MManhattananhattan RRentalental MMarketarket RReporteport AAugustugust 22017017 mmns.comns.com Manhattan Rental Market Report August 2017
TABLE OF CONTENTS
03 Introduction 04 A Quick Look 07 Mean Manhattan Rental Prices 11 Manhattan Price Trends 12 Neighborhood Price Trends 12 Battery Park City 13 Chelsea 14 East Village 15 Financial District 16 Gramercy Park 17 Greenwich Village 18 Harlem 19 Lower East Side 20 Midtown East 21 Midtown West 22 Murray Hill 23 SoHo 24 TriBeCa 25 Upper East Side 26 Upper West Side 27 The Report Explained
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mns.com Manhattan Rental Market Report August 2017
INTRODUCTION
Over the last month, average rents in Manhattan increased by 0.48%, from $4,016 to $4,036.
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mns.com Manhattan Rental Market Report August 2017
A QUICK LOOK
Over the last month, overall rental prices in Manhattan have increased by 0.48% from $4,016 to $4,035. Non-doorman studio prices decreased by 3.0% over the last month, from $2,617 to $2,538. Doorman studio prices increased by 2.1%, from $3,115 to $3,180. Non-doorman one-bedroom prices have increased by 1.5%, from $3,374 to $3426. One- bedroom doorman prices have increased by 1.9%, from $4,289 to $4,370. Two-bedroom non-doorman prices have decreased by 1.7%, from $4,308 to $4,235. Two-bedroom doorman prices have increased by 1.1%, from $6,153 to $6,223. Doorman units represented 48.8% of the market, while non-doorman units were 51.2% of the market.
Year-over-year, studio non-doorman and doorman prices have decreased by 4.1% and 1.6%, respectively. One-bedroom non-doorman and doorman prices have increased by 4.17% and 3.4%, respectively. Two-bedroom non-doorman prices have decreased by 4.3%, while two-bedroom doorman prices grew by 0.7%.
Overall, rental prices grew by 0.14% year-over-year. Some extreme prices changes were seen in traditional low-inventory markets. For example, Non-doorman studio prices in FiDi fell by almost 32.4% over the last year. However, because of this market’s 9:1 doorman to non-doorman ratio, these kinds of price swings in non-doorman units are easily off -set by price gains in doorman units.
Over the past year, the East Village rental market has emerged as one of the more stable rental markets in Manhattan. While two- bedroom doorman prices in the East Village slid by 5.1%, the overall market rent increased by 0.57%. This overall price increase can be explained by the 2:8 doorman to non-doorman ratio in the East Village.
As the rental market enters peak season, price increases can be expected to follow.
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mns.com Manhattan Rental Market Report August 2017
A QUICK LOOK
Notable Trends: Manhattan Highs and Lows (Average Prices)
Type Most Expensive Least Expensive
Non-Doorman Studios TriBeCa $4,475 Harlem $1,941 Non-Doorman One Bedrooms TriBeCa $7,234 Harlem $2,335 Non-Doorman Two Bedrooms TriBeCa $6,642 Harlem $2,858 Type Most Expensive Least Expensive
Doorman Studios SoHo $4,898 Harlem $2,382 Doorman One Bedrooms SoHo $8,000 Harlem $3,093 Doorman Two Bedrooms SoHo $9,208 Harlem $4,225
Where Prices Decreased (monthly)
Battery Park City Greenwich Village Tribeca Doorman One-Bedroom -2.5% Non-Doorman Two-Bedroom -1.1% Non-Doorman Studios -13.5% Doorman Two-Bedroom -2.0% Doorman Studios -2.0% Non-Doorman Two-Bedroom -12.8% Doorman Two-Bedroom -1.1% Doorman Two-Bedroom -3.5% Chelsea Non-Doorman Studios -5.0% Harlem Upper East Side Doorman One-Bedroom -2.9% Non-Doorman Studios -1.5% Non-Doorman One-Bedroom -1.7% Doorman Two-Bedroom -3.9% Non-Doorman Two-Bedroom -0.47% Doorman Studios -0.8%
