MANHATTAN RENTAL MARKET REPORT April 2019

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MANHATTAN RENTAL MARKET REPORT April 2019 MANHATTAN RENTAL MARKET REPORT April 2019 TABLE OF CONTENTS 03 Introduction 04 A Quick Look 07 Mean Manhattan Rental Prices 11Manhattan 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 PAGE 2 Manhattan Rental Market Report | April 2019 MNS.COM INTRODUCTION Over the last month, the average rent in Manhattan increased by 2.16%, from $3,962.86 to $4,048.63. PAGE 3 Manhattan Rental Market Report | April 2019 MNS.COM A QUICK LOOK Through April, the average rental price in Manhattan increased by 2.16%, from $3,962.86 to $4,048.63. The average rental price for a non-doorman studio unit increased by 1.58%, from $2,675 to $2,717. The average rental price for a non-doorman one-bedroom unit increased by 0.65%, from $3,185 to $3,206. The average rental price for a non-doorman two-bedroom unit increased by 2.01%, from $4,124 to $4,207. The average rental price for a doorman studio unit increased by 1.94%, from $3,131 to $3,192. The average rental price for a doorman one-bedroom unit increased by 5.37%, from $4,268 to $4,498. The average rental price for a doorman two-bedroom unit increased by 1.75%, from $6,104 to $6,211. This past month, non-doorman units represented 47.6% of the rental market while doorman units comprised the remaining 52.4%. Year-over-year, the average rental prices for non-doorman and doorman studio units both increased, by 5.45% and 1.94%, respectively. In that same span, the average rental price for a non-doorman one-bedroom unit increased by 0.12%, while doorman one-bedroom units saw their average rental price increase 4.18%. The average rental price for a non-doorman two-bedroom unit fell by 0.93% from last year, while the average doorman two-bedroom rental price increased by 2.19%. Overall, the average rental price for a unit in Manhattan is up 2.11% from this time last year. A QUICK LOOK NOTABLE TRENDS: MANHATTAN HIGHS AND LOWS (AVERAGE PRICES) TYPE MOST EXPENSIVE LEAST EXPENSIVE Non-Doorman Studios Tribeca $ 6,500 Harlem $ 1,898 Non-Doorman One Bedrooms Tribeca $ 4,997 Harlem $ 2,297 Non-Doorman Two Bedrooms Tribeca $ 7,885 Harlem $ 2,826 TYPE MOST EXPENSIVE LEAST EXPENSIVE Doorman Studios Tribeca $ 3,765 Harlem $ 2,348 Doorman One Bedrooms SoHo $ 6,911 Harlem $ 3,102 Doorman Two Bedrooms SoHo $ 8,320 Harlem $ 3,767 PAGE 4 Manhattan Rental Market Report | April 2019 MNS.COM WHERE PRICES DECREASED ( MONTHLY) BATTERY PARK CITY MIDTOWN WEST Doorman Two-Bedroom -5.0% Doorman One-Bedroom -0.3% Non-Doorman Studios -0.8% EAST VILLAGE Doorman One-Bedroom -1.0% MURRAY HILL Non-Doorman One-Bedroom -2.9% Doorman Studios -3.2% Doorman Two-Bedroom -2.6% FINANCIAL DISTRICT Non-Doorman One-Bedroom -0.02% Doorman One-Bedroom -0.2% Non-Doorman Two-Bedroom -1.2% GRAMERCY SOHO Non-Doorman Studios -3.8% Non-Doorman One-Bedroom -11.8% Non-Doorman Two-Bedroom -7.1% GREENWICH VILLAGE Doorman One-Bedroom -7.0% TRIBECA Non-Doorman Two-Bedroom -3.7% Doorman Two-Bedroom -3.7% LOWER EAST SIDE UPPER WEST SIDE Doorman Studios -2.2% Doorman Studios -0.4% Non-Doorman One-Bedroom -2.9% Non-Doorman Two-Bedroom -1.7% MIDTOWN EAST Non-Doorman Studios -2.5% PAGE 5 Manhattan Rental Market Report | April 2019 MNS.COM A QUICK LOOK WHERE PRICES INCREASED ( MONTHLY) BATTERY PARK CITY MIDTOWN EAST Doorman Studios 1.9% Doorman Studios 4.6% Doorman One-Bedroom 