AVERAGE RENTAL PRICE IN THE EAST VILLAGE INCREASED BY 5.47% OVER THE PAST MONTH.

EAST VILLAGE

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 2.24% THROUGH MARCH.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT DECREASED BY 2.55%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK FELL BY 0.64%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK FELL BY JUST 0.52% THROUGH MARCH.

GRAMERCY PARK

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 1.07%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE FELL BY 0.93% THROUGH MARCH.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM FELL BY JUST 0.08%.

THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM FELL BY 1.59%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 0.24%.

STABILIZING AFTER LAST MONTH’S LARGE INCREASE, THE AVERAGE RENTAL PRICE IN THE LOWER EAST SIDE INCREASED BY 0.75% THROUGH MARCH.

LOWER EAST SIDE

THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 0.56%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 1.36%.

MIDTOWN EAST

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST DECREASED BY 0.37%.

THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 2.20%.

MIDTOWN WEST

THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY JUST 0.03%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 0.20%.

MURRAY HILL

REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO INCREASED BY 0.66% THROUGH MARCH.

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO INCREASED BY 1.79%.

SOHO

THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN TRIBECA INCREASED BY 1.13%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA INCREASED BY 2.83%.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE INCREASED BY 0.18% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.72%.

UPPER EAST SIDE

THROUGH MARCH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE INCREASED BY 0.17% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.78%.

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.

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