MANHATTAN YEAR END REPORT
MANHATTAN YEAR END REPORT ARCHIVE
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introduction
WE ARE PROUD TO PRESENT MNS’ FOURTEENTH ANNUAL YEAR END REPORT
MNS is proud to present our fourteenth annual Manhattan Year End Report, a summation of the data collected from our monthly Manhattan Rental Market Reports. We hope you find this report useful in determining the rental trends in Manhattan’s major neighborhoods, as well as the overall climate of the Manhattan rental market.
When compared to last year, the average rental price in Manhattan for a nondoorman studio decreased by 9.03%, while nondoorman one and twobedroom saw their average rental prices fall by 5.27% and 6.10%, respectively. Doorman studio and onebedroom prices are down 6.71% and 5.87%, while doorman twobedroom pricing also experienced a correction, falling by 4.86%.
This year, more so than any other borough, Manhattan’s rental prices have been significantly affected by this ongoing pandemic. Specifically, we observed marked average rental price declines within neighborhoods that rely on large student or whitecollar demographics, such as Chelsea (NDM: 6.33%, DM: 8.32%), Midtown East (NDM: 9.62%, DM: 6.71%) and East Village (NDM: 7.60%, DM: 9.64%). Conversely, we saw relatively small drops in some of the pricefriendlier neighborhoods like Harlem (NDM: 2.51%, DM: 1.20%) and the Lower East Side (NDM: 2.10%, DM: 1.20%).
NOTABLE TRENDS
Growth & Borough Trends
Other than expected price drops, the prevailing trend for this market cycle has been the resilience of some of New York’s more affordable neighborhoods. As this pandemic and its’ subsequent ripple effects take hold, affordability and square footage become primary factors for most rental decisions. In addition to that, the possibility of a prevalent workfromhome culture in 2021 will have significant rental price change implications for New York City’s centrallylocated and higherpriced neighborhoods.
NONDOORMAN MANHATTAN RENTS: 2019 VS. 2020
TYPE  2019  2020  CHANGE 

Studios  $2,598  $2,363  9.03% 
One bedrooms  $3,278  $3,105  5.27% 
Two bedrooms  $4,289  $4,028  6.10% 
DOORMAN MANHATTAN RENTS: 2019 VS. 2020
TYPE  2019  2020  CHANGE 

Studios  $3,249  $3,031  6.71% 
One bedrooms  $4,460  $4,198  5.87% 
Two bedrooms  $6,332  $6,025  4.86% 
COVID19 SNAPSHOT, 6 MONTH ANALYSIS
IN ORDER TO BETTER ILLUSTRATE THE IMPACT OF COVID19 ON THE MANHATTAN RENTAL MARKET, WE HAVE COMPILED AND ANALYZED DATA FROM THE SECOND HALVES OF OUR 2019 AND 2020 MONTHLY MANHATTAN RENTAL MARKET REPORTS. WE HOPE YOU FIND THIS INFORMATION USEFUL IN DETERMINING THE EFFECT THAT THE COVID19 PANDEMIC HAS HAD ON THE MANHATTAN RENTAL MARKET.
When compared to last year, the average rental price in Manhattan for a nondoorman studio unit decreased by 12.54%, while nondoorman one and twobedroom units saw their average rental prices fall by 13.43% and 14.71%, respectively. Doorman studio and onebedroom rental unit prices are down 14.70% and 13.40%, while doorman twobedroom rental unit pricing also experienced a correction, falling by 10.94%.
When adjusting the comparison period to the second halves of 2019 and 2020, we can see the true effect this pandemic has had on the Manhattan rental market. Every neighborhood analyzed by this report saw its average rental price fall yearoveryear. Similar to what was reported in the fullyear comparison, here we see that particular neighborhoods have been more affected than others. Areas like Chelsea (NDM: 16.72%, DM: 15.60%), East Village (NDM: 15.24%, DM: 18.74%) and Midtown East (NDM: 15.71%, DM: 15.03%) rely heavily on their white collar and student demographics and, as such, have experienced some of the more dramatic price drops through this year.
NONDOORMAN MANHATTAN RENTS: 2019 VS. 2020
TYPE  2019  2020  CHANGE 

Studios  $2,531  $2,214  12.54% 
One bedrooms  $3,343  $2,894  13.43% 
Two bedrooms  $4,394  $3,747  14.71% 
DOORMAN MANHATTAN RENTS: 2019 VS. 2020
TYPE  2019  2020  CHANGE 

Studios  $3,320  $2,832  14.70% 
One bedrooms  $4,551  $3,941  13.40% 
Two bedrooms  $6,452  $5,746  10.94% 
MEAN RENTAL PRICES
2020 MEAN MANHATTAN RENTAL PRICES

