Manhattan Rental Market Report July 2017 mns.com Manhattan Rental Market Report July 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 July 2017
INTRODUCTION
Over the last month, prices in Manhattan have increased by 0.78%, from $3,985.44 to $4,016.52, which is an increase of $31.08.
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mns.com mns.com Manhattan Rental Market Report July 2017
A QUICK LOOK Over the last month, prices in Manhattan have increased by 0.78%, from $3,985.44 to $4,016.52, which is an increase of $31.08. Studio non doorman prices increased by 2.1% or $53 over the last month, from $2,564 to $2,617. Studio doorman prices increased by 0.6% or $18, from $3,097 to $3,115. One bedroom non doorman prices have increased by 1.0% or $32, from $3,342 to $3,374. One bedroom doorman prices have increased by 2.0% or $86, from $4,204 to $4,289. Two bedroom non doorman prices have increased by 0.3% or $11, from $4,296 to $4,308. Two bedroom doorman prices have increased by 0.1% or $8, from $6,145 to $6,153. Over the last year, studio non doorman and doorman prices have increased by 0.9% and decreased by 3.0%, respectively, and these are dollar changes of $24 and $95. One bedroom non doorman and doorman prices have increased by 0.04% and 0.6%, respectively, and these are dollar changes of $1 and $27. Two bedroom non doorman and doorman prices have decreased by 2.3% and 0.7%, respectively, and these are dollar changes of $102 and $45.
Annual changes, between July of 2016 and July of 2017, were very stable. Excluding the two largest changes, which occurred in Chelsea where prices have dropped by 6.6% over the last year, and in SoHo where prices have dropped by 3.4%, the average price changes of Manhattan neighborhoods ranged from only +3.0% to -2.0%. These changes occurred in Midtown East and the Financial District, respectively. Additionally, monthly changes were very stable as well. Excluding the two largest changes, which occurred in TriBeCa (where prices increased by 5.1%) and in SoHo (where prices increased by 2.4%), monthly changes ranged from +2.1% (Chelsea) to -1.6% (Battery Park City). These small ranges indicate stability in the Manhattan market, especially considering that SoHo and TriBeCa both have low inventory levels, which cause percentage swings.
Prices were strong in Chelsea this month. Studio non doorman prices decreased by 2.1% (the only decrease this month), studio doorman prices increased by 3.2%, one bedroom non doorman prices increased by 4.0%, one bedroom doorman prices increased by 3.4%, two bedroom non doorman prices increased by 2.1%, and two bedroom doorman prices increased by 1.5%. This is an average overall price increase of 2.1% or $85.36. Many new developments were popular on the market in Chelsea. The Beatrice at 105 West 29th Street was built in 2010 and contains 301 units. 777 6th Avenue is a bit older; built in 2001, this development contains 293 units. The Ava High Line at 525 West 28th Street, a staple Chelsea development, was built in 2013 and contains 90 units. 507 W 28th Street, which started it’s initial leasing this year, contains 375 units across 2 towers.
Price changes on the Upper East Side remain stable. Studio non doorman and doorman prices decreased by 2.4% and 0.7%, respectively. One bedroom non doorman and doorman prices decreased by 0.5% and 1.9%, respectively. Two bedroom non doorman and doorman prices decreased by 0.4% and 0.9%, respectively. This is an average overall change of -1.1% or $38.46. The Upper East Side may not have any significant price changes, but developments in this neighborhood are worth noting especially since the inaugural use of the Second Avenue Subway Line, which occurred earlier this year. New buildings are still to come: Vitre at 302 East 96th Street, which will contain 48 units, is expected to be completed next year.
There are many new exciting developments coming to Manhattan. As mentioned before, Vitre at 302 East 96th Street is expected to be complete in 2018. Hudson Yards is aligning tenants and completing its underground tunnels, as well. The entire project is slated to include over 18 million square feet of both commercial and residential areas. With the year a little more than halfway over, there is still plenty of time for 2017 to amaze the real estate community and its followers.