East Village Lower East Side Upper West Side Non-Doorman Studios -0.2% Non-Doorman Studios -5.6% Doorman Two-Bedroom -0.9% Non-Doorman One-Bedroom -2.9% Non-Doorman One-Bedroom -4.1% Doorman One-Bedroom -8.3% Non-Doorman Two-Bedroom -4.3% Doorman Studios -7.4% Financial District Non-Doorman Studios -7.2% Midtown East Non-Doorman One-Bedroom -5.8% Non-Doorman Studios -6.0% Non-Doorman Two-Bedroom -4.4% Non-Doorman One-Bedroom -12.9% Doorman One-Bedroom -0.7% Non-Doorman Two-Bedroom -5.7%
Midtown West Gramercy Non-Doorman One-Bedroom -0.5% Non-Doorman Two-Bedroom -4.5% Non-Doorman Two-Bedroom -2.9% Doorman Studios -1.5% Doorman One-Bedroom -0.2% Doorman One-Bedroom -9.1% Doorman Two-Bedroom -0.1% Doorman Two-Bedroom -4.3% Murray Hill Doorman Studios -0.3% Non-Doorman Studios -0.3%
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mns.com Manhattan Rental Market Report August 2017 A QUICK LOOK
Where Prices Increased (monthly)
Battery Park City Midtown East Upper West Side Doorman Studios 4.3% Doorman Studios 0.8% Non-Doorman Studios 1.0% Doorman One-Bedroom 2.3% Non-Doorman One-Bedroom 2.2% Chelsea Doorman Two-Bedroom 1.2% Non-Doorman Two-Bedroom 0.7% Non-Doorman One-Bedroom 0.3% Doorman Studios 1.9% Non-Doorman Two-Bedroom 0.7% Midtown West Doorman One-Bedroom 0.6% Doorman Studios 3.1% Non-Doorman Studio 1.3% Doorman Studios 1.3% East Village Non-Doorman Two-Bedroom 7.1% Murray Hill Doorman Studios 6.4% Non-Doorman One-Bedroom 0.0% Doorman One-Bedroom 7.1% Non-Doorman Two-Bedroom 1.4% Doorman One-Bedroom 0.2% Financial District Doorman Two-Bedroom 1.5% Doorman Studios 3.9% Doorman Two-Bedroom 3.0% SoHo Non-Doorman Studios 4.1% Gramercy Non-Doorman One-Bedroom 2.4% Non-Doorman Studios 0.2% Non-Doorman Two-Bedroom 6.6% Non-Doorman One-Bedroom 0.8% Doorman Studios 15.24% Doorman One-Bedroom 30.6% Greenwich Village Doorman Two-Bedroom 9.7% Non-Doorman Studios 2.0% Non-Doorman One-Bedroom 0.7% Tribeca Doorman One-Bedroom 1.3% Non-Doorman One-Bedroom 23.8% Doorman Studios 0.6% Harlem Doorman One-Bedroom 0.5% Non-Doorman One-Bedroom 0.1% Doorman Studios 1.9% Upper East Side Doorman One-Bedroom 0.96% Non-Doorman Studios 0.4% Doorman Two-Bedroom 6.1% Non-Doorman Two-Bedroom 4.5% Doorman One-Bedroom 1.7% Lower East Side Doorman Two-Bedroom 2.1% Doorman One-Bedroom 2.3% Doorman Two-Bedroom 3.6%
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mns.com Manhattan Rental Market Report August 2017 A QUICK LOOK STUDIOS Doorman Non-Doorman
Average Unit Prices Average Price Greatest Changes By Neighborhood Manhattan Studios Since July
$1,941 7.39% (-$254) $2,382 $ 3,180 Studios - Lower East Side Harlem
$ 7.23% (-$201) 2,538 Studios - Financial District
$2,264 $2,138 Central $2,753 Park $2,725 Upper Upper We st Side East Side
Midtown $2,264 East $2,624 $2,367 Midtown $3,064 West
$2,519 Murray Hill $2,637
$2,509 Gramercy $2,480 Park $2,968 $3,243
Chelsea $2,393 East $2,739 Greenwich Village $3,412 $3,440 Village
$2,706 SoHo $4,898 Lower $2,143 East Side $3,188 $4,475 TriBeCa $3,862
N/ A
$3,326 Financial $2,587 District $3,185 Battery Park City
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mns.com Manhattan Rental Market Report August 2017 A QUICK LOOK 1BEDS Doorman Non-Doorman
Average Unit Prices Average Price Greatest Changes By Neighborhood Manhattan 1 Beds Since July
$2,335 (-$397) $3,093 $ 9.11% 4,370 1 Beds - Gramercy Harlem
$ 12.94% (-$406) 3,426 1 Beds - Midtown East
$2,969 $2,669 Central $3,907 Park $3,954 Upper Upper West Side East Side
Midtown $2,731 East $3,912 $2,683 Midtown $3,948 West
$3,005 Murray Hill $3,731
$3,181 Gramercy $3,405 Park $3,965 $4,365
Chelsea $2,886 East $3,775 Greenwich Village $4,367 $5,248 Village
$4,469 SoHo $8,000 Lower $2,776 East Side $4,026 $7,234 TriBeCa $4,987
N/ A
$3,824 Financial $3,851 District $4,223 Battery Park City
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mns.com Manhattan Rental Market Report August 2017 A QUICK LOOK 2 BEDS Doorman Non-Doorman
