MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.

  • 0.21%
    CHANGE
  • $4,638
    NOVEMBER 2022
  • $4,628
    DECEMBER 2022

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan decreased by 0.21%, from $4,638 to $4,628. The average rental price for a non-dorman studio unit decreased by 2.5%, from $2,955 to $2,881. The average rental price for a non-doorman one-bedroom unit increased by 0.61%, from $3,714 to $3,737. The average rental price for a non-doorman two-bedroom unit increased by 0.47%, from $4,825 to $4,848. The average rental price for a doorman studio unit decreased by 1.45%, from $3,660 to $3,607. The average rental price for a one-bedroom doorman unit decreased by 1.71%, from $5,119 to $5,031. The average rental price for a doorman two-bedroom unit increased by 1.09%, from $7,091 to $7,168.

Year-over-year, the average rental price for a non-doorman studio increased by 22.18%, while the average rental price for a doorman studio increased by 4.24%. The average rental price for a non-doorman one-bedroom unit increased by 11.08%, while doorman one-bedroom units saw their average rental price increased by 3.38%. The average rental price for a non-doorman two-bedroom unit increased by 12.89%, while the average rental price for doorman two-bedroom units increased by 8.06%.Overall, the average rental price in Manhattan increased by 8.11% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios TriBeCa $5,919 Harlem $2,039
Non-doorman one bedrooms TriBeCa $7,225 Harlem $2,391
Non-doorman two bedrooms TriBeCa $8,515 Harlem $3,002
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios TriBeCa $4,367 Harlem $2,775
Doorman one bedrooms SoHo $6,925 Harlem $3,383
Doorman two bedrooms Greenwich Village $8,793 Harlem $4,444

WHERE PRICES DECREASED

price_down_icon

CHELSEA

Non-Doorman Two-Bedroom -1.4%

Doorman One-Bedroom -2.3%

Doorman Two-Bedroom -2.5%

EAST VILLAGE

Non-Doorman Studios -4.1%

Non-Doorman One-Bedroom -6.4%

Non-Doorman Two-Bedroom -3.5%

Doorman Studios -5.2%

Doorman One-Bedroom -5.9%

FINANCIAL DISTRICT

Non-Doorman Studios -15.4%

Non-Doorman One-Bedroom -2.2%

Doorman Studios -0.2%

Doorman One-Bedroom -0.5%

Doorman Two-Bedroom -1.4%

GRAMERCY

Non-Doorman Studios -8.7%

Non-Doorman One-Bedroom -2.5%

Non-Doorman Two-Bedroom -6.2%

Doorman Studios -4.5%

Doorman One-Bedroom -3.2%

GREENWICH VILLAGE

Non-Doorman Studios -5.0%

Doorman Studios -3.2%

Doorman One-Bedroom -6.7%

Doorman Two-Bedroom -0.2%

HARLEM

Non-Doorman One-Bedroom -1.4%

Non-Doorman Two-Bedroom -2.6%

Doorman Studios -0.4%

Doorman One-Bedroom -6.0%

Doorman Two-Bedroom -2.9%

LOWER EAST SIDE

Non-Doorman Studios -2.9%

Doorman Studios -3.2%

Doorman Two-Bedroom -0.1%

MIDTOWN EAST

Doorman Studios -0.8%

Doorman One-Bedroom -2.0%

Doorman Two-Bedroom -3.0%

MIDTOWN WEST

Non-Doorman Two-Bedroom -5.0%

Doorman One-Bedroom -3.1%

Doorman Two-Bedroom -2.9%

MURRAY HILL

Doorman Studios -2.1%

Doorman One-Bedroom -4.4%

SOHO

Non-Doorman Studios -0.8%

Non-Doorman Two-Bedroom -12.5%

TRIBECA

Non-Doorman Studios -5.3%

Doorman Studios -3.5%

Doorman One-Bedroom -1.8%

UPPER EAST SIDE

Doorman Studios -1.1%

UPPER WEST SIDE

Non-Doorman Two-Bedroom -1.2%

Doorman Studios -2.6%

Doorman One-Bedroom -0.5%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 3.9%