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mns.com Manhattan Rental Market Report July 2017
A QUICK LOOK
Notable Trends: Manhattan Highs and Lows (Average Prices)
Type Most Expensive Least Expensive
Non-Doorman Studios TriBeCa $5,173 Harlem $1,970 Non-Doorman One Bedrooms TriBeCa $5,842 Harlem $2,332 Non-Doorman Two Bedrooms TriBeCa $7,614 Harlem $2,871
Type Most Expensive Least Expensive
Doorman Studios SoHo $4,250 Harlem $2,339 Doorman One Bedrooms SoHo $6,154 Harlem $3,063 Doorman Two Bedrooms SoHo $8,393 Harlem $3,983
Where Prices Decreased (monthly)
Battery Park City Lower East Side Upper West Side Doorman One-Bedroom -0.6% Doorman Studios -0.9% Non-Doorman One-Bedroom -1.3% Doorman Two-Bedroom -4.3% Doorman Two-Bedroom -2.2% Non-Doorman Two-Bedroom -4.0% Doorman Studios -0.4% Chelsea Midtown East Doorman One-Bedroom -1.2% Non-Doorman Studios -2.1% Non-Doorman Studios -1.8% Non-Doorman Two-Bedroom -3.7% East Village Doorman One-Bedroom -2.5% Non-Doorman Studios -1.7% Non-Doorman Two-Bedroom -0.6% Midtown West Doorman Two-Bedroom -5.2% Non-Doorman Studios -2.7% Non-Doorman One-Bedroom -2.6% Financial District Doorman One-Bedroom -0.1% Non-Doorman One-Bedroom -1.7% Non-Doorman Two-Bedroom -0.8% Murray Hill Doorman Studios -1.2% Doorman Studios -0.8% Doorman Two-Bedroom -2.3% Doorman One-Bedroom -0.8% Doorman Two-Bedroom -1.4% Gramercy Non-Doorman Studios -2.6% SoHo Non-Doorman One-Bedroom -3.2% Non-Doorman Studios -5.4% Non-Doorman Two-Bedroom -0.8% Non-Doorman Two-Bedroom -2.3%
Greenwich Village Tribeca Non-Doorman Studios -1.0% Doorman One-Bedroom -1.5% Non-Doorman One-Bedroom -2.6% Doorman Two-Bedroom -1.4% Doorman Two-Bedroom -1.1% Upper East Side Harlem Non-Doorman Studios -2.4% Non-Doorman Studios -1.0% Non-Doorman One-Bedroom -0.5% Doorman Studios -4.5% Non-Doorman Two-Bedroom -0.4% Doorman Studios -0.7% Doorman One-Bedroom -1.9% Doorman Two-Bedroom -0.9% page 5
mns.com mns.com Manhattan Rental Market Report July 2017 A QUICK LOOK
Where Prices Increased (monthly)
Battery Park City Lower East Side Upper West Side Doorman Studios 3.2% Non-Doorman Studios 2.5% Non-Doorman Studios 0.9% Non-Doorman One-Bedroom 3.5% Doorman Two-Bedroom 3.2% Chelsea Non-Doorman Two-Bedroom 0.2% Non-Doorman One-Bedroom 4.0% Doorman One-Bedroom 2.4% Non-Doorman Two-Bedroom 2.1% Doorman Studios 3.2% Midtown East Doorman One-Bedroom 3.4% Non-Doorman One-Bedroom 0.5% Doorman Two-Bedroom 1.5% Doorman Studios 0.3% Doorman Two-Bedroom 0.7% East Village Non-Doorman One-Bedroom 0.6% Midtown West Doorman Studios 2.2% Non-Doorman Two-Bedroom 5.5% Doorman One-Bedroom 9.7% Doorman Studios 2.4% Doorman Two-Bedroom 3.7% Financial District Non-Doorman Studios 1.0% Murray Hill Doorman One-Bedroom 3.2% Non-Doorman Studios 2.3% Non-Doorman One-Bedroom 1.0% Gramercy Non-Doorman Two-Bedroom 2.1% Doorman Studios 0.1% Doorman One-Bedroom 4.7% SoHo Doorman Two-Bedroom 5.8% Non-Doorman One-Bedroom 2.5% Doorman Studios 0.04% Greenwich Village Doorman One-Bedroom 9.0% Non-Doorman Two-Bedroom 3.2% Doorman Two-Bedroom 5.3% Doorman Studios 0.2% Doorman One-Bedroom 2.0% Tribeca Non-Doorman Studios 27.2% Harlem Non-Doorman One-Bedroom 8.0% Non-Doorman One-Bedroom 1.0% Non-Doorman Two-Bedroom 2.2% Non-Doorman Two-Bedroom 1.18% Doorman Studios 3.9% Doorman One-Bedroom 1.24% Doorman Two-Bedroom 0.4%
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mns.com Manhattan Rental Market Report July 2017 A QUICK LOOK STUDIOS Doorman Non-Doorman
Average Unit Prices Average Price Greatest Changes By Neighborhood Manhattan Studios Since June
$1,970 (-$111) $2,339 $ 4.52% Harlem 3,115 Studios - Harlem
$ 27.19% ($1,106) 2,617 Studios - TriBeCa
$2,241 $2,129 Central $2,702 Park $2,749 Upper Upper West Side East Side
Midtown $2,407 East $2,603 $2,338 Midtown $3,024 West
$2,525 Murray Hill $2,645
$2,504 Gramercy $2,611 Park $3,014 $3,146
Chelsea $2,398 East $2,685 Greenwich Village $3,207 $3,509 Village
$2,600 SoHo $4,250 Lower $2,270 East Side $3,442 $5,173 TriBeCa $3,837
N/A
$3,189 Financial $2,789 District $3,067 Battery Park City
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mns.com mns.com Manhattan Rental Market Report July 2017 A QUICK LOOK 1BEDS Doorman Non-Doorman
Average Unit Prices Average Price Greatest Changes By Neighborhood Manhattan 1 Beds Since June
$2,332 9.74% ($423) $3,063 $ 4,289 1 Beds - East Village Harlem
$ 8.02% ($434) 3,374 1 Beds - TriBeCa
$2,904 $2,714 Central $3,884 Park $3,888 Upper Upper West Side East Side
Midtown $3,137 East $3,824 $2,695 Midtown $3,954 West
$3,005 Murray Hill $3,724
$3,155 Gramercy $3,395 Park $4,363 $4,494
Chelsea $2,972 East $3,747 Greenwich Village $4,760 $5,183 Village
$4,362 SoHo $6,124 Lower $2,895 East Side $3,937 $5,842 TriBeCa $4,964
N/A
$3,924 Financial $4,087 District $4,253 Battery Park City