$2,363Nondoorman
Studios

$3,105Nondoorman
One bedrooms

$4,028Nondoorman
Two bedrooms

$3,031Doorman
Studios

$4,198Doorman
One bedrooms

$6,025Doorman
Two bedrooms
MANHATTAN PRICE TRENDS
BATTERY PARK CITY  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  5.9%  N/A 
One bedrooms  6.9%  N/A 
Two bedrooms  2.6%  N/A 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

10.8%  N/A 
11.3%  N/A 
6.2%  N/A 
CHELSEA  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  9.4%  4.4% 
One bedrooms  10.1%  4.3% 
Two bedrooms  5.4%  10.3% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

11.8%  12.4% 
18.5%  15.9% 
9.4%  21.8% 
EAST VILLAGE  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  4.1%  6.0% 
One bedrooms  9.9%  6.4% 
Two bedrooms  15.0%  10.4% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

11.2%  13.6% 
16.0%  13.9% 
29.0%  18.3% 
FINANCIAL DISTRICT  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  9.7%  9.1% 
One bedrooms  5.7%  8.5% 
Two bedrooms  4.4%  7.1% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

19.7%  16.7% 
13.4%  15.9% 
11.2%  10.3% 
GRAMERCY PARK  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  7.9%  6.1% 
One bedrooms  6.5%  0.1% 
Two bedrooms  4.1%  4.0% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

15.8%  13.2% 
13.1%  10.2% 
9.2%  13.5% 
GREENWICH VILLAGE  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  5.9%  4.4% 
One bedrooms  5.6%  7.8% 
Two bedrooms  2.0%  9.8% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

14.9%  11.7% 
10.3%  17.6% 
3.3%  21.4% 
HARLEM  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  1.9%  3.1% 
One bedrooms  4.6%  1.3% 
Two bedrooms  0.9%  3.2% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

6.7%  7.4% 
10.4%  7.9% 
11.6%  9.3% 
LOWER EAST SIDE  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  8.0%  3.2% 
One bedrooms  6.6%  1.9% 
Two bedrooms  9.6%  7.6% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

13.1%  1.8% 
11.9%  14.0% 
21.6%  21.5% 
MIDTOWN EAST  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  7.2%  10.2% 
One bedrooms  7.6%  8.7% 
Two bedrooms  5.3%  10.0% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

15.9%  15.3% 
14.4%  13.9% 
14.9%  18.0% 
MIDTOWN WEST  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  10.1%  5.6% 
One bedrooms  8.8%  6.5% 
Two bedrooms  7.2%  4.7% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

18.5%  13.2% 
16.5%  14.5% 
13.5%  14.6% 
MURRAY HILL  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  9.2%  5.3% 
One bedrooms  8.1%  5.8% 
Two bedrooms  8.6%  8.6% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

18.7%  11.8% 
15.7%  15.5% 
17.3%  19.8% 
SOHO  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  1.1%  3.2% 
One bedrooms  0.4%  4.4% 
Two bedrooms  0.8%  7.7% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

5.0%  13.8% 
10.6%  11.3% 
1.5%  10.5% 
TRIBECA  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  13.2%  32.1% 
One bedrooms  0.2%  5.7% 
Two bedrooms  1.7%  2.1% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

21.4%  16.4% 
12.1%  9.9% 
0.5%  2.6% 
UPPER EAST SIDE  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  4.0%  3.4% 
One bedrooms  6.2%  4.4% 
Two bedrooms  5.7%  5.4% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

12.2%  10.5% 
13.3%  13.7% 
13.4%  17.8% 
UPPER WEST SIDE  Price changes of 2020*
*This ﬁgure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE  DOORMAN  NONDOORMAN 

Studios  7.2%  5.0% 
One bedrooms  5.6%  6.0% 
Two bedrooms  4.3%  2.6% 
COVID19 Snapshot
Price changes of 2^{nd} half 2020**
**This figure represents the percentage change in pricing from the 2^{nd} half of 2019 to 2^{nd} half of 2020 for each unit type.
DOORMAN  NONDOORMAN 

16.5%  12.1% 
12.4%  14.4% 
10.2%  15.6% 
MANHATTAN PRICE TRENDS
NONDOORMAN Average prices over the year
DOORMAN Average prices over the year
MANHATTAN PRICE TRENDS
NONDOORMAN Average prices from the 2nd half of 2020
DOORMAN Average prices from the 2nd half of 2020
THE REPORT EXPLAINED
THE MANHATTAN RENTAL MARKET REPORT IS THE ONLY REPORT THAT 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 crosssectioned from over 10,000 currently available listings priced under $10,000, with ultraluxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific midmonth 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 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’ 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.