Average Unit Prices Average Price Greatest Changes By Neighborhood Manhattan 2 Beds Since July
$2,858 $ 7.13% ($416) $4,225 6,223 2 Beds - East Village Harlem $ 7.05% ($259) 4,235 2 Beds - East Village
$4,036 $3,447 Central $6,273 Park $6,285 Upper Upper West Side East Side
Midtown $3,635 East $5,844 $3,510 Midtown $5,898 West
$3,876 Murray Hill $5,376
$3,701 Gramercy $4,536 Park $5,793 $6,533
Chelsea $3,938 East $4,718 Greenwich Village $6,245 $6,903 Village
$6,060 SoHo $9,208 Lower $3,565 East Side $5,080 $6,642 TriBeCa $6,931
N/A
$6,691 Financial $4,767 District $6,058 Battery Park City
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mns.com Manhattan Rental Market Report August 2017 A QUICK LOOK Year Over Year Price Change > 4.0% Change 1.6% - 3.9% Change By Neighborhood -0.4 % 0.5% - 1.5% Change < 0.5% Change
-1.0 % 2.8%
0.8% 0.4%
2.4%
-5.0 % -6.2 %
1.5 % 0.6%
7.1%
-1.2 %
-1.3 %
5.9% -5.6 %
Year Over Year Price Change Manhattan Rents: August 2016 vs. August 2017
Type August 2016 August 2017 Change
Non-Doorman Studios $2,647 $2,538 4.1% Non-Doorman One Bedrooms $3,289 $3,426 4.2% Non-Doorman Two Bedrooms $4,423 $4,235 4.3%
Type August 2016 August 2017 Change
Doorman Studios $3,232 $3,180 1.6% Doorman One Bedrooms $4,228 $4,370 3.4%
Doorman Two Bedrooms $6,182 $6,223 0.7% page 10
mns.com Manhattan Rental Market Report August 2017 MANHATTAN PRICE TRENDS
Manhattan Studio Price Trends Over 13 Months
Non--Doorman Doorman
3,400
3,200
3,000
2,800
2,600
2,400 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 3,232 3,166 3,213 3,064 2,953 2,955 2,965 2,939 3,040 3,072 3,097 3,115 3,180 2,647 2,629 2,594 2,601 2,626 2,514 2,639 2,564 2,575 2,526 2,564 2,617 2,538 Manhattan One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 4,500
4,300
4,100
3,900
3,700
3,500
3,300
3,100 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 4,228 4,311 4,288 4,198 4,162 4,269 4,189 4,206 4,182 4,190 4,204 4,289 4,370 3,289 3,328 3,258 3,198 3,237 3,183 3,164 3,267 3,249 3,329 3,342 3,374 3,426
Manhattan Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 6,500
6,000
5,500
5,000
4,500
4,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 6,142 6,169 6,020 5,897 6,007 5,969 5,991 6,127 6,198 6,145 6,153 6,153 6,223 4,378 4,250 4,293 4,249 4,226 4,196 4,279 4,274 4,238 4,296 4,308 4,308 4,235 page 11
mns.com Manhattan Rental Market Report August 2017 BATTERY PARK CITY
• Over the last month, doorman studio prices in Battery Park city increased by 4.3%, off setting decreases of 2.5% in doorman one- bedroom prices and 2.0% in doorman two-bedroom prices.
Battery Park City Studio Price Trends Over 13 Months
Non--Doorman Doorman 3,400
3,300
3,200
3,100
3,000
2,900 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 3,135 3,215 3,229 3,112 3,160 3,146 3,137 3,045 2,978 3,033 3,091 3,190 3,326 ------Battery Park City One-Bedroom Price Trends Over 13 Months Non--Doorman Doorman 4,000
3,950
3,900
3,850
3,800
3,750
3,700
3,650 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 3,740 3,807 3,873 3,754 3,757 3,789 3,692 3,778 3,721 3,800 3,947 3,924 3,824 ------Battery Park City Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 7,600 7,400 7,200 7,000 6,800 6,600 6,400 6,200 6,000 5,800 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 6,197 6,300 6,432 6,689 6,659 6,938 6,898 6,948 7,078 7,318 7,134 6,828 6,691 ------
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mns.com Manhattan Rental Market Report August 2017 CHELSEA • Over the last month, the average price for a non-doorman unit in Chelsea fell by 0.87%. This decline was, in large part, driven by a 5.03% decrease in average non-doorman studio price. Average prices for one and two-bedroom units grew by 0.29% and 0.67%, respectively. • During the month of August, average doorman unit price in Chelsea experienced a 2.05% decrease.