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mns.com Manhattan Rental Market Report July 2017 A QUICK LOOK 2 BEDS Doorman Non-Doorman
Average Unit Prices Average Price Greatest Changes By Neighborhood Manhattan 2 Beds Since June
$2,871 5.78% ($330) $3,983 $ 6,153 2 Beds - Gramercy Harlem
$ 5.51% ($189) 4,308 2 Beds - Midtown West
$4,009 $3,300 Central $6,332 Park $6,155 Upper Upper West Side East Side
Midtown $3,855 East $5,777 $3,616 Midtown $5,906 West
$3,821 Murray Hill $5,296
$3,874 Gramercy $4,506 Park $6,050 $6,797
Chelsea $3,678 East $4,773 Greenwich Village $5,830 $6,979 Village
$5,684 SoHo $8,393 Lower $3,725 East Side $4,903 $7,614 TriBeCa $7,183
N/A
$6,828 Financial $4,984 District $5,882 Battery Park City
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mns.com mns.com Manhattan Rental Market Report July 2017 A QUICK LOOK Year Over Year Price Change > 4.0% Change By Neighborhood -1.8% 1.6% - 3.9% Change 0.5% - 1.5% Change < 0.5% Change
-1.8% 1.9%
0.4% 3.0%
2.0%
-0.5% -6.6%
0.5% -1.9%
-3.4% 1.3%
-0.2%
-0.1% -2.0%
Year Over Year Price Change Manhattan Rents: July 2016 vs. July 2017
Type July 2016 July 2017 Change
Non-Doorman Studios $2,593 $2,617 0.9% Non-Doorman One Bedrooms $3,373 $3,374 0.0% Non-Doorman Two Bedrooms $4,410 $4,308 2.3%
Type July 2016 July- 2017 Change
Doorman Studios $3,210 $3,115 3.0% Doorman One Bedrooms $4,262 $4,289 0.6%
Doorman Two Bedrooms $6,198 $6,153 0.7% page 10
mns.com Manhattan Rental Market Report July 2017 MANHATTAN PRICE TRENDS
Manhattan Studio Price Trends Over 13 Months
3400 Non--Doorman Doorman
3200
3000
2800
2600
2400 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2200 3,210 3,232 3,166 3,213 3,064 2,953 2,955 2,965 2,939 3,040 3,072 3,097 3,115 2,593 2,647 2,629 2,594 2,601 2,626 2,514 2,639 2,564 2,575 2,526 2,564 2,617 2000 Manhattan One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 4500
4300
4100
3900
3700
3500
3300
3100 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2900 4,262 4,228 4,311 4,288 4,198 4,162 4,269 4,189 4,206 4,182 4,190 4,204 4,289 3,373 3,289 3,328 3,258 3,198 3,237 3,183 3,164 3,267 3,249 3,329 3,342 3,374
Manhattan Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 6500
6000
5500
5000
4500
4000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 6,198 6,182 6,142 6,169 6,020 5,897 6,007 5,969 5,991 6,127 6,198 6,145 6,153 3500 4,410 4,423 4,378 4,250 4,293 4,249 4,226 4,196 4,279 4,274 4,238 4,296 4,308
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mns.com mns.com Manhattan Rental Market Report July 2017 BATTERY PARK CITY • Over the last month, studio prices in Battery Park city increased by 3.2%, one bedroom prices decreased by 0.6%, and two bedroom prices decreased by 4.3%. These are dollar changes of $98.36, $22.95, and $306.24. The average price change over the last month was -1.6%. The reason for the larger two bedroom decrease is low inventory levels overall. During the months of June and July, two bedroom units were approximately a third of Battery Park City’s inventory. Popular on the market this month were units at Rector Square at 225 Rector Place, a 2007 conversion that contains 285 units. Over the last year, prices in Battery Park City have decreased by an average of 0.08% or $3.92.
Battery Park City Studio Price Trends Over 13 Months Non--Doorman Doorman 3,300 3,250 3,200 3,150 3,100 3,050 3,000 2,950 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,900 3,257 3,135 3,215 3,229 3,112 3,160 3,146 3,137 3,045 2,978 3,033 3,091 3,190 2,850 ------2,800 Battery Park City One-Bedroom Price Trends Over 13 Months Non--Doorman Doorman 4,050 4,000 3,950 3,900 3,850 3,800 3,750 3,700 3,650 3,600 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 4,002 3,740 3,807 3,873 3,754 3,757 3,789 3,692 3,778 3,721 3,800 3,947 3,924 3,550 ------3,500 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 Jul Aug Sep Oct Nov 5,600 Dec Jan Feb Mar Apr May Jun Jul 6,694 6,197 6,300 6,432 6,689 6,659 6,938 6,898 6,948 7,078 7,318 7,134 6,828 ------page 12
mns.com Manhattan Rental Market Report July 2017 CHELSEA • Over the last month, prices in Chelsea have increased by 2.1% or $85.36. Studio non doorman and doorman prices decreased by 2.1% and increased by 3.2%, respectively. One bedroom non doorman and doorman prices increased 4.0% and 3.4%, respectively. Two bedroom non doorman and doorman prices increased by 2.1% and 1.5%, respectively. Avalon West Chelsea at 282 11th Avenue was popular on the market this month. This 2014 development contains 304 units. The Beatrice at 105 West 29th Street, which contains 301 units and was built in 2010, was popular on the one bedroom market. Over the last year, prices in Chelsea have decreased by 6.6%. There are many new developments upcoming in Chelsea that will further shape the neighborhood, such as at 517 West 29th Street, which will be developed into a 12 story, 43 unit building.
