MANHATTAN RENTAL MARKET REPORT
MANHATTAN RENTAL MARKET REPORT ARCHIVE
sign up for rental Market reports to be sent to your email
TABLE OF CONTENTS
JUMP TO A PARTICULAR SECTION
introduction
THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.
-
CHANGE
-
$4,069SEPTEMBER 2021
-
$4,139OCTOBER 2021
A QUICK LOOK
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
| 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
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
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 Price change
MANHATTAN RENTS: OCTOBER 2020 VS. OCTOBER 2021
| 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 PRICE TRENDS
BATTERY PARK CITY PRICE TRENDS
THROUGH OCTOBER, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 2.57%.
CHELSEA PRICE TRENDS
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%.
EAST VILLAGE PRICE TRENDS
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%.
FINANCIAL DISTRICT PRICE TRENDS
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%.
GRAMERCY PARK PRICE TRENDS
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.
GREENWICH VILLAGE PRICE TRENDS
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.
HARLEM PRICE TRENDS
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%.
LOWER EAST SIDE PRICE TRENDS
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%.
MIDTOWN EAST PRICE TRENDS
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 WEST PRICE TRENDS
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%.
MURRAY HILL PRICE TRENDS
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%.
SOHO PRICE TRENDS
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.
TRIBECA PRICE TRENDS
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%.
UPPER EAST SIDE PRICE TRENDS
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 WEST SIDE PRICE TRENDS
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%.
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.