Chelsea Studio Price Trends Over 13 Months
Non--Doorman Doorman 3,600
3,400
3,200
3,000
2,800
2,600
2,400
2,200 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 3,341 3,413 3,434 3,256 3,072 3,098 3,122 3,074 3,138 3,137 3,049 3,146 3,243 2,583 2,550 2,504 2,611 2,575 2,519 2,455 2,522 2,533 2,524 2,668 2,611 2,480 Chelsea One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 5,000
4,500
4,000
3,500
3,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 4,641 4,737 4,761 4,508 4,184 4,309 4,299 4,465 4,430 4,382 4,347 4,494 4,365 3,452 3,436 3,302 3,423 3,251 3,439 3,377 3,405 3,206 3,318 3,263 3,395 3,405
Chelsea Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 8,000
7,000
6,000
5,000
4,000
3,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 7,016 6,903 6,890 6,917 6,264 6,266 6,296 6,344 6,541 6,445 6,697 6,797 6,533 5,150 5,142 4,552 4,950 4,547 4,655 4,492 4,709 4,659 4,565 4,413 4,506 4,536
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mns.com Manhattan Rental Market Report August 2017 EAST VILLAGE • Over the last month, the average non-doorman unit price in the East Village grew by 1.86%. Most of this growth can be attributed to a 7.05% growth in average non-doorman two-bedroom price. • Both studio and two-bedroom average doorman unit prices experienced a strong August, growing by 6.38% and 7.13%, respectively. Some of this growth can be credited to the addition of units from 1 Union Square South to the market. However, during the same span, the overall average doorman unit price only grew by 1.64%. This is because the average one-bedroom doorman unit price fell by 8.27%.
East Village Studio Price Trends Over 13 Months Non--Doorman Doorman 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 3,300 3,314 3,480 3,289 3,242 3,410 3,417 3,463 3,459 3,319 3,139 3,207 3,412 2,424 2,428 2,381 2,540 22,515,515 2,457 2,523 2,416 2,426 2,476 2,438 2,398 2,393 East Village One-Bedroom Price Trends Over 13 Months Non--Doorman Doorman
5,000
4,500
4,000
3,500
3,000
2,500 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 4,087 4,196 44,497,497 4,593 4,498 4,829 4,673 4,692 4,563 4,327 4,338 4,760 4,367 2,883 2,837 2,848 2,897 2,890 2,987 2,950 2,915 2,943 3,001 2,955 2,972 2,886
East Village Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 7,000
6,500
6,000
5,500
5,000
4,500
4,000
3,500 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 6,578 6,484 6,458 5,607 5,763 6,259 5,871 5,736 5,996 6,124 6,149 5,830 6,245 3,838 3,785 3,719 3,717 3,722 3,651 3,678 3,850 3,847 3,848 3,701 3,678 3,938
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mns.com Manhattan Rental Market Report August 2017 FINANCIAL DISTRICT • Over the last month, the average non-doorman unit price in FiDi fell by 5.52%. This overall decrease can be explained by price sensitivity in the non-doorman market in FiDi caused by relatively low inventory. • The average doorman unit price in FiDi increased by 2.00% during the month of August. Most of this growth was driven by a 3.86% increase in average one-bedroom doorman unit price.
Financial District Studio Price Trends Over 13 Months
Non--Doorman Doorman 3,900
3,700
3,500
3,300
3,100
2,900
2,700
2,500 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 33,069,069 33,033,033 33,006,006 22,984,984 22,912,912 22,967,967 22,952,952 22,921,921 22,933,933 22,987,987 33,103,103 33,067,067 33,185,185 33,825,825 33,825,825 33,874,874 33,308,308 33,123,123 22,873,873 22,997,997 22,818,818 22,797,797 22,773,773 22,760,760 22,789,789 22,587,587
Financial District One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 4,400
4,200
4,000
3,800
3,600
3,400 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 44,112,112 44,087,087 33,960,960 33,904,904 33,830,830 33,875,875 33,898,898 44,030,030 44,081,081 44,177,177 44,122,122 44,253,253 44,223,223 44,032,032 33,830,830 33,608,608 33,685,685 33,843,843 33,647,647 33,845,845 33,973,973 44,061,061 44,273,273 44,157,157 44,087,087 33,851,851 Financial District Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman
6,300 6,100 5,900 5,700 5,500 5,300 5,100 4,900 4,700 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 66,031,031 55,780,780 55,801,801 55,587,587 55,667,667 55,799,799 55,789,789 55,766,766 55,955,955 66,152,152 66,021,021 55,882,882 66,058,058 55,071,071 55,266,266 55,061,061 55,231,231 55,179,179 44,770,770 44,799,799 44,774,774 44,922,922 44,996,996 55,025,025 44,984,984 44,767,767 page 15
mns.com Manhattan Rental Market Report August 2017 GRAMERCY PARK • Over the last month, the average non-doorman unit price in Gramercy remained relatively stable, falling by 1.48%. • During August, average doorman unit prices fell by 5.22%. Most of that decrease can be attributed to the addition of low-priced one-bedroom doorman units, which drove one-bedroom doorman prices down by 9.11%.