Chelsea Studio Price Trends Over 13 Months Non--Doorman Doorman 3,600
3,400
3,200
3,000
2,800
2,600
2,400 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,200 3,389 3,341 3,413 3,434 3,256 3,072 3,098 3,122 3,074 3,138 3,137 3,049 3,146 2,000 2,653 2,583 2,550 2,504 2,611 2,575 2,519 2,455 2,522 2,533 2,524 2,668 2,611 Chelsea One-Bedroom Price Trends Over 13 Months Non--Doorman Doorman
5,000
4,500
4,000
3,500
3,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 4,810 4,641 4,737 4,761 4,508 4,184 4,309 4,299 4,465 4,430 4,382 4,347 4,494 2,500 3,443 3,452 3,436 3,302 3,423 3,251 3,439 3,377 3,405 3,206 3,318 3,263 3,395
Chelsea Two-Bedroom Price Trends Over 13 Months Non--Doorman Doorman
8,000
7,000
6,000
5,000
4,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,000 7,154 7,016 6,903 6,890 6,917 6,264 6,266 6,296 6,344 6,541 6,445 6,697 6,797 5,256 5,150 5,142 4,552 4,950 4,547 4,655 4,492 4,709 4,659 4,565 4,413 4,506
2,000 page 13 mns.com mns.com Manhattan Rental Market Report July 2017 EAST VILLAGE • Over the last month, prices in the East Village have increased by an average of 0.6%, and over the last year, prices in this neighborhood have decreased by an average of 1.9%. Month over month price changes in the East Village are as follows: studio non doorman prices decreased by 1.7%, studio doorman prices increased by 2.2%, one bedroom non doorman prices increased by 0.6%, one bedroom doorman prices increased by 9.7%, two bedroom non doorman prices decreased by 0.6%, and two bedroom doorman prices decreased by 5.2%. The reason for the larger one and two bedroom doorman changes is lower priced units at buildings like Tompkins Square Plaza at 190 East 7th Street. Of more consequence, however, is the fact that doorman inventory in the East Village is very low- only 15% of units in the neighborhood this month were in doorman buildings. Therefore, larger percentage swings are to be expected. 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 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,000 3,400 3,300 3,314 3,480 3,289 3,242 3,410 3,417 3,463 3,459 3,319 3,139 3,207 2,351 2,424 2,428 2,381 2,540 2,515 2,457 2,523 2,416 2,426 2,476 2,438 2,398
East Village One-Bedroom Price Trends Over 13 Months Non--Doorman Doorman 5,000
4,500
4,000
3,500
3,000
2,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,000 4,056 4,087 4,196 4,497 4,593 4,498 4,829 4,673 4,692 4,563 4,327 4,338 4,760 2,906 2,883 2,837 2,848 2,897 2,890 2,987 2,950 2,915 2,943 3,001 2,955 2,972
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 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,000 6,713 6,578 6,484 6,458 5,607 5,763 6,259 5,871 5,736 5,996 6,124 6,149 5,830 3,864 3,838 3,785 3,719 3,717 3,722 3,651 3,678 3,850 3,847 3,848 3,701 3,678 page 14
mns.com Manhattan Rental Market Report July 2017 FINANCIAL DISTRICT • Over the last year, prices in the Financial District have decreased by 2.0%. Over the last month, they have decreased by 0.5%. Studio non doorman and doorman prices have increased by 1.0% and decreased by 1.2%, respectively. One bedroom non doorman and doorman prices have decreased by 1.7% and increased by 3.2%, respectively. Two bedroom non doorman and doorman prices have decreased by 0.8% and by 2.3%, respectively. 50 West Street , which was built in 2016 and contains 191 units over 64 floors, had many one bedroom units on the market this month. Additionally, The Downtown Club at 20 West Street, which was converted in 2002 and contains 283 units, had many studio units on the market this month.
