MANHATTAN YEAR END REPORT

Manhattan year end infographics

MANHATTAN YEAR END REPORT ARCHIVE

TABLE OF CONTENTS

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  1. Intro
  2. Notable Trends
  3. Mean Rental Prices
  4. Manhattan Price Trends
  5. The Report Explained

introduction

WE ARE PROUD TO PRESENT MNS’ FIFTEENTH ANNUAL YEAR END REPORT

manhattan

MNS is proud to present our fifteenth 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 non-doorman studio decreased by 6.29%, one-bedrooms decreased by 5.11% and two-bedrooms by 4.16%. Doorman studio average rents are down 0.88%, while one-bedroom and two-bedroom rents are up by 0.75% and 2.16%, respectively. Overall, the average non-doorman rent from 2021 is down by 5.00% when compared to the whole of 2021, while doorman rents are up 1.02%.

It is important to note that these averages are for the entire calendar year, of which the effects of 2021’s shutdown from Covid-19 are averaged out amongst the period preceding the shutdown. As such, the proceeding page breaks out the 2nd half of the year to capture the true effects and trends of the market pre and post pandemic.

COVID-19 SNAPSHOT, 6 MONTH ANALYSIS

IN ORDER TO BETTER ILLUSTRATE THE IMPACT OF COVID-19 ON THE MANHATTAN RENTAL MARKET, WE HAVE COMPILED AND ANALYZED DATA FROM THE SECOND HALVES OF OUR 2020 AND 2021 MONTHLY RENTAL MARKET REPORTS.

manhattan

When compared to last year, the average rental price in Manhattan for a non-doorman studio unit increased by 5.92%, one-bedrooms increased by 9.53% and two-bedrooms by 11.37%. Looking at the doorman market, studios increased by 15.41%, one-bedrooms by 16.87% and two-bedrooms by 13.44%. Overall, the non-doorman market increased by an average of 9.41%, with the doorman market increasing by an average of 14.96%, illustrating a healthy bounce back from the decreases we saw in 2020.

Looking on the neighborhood level, the hardest hit areas of 2020 saw the greatest comeback, such as the doorman supply in Financial District whose rents decreased by 16.7% (studios), 15.9% (1-beds) and 10.3% (2-beds) in the July-December period of 2020 and this past year increased by 3.33% (studios), 10.76% (1-beds) and 15.06% (2-beds).

NON-DOORMAN MANHATTAN RENTS: JUL-DEC 2020 VS. JUL-DEC 2021

TYPE JUL-DEC 2020 JUL-DEC 2021 CHANGE
Studios $2,214 $2,345 5.92%
One bedrooms $2,894 $3,170 9.53%
Two bedrooms $3,747 $4,174 11.37%

DOORMAN MANHATTAN RENTS: JUL-DEC 2020 VS. JUL-DEC 2021

TYPE JUL-DEC 2020 JUL-DEC 2021 CHANGE
Studios $2,832 $3,269 15.41%
One bedrooms $3,941 $4,606 16.87%
Two bedrooms $5,746 $6,519 13.44%

MEAN RENTAL PRICES

2021 MEAN MANHATTAN RENTAL PRICES

  • $2,210
    Non-doorman

    Studios

  • $2,946
    Non-doorman

    One bedrooms

  • $3,860
    Non-doorman

    Two bedrooms

  • $3,005
    Doorman

    Studios

  • $4,229
    Doorman

    One bedrooms

  • $6,155
    Doorman

    Two bedrooms

manhattan mean studio
manhattan mean 1 bedroom
manhattan mean 2 bedrooms

MANHATTAN PRICE TRENDS

price changes

NON-DOORMAN Average prices over the year

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
-
$2,843
$2,796
$2,861
$2,779
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$2,873
$2,690
$2,758
$2,745
$2,741
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$2,765
$2,862
$3,152
$2,738
$2,789

DOORMAN Average prices over the year

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
$4,438
$4,987
$4,385
$4,352
$4,360
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$5,029
$2,850
$4,507
$4,024
$4,073
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$3,926
$6,287
$5,298
$4,129
$4,301

MANHATTAN PRICE TRENDS

price changes

NON-DOORMAN Average prices from the 2nd half of 2021

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
-
$3,640
$3,207
$3,786
$3,035
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$3,811
$2,196
$2,855
$2,694
$2,614
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$2,918
$3,369
$6,159
$2,623
$2,963

DOORMAN Average prices from the 2nd half of 2021

Battery Park City
Chelsea
East Village
Finacial District
Gramercy
$4,659
$5,402
$4,836
$4,860
$4,717
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
$5,167
$2,924
$4,804
$4,291
$4,530
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
$4,416
$6,534
$5,813
$4,371
$4,644

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 cross-sectioned from over 10,000 currently available listings 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 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 at 718-222-0211

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.

HTTP://WWW.MNS.COM/MANHATTAN_YEAR_END_MARKET_REPORT_2021

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