Gramercy Park Studio Price Trends Over 13 Months
Non--Doorman Doorman
3,000
2,750
2,500
2,250 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2,904 2,849 2,835 2,793 2,855 2,992 2,978 2,936 2,891 2,907 3,010 3,014 2,968 2,550 2,537 2,484 2,556 2,674 2,567 2,536 2,579 2,595 2,606 2,572 2,504 2,509 Gramercy Park One-Bedroom Price Trends Over 13 Months Non--Doorman Doorman 4,400
4,200
4,000
3,800
3,600
3,400
3,200
3,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun JuJull Aug 4,078 4,105 3,974 3,661 3,937 4,125 4,219 4,160 4,372 4,220 4,169 4,363 3,965 3,476 3,432 3,138 3,046 3,127 3,366 3,386 3,474 3,337 3,382 3,260 3,155 3,181
Gramercy Park Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman
6,500
6,000
5,500
5,000
4,500
4,000
3,500 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 6,434 6,179 6,191 6,127 5,998 6,128 5,767 5,646 5,869 5,870 5,720 66,050,050 5,793 3,841 3,841 3,717 3,672 3,798 4,013 3,717 3,821 3,817 3,891 3,905 33,874,874 3,701
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mns.com Manhattan Rental Market Report August 2017 GREENWICH VILLAGE
• August was a stable month for overall unit prices in Greenwich Village.Average non-doorman unit prices grew by 0.25%, while average doorman unit prices fell by only 0.51%.
Greenwich Village Studio Price Trends Over 13 Months
Non--Doorman Doorman 3,750
3,500
3,250
3,000
2,750
2,500 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 33,299,299 33,299,299 33,625,625 33,473,473 33,364,364 33,364,364 33,299,299 33,372,372 33,303,303 33,374,374 33,501,501 33,509,509 33,440,440 22,944,944 22,917,917 22,735,735 22,695,695 22,796,796 22,884,884 22,751,751 22,690,690 22,732,732 22,666,666 22,711,711 22,685,685 22,739,739 Greenwich Village One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman
5,500
5,000
4,500
4,000
3,500 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 55,068,068 55,252,252 55,215,215 44,891,891 44,767,767 44,896,896 44,920,920 44,990,990 55,138,138 44,956,956 55,083,083 55,183,183 55,248,248 33,625,625 33,713,713 33,656,656 33,580,580 33,596,596 33,672,672 33,706,706 33,661,661 33,808,808 33,880,880 33,849,849 33,747,747 33,775,775 Greenwich Village Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 7,000
6,500
6,000
5,500
5,000
4,500 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 66,246,246 66,234,234 66,422,422 66,226,226 66,183,183 66,119,119 55,746,746 66,605,605 66,923,923 66,839,839 77,058,058 66,979,979 66,903,903 55,253,253 55,247,247 44,817,817 44,735,735 44,809,809 44,918,918 44,828,828 44,866,866 44,760,760 44,651,651 44,624,624 44,773,773 44,718,718
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mns.com Manhattan Rental Market Report August 2017 HARLEM
• Average non-doorman unit prices in Harlem decreased by 0.5% over thelast month. • Average two-bedroom doorman units experienced a 6.08% increase inprice over the last month. Much of this growth can be attributed to the addition of rental units along Fifth Avenue to the market.
