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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$3,560MAY 2021
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$3,683JUNE 2021
A QUICK LOOK
Over the last month, the average rental price in Manhattan increased by 3.46%, from $3,560.15 to $3,683.48. The average rental price for a non-doorman studio unit increased by 0.99%, from $2,119 to $2,140. The average rental price for a non-doorman one-bedroom unit increased by 4.03%, from $2,719 to $2,829. The average rental price for a non-doorman two-bedroom unit increased by 2.13%, from $3,585 to $3,662. The average rental price for a doorman studio unit increased by 3.81%, from $2,803 to $2,910. The average rental price for a one-bedroom doorman unit increased by 4.97%, from $3,934 to $4,129. The average rental price for a doorman two-bedroom unit increased by 3.66%, from $5,899 to $6,115. This past month, non-doorman units represented 57.3% of the rental market while doorman units comprised the remaining 42.7%.
Year-over-year, the average rental price for a non-doorman studio is down by 9.63%, while the average rental price for a doorman studio is down by 7.01%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 9.16%, while doorman one-bedroom units saw their average rental price decrease by 3.49%. The average rental price for a non-doorman two-bedroom unit fell by 11.99%. The average rental price for a doorman two-bedroom increased by 0.54%. Overall, the average rental price in Manhattan is down 5.71% from this time last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Non-doorman studios | Tribeca $3,570 | Harlem $1,731 |
| Non-doorman one bedrooms | Tribeca $5,416 | Harlem $2,083 |
| Non-doorman two bedrooms | Tribeca $7,073 | Harlem $2,527 |
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Doorman studios | SoHo $4,383 | Harlem $2,165 |
| Doorman one bedrooms | SoHo $5,748 | Harlem $2,755 |
| Doorman two bedrooms | SoHo $7,766 | Harlem $3,624 |
WHERE PRICES DECREASED
BATTERY PARK CITY
Doorman Studios -0.4%
EAST VILLAGE
Doorman Two-Bedroom -4.3%
FINANCIAL DISTRICT
Non-Doorman Studios -10.7%
GRAMERCY
Non-Doorman Studios -2.5%
Non-Doorman One-Bedroom -6.4%
LOWER EAST SIDE
Doorman Studios -2.2%
Doorman Two-Bedroom -6.4%
MIDTOWN EAST
Non-Doorman Studios -1.7%
Non-Doorman Two-Bedroom -4.7%
MURRAY HILL
Non-Doorman Studios -0.1%
SOHO
Doorman Two-Bedroom -6.6%
Non-Doorman One-Bedroom -4.0%
Non-Doorman Two-Bedroom -10.0%
TRIBECA
Doorman Two-Bedroom -4.3%
Non-Doorman Two-Bedroom -5.8%
WHERE PRICES INCREASED
BATTERY PARK CITY
Doorman One-Bedroom 2.2%
Doorman Two-Bedroom 5.6%
CHELSEA
Doorman Studios 8.6%
Doorman One-Bedroom 1.4%
Doorman Two-Bedroom 3.0%
Non-Doorman Studios 2.9%
Non-Doorman One-Bedroom 4.1%
Non-Doorman Two-Bedroom 7.4%
EAST VILLAGE
Doorman Studios 3.5%
Doorman One-Bedroom 1.4%
Non-Doorman Studios 2.2%
Non-Doorman One-Bedroom 4.1%
Non-Doorman Two-Bedroom 11.0%
FINANCIAL DISTRICT
Doorman Studios 9.5%
Doorman One-Bedroom 5.5%
Doorman Two-Bedroom 4.9%
Non-Doorman One-Bedroom 2.2%
Non-Doorman Two-Bedroom 4.1%
GRAMERCY
Doorman Studios 6.2%
Doorman One-Bedroom 2.8%
Doorman Two-Bedroom 8.2%
Non-Doorman Two-Bedroom 5.5%
GREENWICH VILLAGE
Doorman Studios 4.7%
Doorman One-Bedroom 4.8%
Doorman Two-Bedroom 18.4%
Non-Doorman Studios 3.3%
Non-Doorman One-Bedroom 9.0%
Non-Doorman Two-Bedroom 9.4%
HARLEM
Doorman Studios 6.3%
Doorman One-Bedroom 1.8%
Doorman Two-Bedroom 0.5%
Non-Doorman Studios 1.1%
Non-Doorman One-Bedroom 1.5%
Non-Doorman Two-Bedroom 2.5%
LOWER EAST SIDE
Doorman One-Bedroom 8.3%
Non-Doorman Studios 5.2%
Non-Doorman One-Bedroom 10.0%
Non-Doorman Two-Bedroom 8.6%
MIDTOWN EAST
Doorman Studios 1.4%
Doorman One-Bedroom 4.1%
Doorman Two-Bedroom 9.0%
Non-Doorman One-Bedroom 5.4%
MIDTOWN WEST
Doorman Studios 9.1%
Doorman One-Bedroom 6.5%