Financial District Studio Price Trends Over 13 Months
4,100 Non--Doorman Doorman
3,900
3,700
3,500
3,300
3,100
2,900
2,700 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,500 3,050 3,069 3,033 3,006 2,984 2,912 2,967 2,952 2,921 2,933 2,987 3,103 3,067 3,247 3,825 3,825 3,874 3,308 3,123 2,873 2,997 2,818 2,797 2,773 2,760 2,789
Financial District One-Bedroom Price Trends Over 13 Months
4,600 Non--Doorman Doorman
4,400
4,200
4,000
3,800
3,600
3,400 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,200 3,872 4,112 4,087 3,960 3,904 3,830 3,875 3,898 4,030 4,081 4,177 4,122 4,253 4,376 4,032 3,830 3,608 3,685 3,843 3,647 3,845 3,973 4,061 4,273 4,157 4,087 3,000 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 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 4,500 5,958 6,031 5,780 5,801 5,587 5,667 5,799 5,789 5,766 5,955 6,152 6,021 5,882 5,061 5,071 5,266 5,061 5,231 5,179 4,770 4,799 4,774 4,922 4,996 5,025 4,984 page 15
mns.com mns.com Manhattan Rental Market Report July 2017 GRAMERCY PARK • Over the last month, studio non doorman and doorman prices in Gramercy have decreased by 2.6% and increased by 0.1%, respectively. One bedroom non doorman and doorman prices have decreased by 3.2% and increased by 4.7%, respectively. Two bedroom non doorman and doorman prices have decreased by 0.8% and increased by 5.8%, respectively. Doorman price changes were large because of overall low inventory levels, as Gramercy is one of the smaller neighborhoods in Manhattan. Over the last year, prices in Gramercy have decreased by 0.5%.
Gramercy Park Studio Price Trends Over 13 Months 3,250 Non--Doorman Doorman
3,000
2,750
2,500
2,250 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,988 2,904 2,849 2,835 2,793 2,855 2,992 2,978 2,936 2,891 2,907 3,010 3,014 2,674 2,550 2,537 2,484 2,556 2,674 2,567 2,536 2,579 2,595 2,606 2,572 2,504
Gramercy Park One-Bedroom Price Trends Over 13 Months 4,600 Non--Doorman Doorman 4,400
4,200
4,000
3,800
3,600
3,400
3,200
3,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 4,013 4,078 4,105 3,974 3,661 3,937 4,125 4,219 4,160 4,372 4,220 4,169 4,363 3,514 3,476 3,432 3,138 3,046 3,127 3,366 3,386 3,474 3,337 3,382 3,260 3,155
Gramercy Park Two-Bedroom Price Trends Over 13 Months
7,000 Non--Doorman Doorman
6,500
6,000
5,500
5,000
4,500
4,000
3,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,000 6,064 6,434 6,179 6,191 6,127 5,998 6,128 5,767 5,646 5,869 5,870 5,720 6,050 3,823 3,841 3,841 3,717 3,672 3,798 4,013 3,717 3,821 3,817 3,891 3,905 3,874
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mns.com Manhattan Rental Market Report July 2017 GREENWICH VILLAGE • Over the last year, prices in Greenwich Village have increased by 0.5%. Over the last month, they have increased by 0.2%. Studio non doorman prices in Greenwich Village have decreased by 1.0%, and doorman prices have increased by 0.2%. One bedroom non doorman prices have decreased by 2.6%, and doorman prices have increased by 2.0%. Two bedroom non doorman prices have increased by 3.2%, and doorman prices decreased by 1.1%. The overall average price change this month equates to $8.23. The Archive at 666 Greenwich Street was popular across all unit sizes. This 1988 conversion contains 504 units.
Greenwich Village Studio Price Trends Over 13 Months Non--Doorman Doorman 3,750
3,500
3,250
3,000
2,750
2,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,290 3,299 3,299 3,625 3,473 3,364 3,364 3,299 3,372 3,303 3,374 3,501 3,509 2,857 2,944 2,917 2,735 2,695 2,796 2,884 2,751 2,690 2,732 2,666 2,711 2,685
Greenwich Village One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman
5,500
5,000
4,500
4,000
3,500
3,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,500 5,232 5,068 5,252 5,215 4,891 4,767 4,896 4,920 4,990 5,138 4,956 5,083 5,183 3,815 3,625 3,713 3,656 3,580 3,596 3,672 3,706 3,661 3,808 3,880 3,849 3,747
Greenwich Village Two-Bedroom Price Trends Over 13 Months
7,500 Non--Doorman Doorman
7,000
6,500
6,000
5,500
5,000
4,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 6,348 6,246 6,234 6,422 6,226 6,183 6,119 5,746 6,605 6,923 6,839 7,058 6,979 5,208 5,253 5,247 4,817 4,735 4,809 4,918 4,828 4,866 4,760 4,651 4,624 4,773 page 17
mns.com mns.com Manhattan Rental Market Report July 2017 HARLEM • Prices in Harlem have decreased by 0.1% over the last month, and by 1.8% over the last year. These are dollar changes of $3.40 and $51.08, respectively. Studio non doorman prices have decreased by 1.0% and studio doorman prices have decreased by 4.5%. The reason for the larger studio doorman price change is generally low doorman inventory in Harlem (only 25% of Harlem units are in doorman buildings), in conjunction with lower priced units at 22-05 3rd Avenue. This new development had two units priced at $1,800. One bedroom non doorman prices have increased by 1.0% and one bedroom doorman prices have increased by 1.2%. Two bedroom non doorman prices have increased by 1.2% and two bedroom doorman prices have increased by 0.4%.