Harlem Studio Price Trends Over 13 Months Non--Doorman Doorman 2,700
2,500
2,300
2,100
1,900
1,700 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JJulul AAuug 22,625,625 22,513,513 22,298,298 22,298,298 22,152,152 22,361,361 22,512,512 22,505,505 22,464,464 22,554,554 22,450,450 22,339,339 22,382,382 11,907,907 11,905,905 11,949,949 11,823,823 11,961,961 11,911,911 11,843,843 11,865,865 11,855,855 11,888,888 11,990,990 11,970,970 11,941,941
Harlem One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 3,500
3,000
2,500
2,000 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 33,106,106 33,080,080 22,782,782 22,852,852 22,682,682 22,776,776 22,863,863 33,038,038 33,120,120 33,079,079 33,026,026 33,063,063 33,093,093 22,310,310 22,288,288 22,366,366 22,296,296 22,244,244 22,244,244 22,217,217 22,217,217 22,197,197 22,256,256 22,308,308 22,332,332 22,335,335
Harlem Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman
4,500
4,000
3,500
3,000
2,500 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 44,099,099 44,231,231 44,324,324 44,251,251 33,983,983 33,886,886 44,031,031 33,951,951 44,207,207 44,188,188 33,968,968 33,983,983 44,225,225 22,855,855 22,912,912 22,906,906 22,819,819 22,757,757 22,797,797 22,757,757 22,762,762 22,754,754 22,799,799 22,838,838 22,871,871 22,858,858
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mns.com Manhattan Rental Market Report August 2017 LOWER EAST SIDE
• Due to the addition of numerous low-priced non-doorman units to themarket, non-doorman unit pricing slid by 4.55%. • Doorman unit prices experienced a relatively stable August, growing by only 0.11%.
Lower East Side Studio Price Trends Over 13 Months
Non--Doorman Doorman 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 33,333,333 33,167,167 33,167,167 22,717,717 33,244,244 33,062,062 33,029,029 33,112,112 33,051,051 33,078,078 33,475,475 33,442,442 33,188,188 22,115,115 22,196,196 22,169,169 22,223,223 22,356,356 22,381,381 22,361,361 22,369,369 22,370,370 22,291,291 22,215,215 22,270,270 22,143,143
Lower East Side One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 4,500
4,000
3,500
3,000
2,500 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 44,029,029 44,131,131 44,035,035 33,830,830 33,859,859 33,770,770 33,689,689 33,941,941 33,743,743 33,875,875 33,844,844 33,937,937 44,026,026 22,841,841 22,903,903 22,722,722 22,701,701 22,606,606 22,686,686 22,731,731 22,758,758 22,777,777 22,848,848 22,797,797 22,895,895 22,776,776 Lower East Side Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 6,000
5,000
4,000
3,000
2,000 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 44,871,871 44,859,859 55,639,639 44,688,688 44,356,356 44,494,494 44,947,947 44,962,962 44,826,826 44,936,936 55,011,011 44,903,903 55,080,080 33,850,850 33,784,784 44,185,185 33,596,596 33,552,552 33,690,690 33,521,521 33,610,610 33,622,622 33,590,590 33,719,719 33,725,725 33,565,565
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mns.com Manhattan Rental Market Report August 2017 MIDTOWN EAST
• Over the last month, Midtown East non-doorman prices experienced a 8.19% downward swing. This decline was caused, in large part, by low inventory in the area which led to price sensitivity in the non-doorman market. • Doorman units in Midtown East had a solid August, with prices growing by 1.45%.
Midtown East Studio Price Trends Over 13 Months
Non--Doorman Doorman 2,800 2,700 2,600 2,500 2,400 2,300 2,200 2,100 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2,700 2,671 2,728 2,594 2,600 2,538 2,553 2,497 2,561 2,587 2,596 2,603 2,624 2,570 2,333 2,214 2,172 2,193 2,261 2,249 2,266 2,366 2,426 2,450 2,407 2,264
Midtown East One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman
4,000
3,500
3,000
2,500 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul AAuug 3,750 3,928 3,930 3,869 33,858,858 3,843 3,919 3,873 3,874 3,890 3,921 3,824 3,912 2,821 2,871 2,700 2,741 2,857 2,900 2,902 3,114 3,101 3,178 3,122 3,137 2,731
Midtown East Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 6,000
5,500
5,000
4,500
4,000
3,500
3,000 Aug Sep OOcct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 5,500 5,660 5,502 5,504 5,533 5,606 5,751 5,757 5,734 5,849 5,739 5,777 5,844 3,582 3,478 3,398 3,589 33,485,485 3,674 3,862 3,852 4,027 3,872 4,003 3,855 3,635
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mns.com Manhattan Rental Market Report August 2017 MIDTOWN WEST
• Over the last month, non-doorman unit prices experienced a 1.02% decrease. In the same span, doorman unit prices in Midtown West grew by 0.20%.
