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MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.

  • 1.35%
    CHANGE
  • $4,717
    MARCH 2024
  • $4,781
    APRIL 2024

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan increased by 1.35%, from $4,717 to $4,781. The average rental price for a non-doorman studio unit increased by 0.33%, from $2,764 to $2,773. The average rental price for a non-doorman one-bedroom unit increased by 0.64%, from $3,690 to $3,714. The average rental price for a non-doorman two-bedroom unit increased by 1.43%, from $4,807 to $4,876. The average rental price for a doorman studio unit increased by 1.68%, from $3,832 to $3,896. The average rental price for a one-bedroom doorman unit increased by 1.64%, from $5,245 to $5,331. The average rental price for a doorman two-bedroom unit increased by 0.19%, from $7,189 to $7,203.

Year-over-year, the average rental price for a non-doorman studio decreased by 4.67%, and the average rental price for a doorman studio decreased by 0.27%. The average rental price for a non-doorman one-bedroom unit decreased by 2.07%, while doorman one-bedroom units saw their average rental price increase by 3.86%. The average rental price for a non-doorman two-bedroom unit increased by 3.80%, while the average rental price for doorman two-bedroom units decreased by 4.21%. Overall, the average rental price in Manhattan decreased by 0.08% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Greenwich Village $3,369 Harlem $2,178
Non-doorman one bedrooms TriBeCa $5,848 Harlem $2,647
Non-doorman two bedrooms TriBeCa $8,573 Harlem $3,160
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,683 Harlem $2,843
Doorman one bedrooms SoHo $7,706 Harlem $3,800
Doorman two bedrooms SoHo $9,800 Harlem $4,634

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman Two-Bedroom -3.4%

CHELSEA

Non-Doorman One-Bedroom -4.7%

Non-Doorman Two-Bedroom -5.6%

Doorman Studios -0.5%

Doorman Two-Bedroom -0.6%

EAST VILLAGE

Non-Doorman One-Bedroom -0.3%

Doorman Two-Bedroom -8.5%

FINANCIAL DISTRICT

Doorman One-Bedroom -0.2%

GRAMERCY

Non-Doorman Studios -10.0%

Non-Doorman Two-Bedroom -4.9%

Doorman One-Bedroom -1.2%

GREENWICH VILLAGE

Doorman One-Bedroom -1.4%

Doorman Two-Bedroom -9.9%

HARLEM

Doorman Studios -4.4%

Doorman Two-Bedroom -1.1%

LOWER EAST SIDE

Non-Doorman Studios -5.3%

MIDTOWN EAST

Non-Doorman One-Bedroom -0.2%

Doorman Studios -1.1%

MIDTOWN WEST

Doorman One-Bedroom -1.4%

MURRAY HILL

Non-Doorman Studios -3.4%

Non-Doorman One-Bedroom -0.9%

SOHO

Non-Doorman Two-Bedroom -7.5%

Doorman Studio -0.9%

Doorman Two-Bedroom -0.8%

TRIBECA

Doorman Studios -5.1%

UPPER EAST SIDE

Non-Doorman One-Bedroom -0.8%

UPPER WEST SIDE

Non-Doorman Studios -1.2%

Doorman Two-Bedroom -2.0%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 2.9%