Harlem Studio Price Trends Over 13 Months Non--Doorman Doorman 2,700
2,500
2,300
2,100
1,900
1,700 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,447 2,625 2,513 2,298 2,298 2,152 2,361 2,512 2,505 2,464 2,554 2,450 2,339 1,500 1,836 1,907 1,905 1,949 1,823 1,961 1,911 1,843 1,865 1,855 1,888 1,990 1,970
Harlem One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 3,500
3,000
2,500
2,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,181 3,106 3,080 2,782 2,852 2,682 2,776 2,863 3,038 3,120 3,079 3,026 3,063 2,383 2,310 2,288 2,366 2,296 2,244 2,244 2,217 2,217 2,197 2,256 2,308 2,332 1,500 Harlem Two-Bedroom Price Trends Over 13 Months Non--Doorman Doorman 4,500
4,000
3,500
3,000
2,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 4,193 4,099 4,231 4,324 4,251 3,983 3,886 4,031 3,951 4,207 4,188 3,968 3,983 2,000 2,825 2,855 2,912 2,906 2,819 2,757 2,797 2,757 2,762 2,754 2,799 2,838 2,871 page 18
mns.com Manhattan Rental Market Report July 2017 LOWER EAST SIDE • Studio non doorman and doorman prices on the Lower East Side increased by 2.5% and decreased by 0.9%, respectively. One bedroom non doorman and doorman prices increased by 3.5% and 2.4%, respectively. Two bedroom non doorman and doorman prices increased by 0.2% and decreased by 2.2%, respectively. This is an average overall increase of 0.5%. Over the last year, prices on the Lower East Side have increased by 1.3%. These monthly and yearly price increases equate to $18.38 and $44.07, respectively. Units at 155 Attorney Street and 331 East Houston Street were popular on the market this month. The former is a 2017 development that contains 37 units and the latter, named Jones L.E.S., was built in 2015 and contains 62 units.
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 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,311 3,333 3,167 3,167 2,717 3,244 3,062 3,029 3,112 3,051 3,078 3,475 3,442 2,139 2,115 2,196 2,169 2,223 2,356 2,381 2,361 2,369 2,370 2,291 2,215 2,270
Lower East Side One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 4,500
4,000
3,500
3,000
2,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,961 4,029 4,131 4,035 3,830 3,859 3,770 3,689 3,941 3,743 3,875 3,844 3,937 2,000 2,888 2,841 2,903 2,722 2,701 2,606 2,686 2,731 2,758 2,777 2,848 2,797 2,895
Lower East Side Two-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman
6,000
5,000
4,000
3,000
2,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 4,974 4,871 4,859 5,639 4,688 4,356 4,494 4,947 4,962 4,826 4,936 5,011 4,903 1,000 3,634 3,850 3,784 4,185 3,596 3,552 3,690 3,521 3,610 3,622 3,590 3,719 3,725
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mns.com mns.com Manhattan Rental Market Report July 2017 MIDTOWN EAST • Over the last month, studio non doorman and doorman prices in Midtown East decreased by 1.8% and increased by 0.3%, respectively. One bedroom non doorman and doorman prices increased by 0.5% and decreased by 2.5%. Two bedroom non doorman and doorman prices decreased by 3.7% and increased by 0.7%, respectively. This is an average overall changed of -1.1%, or $38.24. Over the last year, prices here have increased by $104.88, or 3.0%. Windsor Tower at 5 Tudor City Place, which contains 788 units, was popular on the studio market this month.
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 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,000 2,650 2,700 2,671 2,728 2,594 2,600 2,538 2,553 2,497 2,561 2,587 2,596 2,603 2,396 2,570 2,333 2,214 2,172 2,193 2,261 2,249 2,266 2,366 2,426 2,450 2,407
Midtown East One-Bedroom Price Trends Over 13 Months 4,500 Non--Doorman Doorman 4,000
3,500
3,000
2,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,900 3,750 3,928 3,930 3,869 3,858 3,843 3,919 3,873 3,874 3,890 3,921 3,824 2,000 2,700 2,821 2,871 2,700 2,741 2,857 2,900 2,902 3,114 3,101 3,178 3,122 3,137
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 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 5,702 5,500 5,660 5,502 5,504 5,533 5,606 5,751 5,757 5,734 5,849 5,739 5,777 3,625 3,582 3,478 3,398 3,589 3,485 3,674 3,862 3,852 4,027 3,872 4,003 3,855
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mns.com Manhattan Rental Market Report July 2017 MIDTOWN WEST • Over the last month, prices in Midtown West increased by 1.6%, and over the last year, they increased by 0.4%. These are dollar changes of $55.07 and $15.30, respectively. Over the last month, studio non doorman and doorman prices have decreased by 2.7% and increased by 2.4%, respectively. One bedroom non doorman and doorman prices have decreased by 2.6% and 0.1%, respectively. Two bedroom non doorman and doorman prices have increased by 5.5% and 3.7%, respectively. The reason for the larger two bedroom price changes is higher priced units at The Sheffield at 322 West 57th Street, which is a doorman building that was converted to condos in 2006 and contains 583 units, as well as several non doorman buildings such as 809 9th Avenue and 350 West 43rd Street. The former was built in 2013 and contains 10 units and the latter, named Ivy Tower, was built in 2002 and contains 321 units.