Midtown West Studio Price Trends Over 13 Months
Non--Doorman Doorman
3,000
2,800
2,600
2,400
2,200
2,000 Aug Sep OOcct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2,955 2,926 2,923 2,876 2,856 2,829 2,838 2,818 2,851 2,901 2,953 3,024 3,064 2,205 2,216 2,159 2,255 2,384 2,255 2,303 2,327 2,299 2,282 2,402 22,338,338 2,367
Midtown West One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman
4,000
3,500
3,000
2,500 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 3,911 3,894 3,858 3,783 3,752 3,828 3,769 3,868 3,945 3,918 3,956 3,954 3,948 2,736 2,746 2,701 2,676 2,625 2,655 2,648 2,667 2,677 2,704 2,767 2,695 2,683 Midtown West Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman
6,000
5,500
5,000
4,500
4,000
3,500
3,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 5,755 5,729 5,548 5,587 5,524 5,510 5,492 5,618 5,562 5,656 5,698 5,906 5,898 3,733 3,574 3,396 3,361 3,242 3,300 3,268 3,391 3,376 3,442 3,427 3,616 3,510
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mns.com Manhattan Rental Market Report August 2017 MURRAY HILL •During the last month, prices in Murray Hill remained stable. Non-doorman unit prices grew by 0.52%, while doorman prices grew by 0.68%.
Murray Hill Studio Price Trends Over 13 Months
Non--Doorman Doorman 2,800 2,700 2,600 2,500 2,400 2,300 2,200 2,100 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2,744 2,699 2,753 2,616 2,550 2,576 2,600 2,502 2,572 2,647 2,667 2,645 2,637 2,293 2,321 2,205 2,238 2,271 2,267 2,296 2,322 2,484 2,442 2,468 22,525,525 2,519
Murray Hill One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 3,900
3,700
3,500
3,300
3,100
2,900
2,700 AAuug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 3,710 3,726 3,720 3,624 3,583 3,636 3,731 3,644 3,688 3,729 3,753 33,724,724 3,731 2,882 2,908 2,738 2,814 22,913,913 2,930 2,998 3,031 3,008 3,054 2,974 3,005 3,005 Murray Hill Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 5,500
5,000
4,500
4,000
3,500
3,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 5,285 5,143 4,874 4,984 5,046 5,144 5,062 5,125 5,206 5,209 5,371 5,296 5,376 3,731 3,684 3,528 3,644 3,745 3,823 4,087 4,099 3,917 3,851 3,742 3,821 3,876
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mns.com Manhattan Rental Market Report August 2017 SOHO • Over the month of August, non-doorman unit prices grew by a solid 4.66%. • Due to traditionally low inventory, non-doorman unit prices saw wild swings. Doorman studio prices grew by 15.24%, one- bedroom prices grew by 30.64%, and two-bedroom prices increased by 9.70%.
SoHo Studio Price Trends Over 13 Months Non--Doorman Doorman 6,000
5,000
4,000
3,000
2,000
1,000
0 Aug Sep OOcct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 5,495 4,600 4,425 4,500 - - - - 4,300 4,283 4,248 4,250 4,898 2,833 2,565 2,598 2,790 2,963 2,634 3,366 2,895 2,736 2,738 2,748 2,600 2,706
SoHo One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 8,000
7,000
6,000
5,000
4,000
3,000 Aug Sep OOcct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 6,078 6,658 6,613 6,593 6,692 7,150 5,925 5,557 5,288 5,433 5,617 6,124 8,000 3,653 4,270 4,294 3,855 3,810 3,710 3,554 3,973 4,120 4,125 4,258 4,362 4,469 SoHo Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 10,000
9,000
8,000
7,000
6,000
5,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 8,918 8,779 8,469 8,862 8,454 8,560 8,075 8,316 8,215 8,449 7,973 8,393 9,208 6,006 5,868 5,608 6,210 6,196 5,816 5,573 5,532 5,255 5,411 5,819 5,684 6,060
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mns.com Manhattan Rental Market Report August 2017 TRIBECA
• Over the last month, TriBeCa non-doorman unit prices experienced an overall price decrease of 1.49%. • In the same span, average doorman unit prices also fell, falling by nearly 1.3%.