Doorman One-Bedroom 5.8%

Doorman Two-Bedroom 4.0%

CHELSEA

Non-Doorman Studios 4.3%

Non-Doorman One-Bedroom 0.3%

Doorman Studios 0.0%

EAST VILLAGE

Doorman Two-Bedroom 2.5%

FINANCIAL DISTRICT

Non-Doorman Two-Bedroom 7.1%

GRAMERCY

Doorman Two-Bedroom 6.1%

GREENWICH VILLAGE

Non-Doorman One-Bedroom 1.4%

Non-Doorman Two-Bedroom 5.6%

HARLEM

Non-Doorman Studios 2.2%

LOWER EAST SIDE

Non-Doorman One-Bedroom 1.2%

Non-Doorman Two-Bedroom 5.3%

Doorman One-Bedroom 2.5%

MIDTOWN EAST

Non-Doorman Studios 1.7%

Non-Doorman One-Bedroom 1.7%

Non-Doorman Two-Bedroom 4.9%

MIDTOWN WEST

Non-Doorman Studios 2.4%

Non-Doorman One-Bedroom 4.4%

Doorman Studios 1.2%

MURRAY HILL

Non-Doorman Studios 3.3%

Non-Doorman One-Bedroom 3.9%

Non-Doorman Two-Bedroom 1.4%

Doorman Two-Bedroom 0.4%

SOHO

Non-Doorman One-Bedroom 5.1%

Doorman Studio 0.0%

Doorman One-Bedroom 1.1%

Doorman Two-Bedroom 4.9%

TRIBECA

Non-Doorman One-Bedroom 0.0%/p>

Non-Doorman Two-Bedroom 9.6%

Doorman Two-Bedroom 6.4%

UPPER EAST SIDE

Non-Doorman Studios 0.3%

Non-Doorman One-Bedroom 1.2%

Non-Doorman Two-Bedroom 0.7%

Doorman One-Bedroom 1.5%

Doorman Two-Bedroom 0.3%

UPPER WEST SIDE

Non-Doorman Studios 4.4%

Non-Doorman One-Bedroom 3.9%

Doorman Two-Bedroom 2.4%

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
10.0%
6.3%
3.9%
4.1%
14.9%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
14.3%
12.9%
5.6%
10.9%
1.5%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
3.7%
4.8%
4.2%
15.9%
13.9%

YEAR OVER YEAR Price change

MANHATTAN RENTS: DECEMBER 2021 VS. DECEMBER 2022

price changes
TYPE DECEMBER 2021 DECEMBER 2022 CHANGE
Non-doorman studios $2,358 $2,881 22.18%
Non-doorman one bedrooms $3,364 $3,737 11.08%
Non-doorman two bedrooms $4,294 $4,848 12.89%
TYPE DECEMBER 2021 DECEMBER 2022 CHANGE
Doorman studios $3,460 $3,607 4.24%
Doorman one bedrooms $4,867 $5,031 3.38%
Doorman two bedrooms $6,634 $7,168 8.06%
MANHATTAN

THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 4.48%.

BATTERY PARK CITY

MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE DECREASED BY 1.86%, WHILE NON-DOORMAN RENTS INCREASED BY JUST 0.42%.

CHELSEA

DOORMAN RENTS DECREASED THIS PAST MONTH BY 2.1% , WHILE NON-DOORMAN RENTS DECREASED BY 4.62%.

EAST VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT SLIGHTLY DECREASED BY JUST 0.81%, WHILE NON-DOORMAN RENTS INCREASED BY 2.95%.

FINANCIAL DISTRICT

NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.71% SINCE LAST MONTH, AS DOORMAN RENTS DECREASED BY 5.68%.

GRAMERCY PARK

NON-DOORMAN RENTS DECREASED BY 3.02% THIS PAST MONTH, AND DOORMAN RENTS INCREASED BY 1.63%.

GREENWICH VILLAGE

MONTH-OVER-MONTH, NON-DOORMAN RENTS DECREASED BY 3.29%, WHILE DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.93%.

HARLEM

AVERAGE NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.05% SINCE LAST MONTH, AND DOORMAN RENTS INCREASED BY 1.78%.

LOWER EAST SIDE

DOORMAN RENTS DECREASED THIS PAST MONTH BY 2.19%, WHILE NON-DOORMAN RENTS INCREASED BY 3.02%.

MIDTOWN EAST

THIS PAST MONTH, THE AVERAGE DOORMAN RENTS DECREASED BY 1.99%, WHILE NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.07%.

MIDTOWN WEST

FOR THE MONTH OF DECEMBER, AVERAGE RENTAL PRICES FOR DOORMAN RENTS DECREASED THIS PAST MONTH BY 1.68%, WHILE NON-DOORMAN RENTS INCREASED BY 2.68%.

MURRAY HILL

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 3.18%, AND NON-DOORMAN RENTS DECREASED BY 4.42%.

SOHO

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.21%, AND NON-DOORMAN RENTS REMAINED STABLE WITH NO CHANGES THIS MONTH.

TRIBECA

BOTH DOORMAN AND NON-DOORMAN RENTS SLIGHTLY INCREASED THIS MONTH BY JUST 0.35% AND 0.74%, RESPECTIVELY.

UPPER EAST SIDE

NON-DOORMAN RENTS THIS MONTH HAVE SLIGHTLY INCREASED BY JUST 0.63%, AND NON-DOORMAN RENTS INCREASED AS WELL 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.

HTTP://WWW.MNS.COM/MANHATTAN_RENTAL_MARKET_REPORT

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