Midtown West Studio Price Trends Over 13 Months 3,200 Non--Doorman Doorman 3,000
2,800
2,600
2,400
2,200
2,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,875 2,955 2,926 2,923 2,876 2,856 2,829 2,838 2,818 2,851 2,901 2,953 3,024 2,334 2,205 2,216 2,159 2,255 2,384 2,255 2,303 2,327 2,299 2,282 2,402 2,338
4,500Midtown West One-Bedroom Price Trends Over 13 Months Non--Doorman Doorman 4,000
3,500
3,000
2,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,899 3,911 3,894 3,858 3,783 3,752 3,828 3,769 3,868 3,945 3,918 3,956 3,954 2,000 2,875 2,736 2,746 2,701 2,676 2,625 2,655 2,648 2,667 2,677 2,704 2,767 2,695
Midtown West Two-Bedroom Price Trends Over 13 Months 6,500 Non--Doorman Doorman 6,000
5,500
5,000
4,500
4,000
3,500
3,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 5,767 5,755 5,729 5,548 5,587 5,524 5,510 5,492 5,618 5,562 5,656 5,698 5,906 3,690 3,733 3,574 3,396 3,361 3,242 3,300 3,268 3,391 3,376 3,442 3,427 3,616 page 21
mns.com mns.com Manhattan Rental Market Report July 2017 MURRAY HILL • Over the last year, prices in Murray Hill have increased by $69.24, or 2.0%. Over the last month, they have increased by $7.03, or 0.2%. Studio non doorman prices increased by 2.4%, studio doorman prices decreased by 0.8%, one bedroom non doorman prices increased by 1.0%, one bedroom doorman prices decreased by 0.8%, two bedroom non doorman prices increased by 2.1%,and two bedroom doorman prices decreased by 1.4%.
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 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,000 2,663 2,744 2,699 2,753 2,616 2,550 2,576 2,600 2,502 2,572 2,647 2,667 2,645 2,335 2,293 2,321 2,205 2,238 2,271 2,267 2,296 2,322 2,484 2,442 2,468 2,525
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 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,500 3,760 3,710 3,726 3,720 3,624 3,583 3,636 3,731 3,644 3,688 3,729 3,753 3,724 2,845 2,882 2,908 2,738 2,814 2,913 2,930 2,998 3,031 3,008 3,054 2,974 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 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 5,241 5,285 5,143 4,874 4,984 5,046 5,144 5,062 5,125 5,206 5,209 5,371 5,296 3,757 3,731 3,684 3,528 3,644 3,745 3,823 4,087 4,099 3,917 3,851 3,742 3,821 page 22
mns.com Manhattan Rental Market Report July 2017 SOHO • Over the last month, prices in SoHo have increased by 2.4% or $124.89. Studio non doorman and doorman prices have decreased by 5.4% and increased by 0.04%, respectively. One bedroom non doorman and doorman prices increased by 2.5% and 9.0%, respectively. Two bedroom prices decreased by 2.3% and increased by 5.3%, respectively. The reason for the large changes, particularly in doorman prices, is very low doorman inventory. SoHo’s overall inventory is already low (it is the second smallest neighborhood by this measure), but doorman inventory is only 14% of the total . Over the last year, prices in SoHo have decreased by 3.4%, or $181.84.
SoHo Studio Price Trends Over 13 Months Non--Doorman Doorman 6,000
5,000
4,000
3,000
2,000
1,000
0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 5,495 5,495 4,600 4,425 4,500 - - - - 4,300 4,283 4,248 4,250 2,683 2,833 2,565 2,598 2,790 2,963 2,634 3,366 2,895 2,736 2,738 2,748 2,600
SoHo 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 3,500 3,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 6,111 6,078 6,658 6,613 6,593 6,692 7,150 5,925 5,557 5,288 5,433 5,617 6,124 3,790 3,653 4,270 4,294 3,855 3,810 3,710 3,554 3,973 4,120 4,125 4,258 4,362 SoHo Two-Bedroom Price Trends Over 13 Months 10,000 Non--Doorman Doorman 9,000
8,000
7,000
6,000
5,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 4,000 8,430 8,918 8,779 8,469 8,862 8,454 8,560 8,075 8,316 8,215 8,449 7,973 8,393 5,995 6,006 5,868 5,608 6,210 6,196 5,816 5,573 5,532 5,255 5,411 5,819 5,684
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mns.com mns.com Manhattan Rental Market Report July 2017 TRIBECA • Over the last year, prices in TriBeCa have decreased by 0.2%, or $11.08. Over the last month, they have increased by 5.1%, or $278.72. Studio non doorman and doorman prices increased by 27.2% and 3.9%, respectively. The reason for this large non doorman price change is low overall inventory in TriBeCa (it is the third smallest neighborhood by this measurement) combined with even lower non doorman inventory, as only 17% of TriBeCa’s inventory is non doorman. One bedroom non doorman and doorman prices increased by 8.0% and decreased by 1.5%, respectively. The reason for this large non doorman price change is again low inventory levels. Two bedroom non doorman and doorman prices increased by 2.2% and decreased by 1.4%.