Doorman Two-Bedroom 12.6%
Non-Doorman Studios 1.0%
Non-Doorman One-Bedroom 1.0%
Non-Doorman Two-Bedroom 0.3%
MURRAY HILL
Doorman Studios 3.0%
Doorman One-Bedroom 9.2%
Doorman Two-Bedroom 6.3%
Non-Doorman One-Bedroom 2.6%
Non-Doorman Two-Bedroom 4.0%
SOHO
Doorman Studio 0.6%
Doorman One-Bedroom 6.7%
Non-Doorman Studios 4.1%
TRIBECA
Doorman Studios 5.7%
Doorman One-Bedroom 10.7%
Non-Doorman Studios 5.5%
Non-Doorman One-Bedroom 13.9%
UPPER EAST SIDE
Doorman Studios 2.9%
Doorman One-Bedroom 5.3%
Doorman Two-Bedroom 10.22%
Non-Doorman Studios 0.5%
Non-Doorman One-Bedroom 2.9%
Non-Doorman Two-Bedroom 3.4%
UPPER WEST SIDE
Doorman Studios 0.5%
Doorman One-Bedroom 2.6%
Doorman Two-Bedroom 3.4%
Non-Doorman Studios 1.9%
Non-Doorman One-Bedroom 1.7%
Non-Doorman Two-Bedroom 7.6%
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: JUNE 2020 VS. JUNE 2021
| TYPE | JUNE 2020 | JUNE 2021 | CHANGE |
|---|---|---|---|
| Non-doorman studios | $2,368 | $2,140 | 9.6% |
| Non-doorman one bedrooms | $3,114 | $2,829 | 9.2% |
| Non-doorman two bedrooms | $4,160 | $3,662 | 12.0% |
| TYPE | JUNE 2020 | JUNE 2021 | CHANGE |
|---|---|---|---|
| Doorman studios | $3,129 | $2,910 | 7.0% |
| Doorman one bedrooms | $4,279 | $4,129 | 3.5% |
| Doorman two bedrooms | $6,082 | $6,115 | 0.5% |
MANHATTAN PRICE TRENDS
BATTERY PARK CITY PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 3.32%.
CHELSEA PRICE TRENDS
THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA INCREASED BY 5.25% THIS PAST MONTH.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA INCREASED BY 3.70%.
EAST VILLAGE PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A NONDOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 6.41%.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE DECREASED BY 0.71%.
FINANCIAL DISTRICT PRICE TRENDS
THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT DECREASED BY JUST 0.38% THROUGH JUNE.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 6.11%.
GRAMERCY PARK PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK DECREASED BY 0.73%.
THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 6.01% THROUGH JUNE.
GREENWICH VILLAGE PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 7.79%.
THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 10.80% THROUGH JUNE.
HARLEM PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM INCREASED BY 1.77%.
THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM INCREASED BY 2.33%.
LOWER EAST SIDE PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 8.15%.
THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE DECREASED BY 0.85%.
MIDTOWN EAST PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST DECREASED BY 0.54%.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 6.01%.
MIDTOWN WEST PRICE TRENDS
OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST DECREASED BY 0.70%.
THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 9.88%.
MURRAY HILL PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 2.42%.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 6.46%.
SOHO PRICE TRENDS
THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO DECREASED BY 5.11% THROUGH JUNE.
OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO DECREASED BY 0.89%.
TRIBECA PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A NONDOORMAN RENTAL UNIT IN TRIBECA INCREASED BY 2.63%.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA INCREASED BY 2.46%.
UPPER EAST SIDE PRICE TRENDS
THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE INCREASED BY 2.43% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 7.16%.
UPPER WEST SIDE PRICE TRENDS
THROUGH JUNE, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE INCREASED BY 4.32% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 2.55%.
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.