Doorman One-Bedroom 0.0%

CHELSEA

Non-Doorman Studios 5.8%

Doorman One-Bedroom 0.1%

EAST VILLAGE

Non-Doorman Studios 1.7%

Non-Doorman Two-Bedroom 2.2%

Doorman Studios 8.7%

Doorman One-Bedroom 0.0%

FINANCIAL DISTRICT

Non-Doorman Studios -

Non-Doorman One-Bedroom 2.0%

Non-Doorman Two-Bedroom 1.1%

Doorman Studios 2.7%

Doorman Two-Bedroom 1.3%

GRAMERCY

Non-Doorman One-Bedroom 7.7%

Doorman Studios 1.6%

Doorman Two-Bedroom 5.6%

GREENWICH VILLAGE

Non-Doorman Studios 3.1%

Non-Doorman One-Bedroom 1.2%

Non-Doorman Two-Bedroom 8.7%

Doorman Studios 9.0%

HARLEM

Non-Doorman Studios 2.5%

Non-Doorman One-Bedroom 1.3%

Non-Doorman Two-Bedroom 3.1%

Doorman One-Bedroom 3.4%

LOWER EAST SIDE

Non-Doorman One-Bedroom 6.1%

Non-Doorman Two-Bedroom 3.2%

Doorman Studios 2.8%

Doorman One-Bedroom 4.9%

Doorman Two-Bedroom 4.2%

MIDTOWN EAST

Non-Doorman Studios 4.9%

Non-Doorman Two-Bedroom 3.6%

Doorman One-Bedroom 2.8%

Doorman Two-Bedroom 3.3%

MIDTOWN WEST

Non-Doorman Studios 1.1%

Non-Doorman One-Bedroom 1.4%

Non-Doorman Two-Bedroom 3.4%

Doorman Studios 0.2%

Doorman Two-Bedroom 0.1%

MURRAY HILL

Non-Doorman Two-Bedroom 5.4%

Doorman Studios 3.9%

Doorman One-Bedroom 2.5%

Doorman Two-Bedroom 7.6%

SOHO

Non-Doorman Studios 7.4%

Non-Doorman One-Bedroom 5.9%

Doorman One-Bedroom 3.1%

TRIBECA

Non-Doorman Studios -

Non-Doorman One-Bedroom -

Non-Doorman Two-Bedroom 1.7%

Doorman One-Bedroom 5.6%

Doorman Two-Bedroom 2.7%

UPPER EAST SIDE

Non-Doorman Studios 0.1%

Non-Doorman Two-Bedroom 3.3%

Doorman Studios 1.2%

Doorman One-Bedroom 0.5%

Doorman Two-Bedroom 8.1%

UPPER WEST SIDE

Non-Doorman One-Bedroom 1.5%

Non-Doorman Two-Bedroom 4.8%

Doorman Studios 4.4%

Doorman One-Bedroom 5.8%

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
6.1%
1.7%
4.9%
0.8%
2.9%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
1.2%
0.3%
6.0%
0.3%
0.2%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
4.5%
2.4%
0.2%
3.7%
0.6%

YEAR OVER YEAR Price change

MANHATTAN RENTS: APRIL 2023 VS. APRIL 2024

price changes
TYPE APRIL 2023 APRIL 2024 CHANGE
Non-doorman studios $2,909 $2,773 4.67%
Non-doorman one bedrooms $3,792 $3,714 2.07%
Non-doorman two bedrooms $4,697 $4,876 3.80%
TYPE APRIL 2023 APRIL 2024 CHANGE
Doorman studios $3,907 $3,896 0.27%
Doorman one bedrooms $5,133 $5,331 3.86%
Doorman two bedrooms $7,519 $7,203 4.21%
MANHATTAN

THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY SLIGHTLY DECREASED BY JUST 0.88%.

BATTERY PARK CITY

MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE SLIGHTLY DECREASED BY JUST 0.33%, AND NON-DOORMAN RENTS DECREASED BY 2.67%.

CHELSEA

DOORMAN RENTS DECREASED THIS PAST MONTH BY 1.40%, WHILE NON-DOORMAN RENTS INCREASED BY 1.27%.

EAST VILLAGE

THE AVERAGE RENTAL DOORMAN PRICE INCREASED THIS PAST MONTH BY 1.15%, AND NON-DOORMAN RENTS INCREASED BY 1.44%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE DOORMAN RENTS INCREASED BY 2.34%, WHILE NON-DOORMAN RENTS DECREASED BY 2.64%.

GRAMERCY PARK

NON-DOORMAN RENTS DECREASED BY 3.21% THIS PAST MONTH, WHILE DOORMAN RENTS INCREASED BY 4.90%.

GREENWICH VILLAGE

MONTH-OVER-MONTH, NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.51%, WHILE DOORMAN RENTS INCREASED BY 2.33%.

HARLEM

AVERAGE NON-DOORMAN RENTS INCREASED BY 4.07% SINCE LAST MONTH, AND DOORMAN RENTS INCREASED BY 1.78%.

LOWER EAST SIDE

FOR THE MONTH OF APRIL, DOORMAN RENTS INCREASED BY 2.14%, AND NON-DOORMAN RENTS INCREASED BY 2.73%.

MIDTOWN EAST

THIS PAST MONTH, THE AVERAGE DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.31%, WHILE NON-DOORMAN RENTS INCREASED BY 2.14%.

MIDTOWN WEST

FOR THE MONTH OF APRIL, AVERAGE RENTAL PRICES FOR DOORMAN RENTS INCREASED BY 5.07%, AND NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.96%.

MURRAY HILL

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 0.91%, AND NON-DOORMAN RENTS INCREASED BY 0.89%.

SOHO

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.72%, WHILE NON-DOORMAN RENTS DECREASED BY 1.43%.

TRIBECA

MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE INCREASED BY 4.03%, AND NON-DOORMAN RENTS INCREASED BY 1.09%.

UPPER EAST SIDE

AVERAGE DOORMAN RENTS THIS MONTH HAVE INCREASED BY 1.84%, AND NON-DOORMAN RENTS INCREASED BY 2.22%.

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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