TriBeCa Studio Price Trends Over 13 Months Non--Doorman Doorman 6,000
5,000
4,000
3,000
2,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 1,000 3,712 3,953 4,271 4,825 4,070 3,990 3,658 3,714 3,511 3,619 3,688 3,693 3,837 4,467 4,400 4,549 4,692 4,827 4,656 3,900 4,899 4,500 4,471 3,832 4,067 5,173
TriBeCa0 One-Bedroom Price Trends Over 13 Months
Non--Doorman Doorman 6,500
6,000
5,500
5,000
4,500
4,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,500 5,319 5,211 5,175 5,276 5,495 5,441 5,562 5,581 5,380 4,996 5,193 5,038 4,964 6,090 5,856 5,734 6,036 5,538 6,014 4,819 4,500 5,104 4,712 4,959 5,408 5,842 3,000 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 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 6,200 7,481 7,543 7,465 7,508 7,063 6,933 7,151 7,231 6,855 7,283 7,321 7,288 7,183 6,000 7,612 7,612 7,397 7,582 7,446 7,329 6,860 6,950 7,498 7,679 7,173 7,447 7,614 page 24
mns.com Manhattan Rental Market Report July 2017 UPPER EAST SIDE • Over the last year, prices on the Upper East Side have increased by 1.9%. Over the last month, prices here have decreased by 1.1%. These are dollar changes of $65.27 and $38.46, respectively. Over the last month, studio non doorman prices decreased by 2.4%, one bedroom non doorman prices decreased by 0.5%, and two bedroom non doorman prices decreased by 0.4%. Studio doorman prices decreased by 0.7%, one bedroom doorman prices decreased by 1.9%, and two bedroom doorman prices decreased by 0.9%. 60% of units on the Upper East Side are in non doorman buildings and the remaining 40% are in doorman buildings.
Upper East Side Studio Price Trends Over 13 Months
2,900 Non--Doorman Doorman 2,800 2,700 2,600 2,500 2,400 2,300 2,200 2,100 2,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,717 2,773 2,714 2,696 2,683 2,663 2,683 2,622 2,750 2,744 2,793 2,769 2,749 2,154 2,157 2,162 2,105 2,099 2,112 2,098 2,135 2,122 2,158 2,185 2,181 2,129
4,500Upper East Side One-Bedroom Price Trends Over 13 Months Non--Doorman Doorman 4,000
3,500
3,000
2,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,852 3,888 3,945 3,910 3,797 3,791 3,841 3,789 3,828 3,857 3,942 3,961 3,888 2,000 2,631 2,548 2,606 2,569 2,626 2,633 2,571 2,654 2,616 2,630 2,713 2,728 2,714
Upper East Side Two-Bedroom Price Trends Over 13 Months
7,000 Non--Doorman Doorman 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 5,932 6,034 6,121 6,085 6,032 6,006 6,071 6,240 6,164 6,324 6,317 6,214 6,155 3,257 3,238 3,172 3,095 3,069 3,139 3,195 3,301 3,174 3,196 3,286 3,311 3,300 page 25
mns.com mns.com Manhattan Rental Market Report July 2017 UPPER WEST SIDE • Over the last month, studio non doorman prices increased by 0.9% and studio doorman prices decreased by 0.4%. One bedroom non doorman prices decreased by 1.3% and one bedroom doorman prices decreased by 1.2%. Two bedroom non doorman prices decreased by 4.0% and two bedroom doorman prices increased by 3.2%. The Upper West Side remains split nearly in half between doorman and non doorman units, at 54% and 46% of total units, respectively. Over the last year, prices on the Upper West Side have decreased by 1.8%.
Upper West Side Studio Price Trends Over 13 Months 3,000 Non--Doorman Doorman 2,900 2,800 2,700 2,600 2,500 2,400 2,300 2,200 2,100 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2,000 2,905 2,861 2,807 2,773 2,698 2,686 2,682 2,732 2,706 2,737 2,786 2,715 2,702 2,182 2,248 2,300 2,241 2,284 2,189 2,190 2,230 2,215 2,225 2,234 2,222 2,241
4,500Upper West Side One-Bedroom Price Trends Over 13 Months Non--Doorman Doorman 4,000
3,500
3,000
2,500 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 3,965 4,010 3,949 3,922 3,819 3,804 3,808 3,871 3,840 3,918 3,926 3,932 3,884 2,000 2,971 2,935 3,013 2,929 2,893 2,905 2,931 2,830 2,835 2,911 2,919 2,943 2,904
Upper West Side Two-Bedroom Price Trends Over 13 Months 7,000 Non--Doorman Doorman 6,500
6,000
5,500
5,000
4,500
4,000
3,500
3,000 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 6,326 6,215 6,260 6,385 6,169 6,087 6,171 6,338 6,069 6,181 6,294 6,137 6,332 4,128 4,160 4,150 3,932 4,058 3,993 4,001 3,906 3,968 4,006 3,957 4,174 4,009
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mns.com Manhattan Rental Market Report July 2017
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 Author: MNS has been helping Manhattan & Brooklyn cross-sectioned from over 10,000 currently available listings landlords and renters navigate the rental market since 1999. located below 125th Street and priced under $10,000, with From large companies to individuals, MNS tailors services to ultra-luxury property omitted to obtain a true monthly rental meet your needs. Contact us today to see how we can help. average. Our data is aggregated from the MNS proprietary Contact Us Now: 212.475.9000 database and sampled from a specific mid-month point to record current rental rates offered by landlords during Note: All market data is collected and compiled by MNS’s that particular month. It is then combined with information marketing department. The information presented here from the REBNY Real Estate Listings Source (RLS), OnLine is intended for instructive purposes only and has been Residential (OLR. com) and R.O.L.E.X. (Real Plus). 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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