TriBeCa Studio Price Trends Over 13 Months
Non--Doorman Doorman 6,000
5,000
4,000
3,000
2,000 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 33,953,953 44,271,271 44,825,825 44,070,070 33,990,990 33,658,658 33,714,714 33,511,511 33,619,619 33,688,688 33,693,693 33,837,837 33,862,862 44,400,400 44,549,549 44,692,692 44,827,827 44,656,656 33,900,900 44,899,899 44,500,500 44,471,471 33,832,832 44,067,067 55,173,173 44,475,475 TriBeCa One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 55,211,211 55,175,175 55,276,276 55,495,495 55,441,441 55,562,562 55,581,581 55,380,380 44,996,996 55,193,193 55,038,038 44,964,964 44,987,987 55,856,856 55,734,734 66,036,036 55,538,538 66,014,014 44,819,819 44,500,500 55,104,104 44,712,712 44,959,959 55,408,408 55,842,842 77,234,234
TriBeCa Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 7,800
7,600
7,400
7,200
7,000
6,800
6,600
6,400
6,200 AAuug SepSep OOcct NovNov DDeec JJaan FebFeb MMarar AprApr MayMay JunJun JulJul AAuug 77,543,543 77,465,465 77,508,508 77,063,063 66,933,933 77,151,151 77,231,231 66,855,855 77,283,283 77,321,321 77,288,288 77,183,183 66,931,931 77,612,612 77,397,397 77,582,582 77,446,446 77,329,329 66,860,860 66,950,950 77,498,498 77,679,679 77,173,173 77,447,447 77,614,614 66,642,642
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mns.com Manhattan Rental Market Report August 2017 UPPER EAST SIDE
• Traditionally a stable pricing market, UES rental prices saw increases of 1.37% in non-doorman units and 1.36% in doorman units.
Upper East Side Studio Price Trends Over 13 Months
Non--Doorman Doorman
2,900 2,800 2,700 2,600 2,500 2,400 2,300 2,200 2,100 2,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2,773 2,714 2,696 2,683 2,663 2,683 2,622 2,750 2,744 2,793 2,769 2,749 2,725 2,157 2,162 2,105 2,099 22,112,112 2,098 2,135 2,122 2,158 2,185 2,181 2,129 2,138 Upper East Side One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 4,500
4,000
3,500
3,000
2,500
2,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 3,888 3,945 3,910 3,797 3,791 3,841 3,789 3,828 3,857 33,942,942 3,961 3,888 3,954 2,548 2,606 2,569 2,626 2,633 2,571 2,654 2,616 2,630 2,713 2,728 2,714 2,669 Upper East Side Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman
7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 6,034 6,121 6,085 6,032 6,006 6,071 6,240 6,164 6,324 6,317 6,214 6,155 6,285 3,238 3,172 3,095 3,069 3,139 3,195 3,301 3,174 3,196 3,286 3,311 3,300 3,447
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mns.com Manhattan Rental Market Report August 2017 UPPER WEST SIDE • Like the UES rental market, the UWS market tends to remain stable month-to-month. August was no exception. Non-doorman prices grew by 1.26% during this span, while doorman prices grew by 0.11%.
Upper West Side Studio Price Trends Over 13 Months
Non--Doorman Doorman 3,000 2,900 2,800 2,700 2,600 2,500 2,400 2,300 2,200 2,100 2,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2,861 2,807 2,773 2,698 2,686 2,682 2,732 2,706 2,737 2,786 2,715 2,702 2,753 2,248 2,300 2,241 2,284 2,189 2,190 2,230 2,215 2,225 2,234 2,222 2,241 2,264 Upper West Side One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 4,500
4,000
3,500
3,000
2,500
2,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 4,010 3,949 3,922 3,819 3,804 3,808 3,871 3,840 3,918 3,926 3,932 3,884 3,907 2,935 3,013 2,929 2,893 22,905,905 2,931 2,830 2,835 2,911 2,919 2,943 2,904 2,969 Upper West Side Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 7,000
6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000 Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 6,215 6,260 6,385 6,169 6,087 6,171 6,338 6,069 6,181 6,294 6,137 6,332 6,273 4,160 4,150 3,932 4,058 3,993 4,001 3,906 3,968 4,006 3,957 4,174 4,009 4,036
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mns.com Manhattan Rental Market Report August 2017
THE REPORT EXPLAINED
The Manhattan Rental Market Report™ compares fl uctuation 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 effi ciently and fairly adjust individual property rents in Manhattan.
The Manhattan Rental Market Report™ is based on data cross- Author: MNS has been helping Manhattan & Brooklyn landlords sectioned from over 10,000 currently available listings located and renters navigate the rental market since 1999. From large below 125th Street and priced under $10,000, with ultra-luxury companies to individuals, MNS tailors services to meet your property omitted to obtain a true monthly rental average. Our needs. Contact us today to see how we can help. data is aggregated from the MNS proprietary database and Contact Us Now: 212.475.9000 sampled from a specifi c mid-month point to record current rental rates off ered by landlords during that particular month. It is then Note: All market data is collected and compiled by MNS’s combined with information from the REBNY Real Estate Listings marketing department. The information presented here is Source (RLS), OnLine Residential (OLR. com) and R.O.L.E.X. (Real intended for instructive purposes only and has been gathered Plus). 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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