0.5% Doorman One-Bedroom 8.9% Doorman Two-Bedroom 6.2% CHELSEA Non-Doorman One-Bedroom 5.1% Doorman Studios 1.3% Non-Doorman Two-Bedroom 0.5% Doorman One-Bedroom 7.5% Doorman Two-Bedroom 0.7% MIDTOWN WEST Non-Doorman One-Bedroom 5.1% Doorman Studios 0.5% Non-Doorman Studios 0.7% Doorman Two-Bedroom 3.5% Non-Doorman Two-Bedroom 2.3% Non-Doorman One-Bedroom 1.9% Non-Doorman Two-Bedroom 2.5% EAST VILLAGE Doorman Studios 1.6% MURRAY HILL Doorman Two-Bedroom 3.9% Doorman One-Bedroom 1.4% Non-Doorman Studios 0.9% Non-Doorman Studios 1.8% Non-Doorman Two-Bedroom 0.7% SOHO FINANCIAL DISTRICT Doorman Studio 4.6% Doorman Studios 0.8% Doorman One-Bedroom 52.0% Doorman Two-Bedroom 0.1% Doorman Two-Bedroom 1.9% Non-Doorman Studios 5.2% Non-Doorman Studios 7.3% Non-Doorman One-Bedroom 1.6% Non-Doorman Two-Bedroom 7.1% TRIBECA Doorman Studios 0.1% GRAMERCY Doorman One-Bedroom 5.4% Doorman Studios 12.7% Non-Doorman Studios 3.2% Doorman One-Bedroom 2.3% Non-Doorman One-Bedroom 5.7% Doorman Two-Bedroom 6.0% Non-Doorman Two-Bedroom 15.8% Non-Doorman One-Bedroom 1.0% Non-Doorman Two-Bedroom 1.9% UPPER EAST SIDE Doorman Studios 2.2% GREENWICH VILLAGE Doorman One-Bedroom 3.4% Doorman Studios 4.1% Doorman Two-Bedroom 4.0% Doorman Two-Bedroom 7.0% Non-Doorman Studios 0.4% Non-Doorman Studios 0.9% Non-Doorman One-Bedroom 0.1% Non-Doorman One-Bedroom 5.7% Non-Doorman Two-Bedroom 0.1% HARLEM UPPER WEST SIDE Doorman Studios 0.8% Doorman One-Bedroom 2.5% Doorman One-Bedroom 1.4% Doorman Two-Bedroom 2.5% Doorman Two-Bedroom 1.8% Non-Doorman Studios 1.4% Non-Doorman Studios 1.4% Non-Doorman One-Bedroom 0.7% Non-Doorman One-Bedroom 1.6% Non-Doorman Two-Bedroom 0.8% Non-Doorman Two-Bedroom 1.9% LOWER EAST SIDE Doorman One-Bedroom 2.5% Doorman Two-Bedroom 1.6% Non-Doorman Studios 1.7% PAGE 6 Manhattan Rental Market Report | April 2019 MNS.COM A QUICK LOOK STUDIOS DOORMAN NON-DOORMAN AVERAGE UNIT PRICES AVERAGE PRICE GREATEST CHANGES BY NEIGHBORHOOD MANHATTAN STUDIOS SINCE MARCH $1,898 12.7% ($378) $2,348 $3,192 STUDIOS-GRAMERCY HARLEM 7.3% ($200) $2,717 STUDIOS-SOHO $2,221 $2,103 $2,833 $2,844 UPPER UPPER WEST SIDE EAST SIDE $2,340 MIDTOWN EAST $2,878 $2,187 MIDTOWN $3,027 WEST MURRAY $2,331 HILL $2,839 $2,470 $2,478 GRAMERCY PARK $3,361 $3,394 CHELSEA $2,347 $2,775 EAST GREENWICH $3,394 VILLAGE $3,729 VILLAGE $2,939 SOHO $3,619 $2,218 $3,415 $6,500 TRIBECA LOWER $3,765 EAST SIDE N/A $3,241 $3,233 $3,190 BATTERY PARK CITY FINANCIAL DISTRICT PAGE 7 Manhattan Rental Market Report | April 2019 MNS.COM A QUICK LOOK 1 BEDS DOORMAN NON-DOORMAN AVERAGE UNIT PRICES AVERAGE PRICE GREATEST CHANGES BY NEIGHBORHOOD MANHATTAN 1 BEDS SINCE MARCH $2,297 8.9% ($357) $3,102 $4,498 HARLEM 1 BEDS-MIDTOWN EAST 11.8% (-$524) $3,206 1 BEDS-SOHO $2,904 $2,602 $4,137 $4,058 UPPER UPPER WEST SIDE EAST SIDE $2,925 MIDTOWN EAST $4,350 $2,682 MIDTOWN $3,951 WEST MURRAY $2,818 HILL $3,917 $2,911 $3,234 GRAMERCY PARK $4,395 $5,021 CHELSEA $2,997 $3,817 EAST GREENWICH $4,634 VILLAGE $5,164 VILLAGE $3,898 SOHO $6,911 $2,658 $4,605 $4,997 TRIBECA LOWER $5,049 EAST SIDE N/A $4,043 $4,141 $4,126 BATTERY PARK CITY FINANCIAL DISTRICT PAGE 8 Manhattan Rental Market Report | April 2019 MNS.COM A QUICK LOOK 2 BEDS DOORMAN NON-DOORMAN AVERAGE UNIT PRICES AVERAGE PRICE GREATEST CHANGES BY NEIGHBORHOOD MANHATTAN 2 BEDS SINCE MARCH $2,826 7.0% ($480) $3,767 $6,211 HARLEM 2 BEDS-GREENWICH VILLAGE 7.1% ($361) $4,207 2 BEDS-SOHO $3,868 $3,299 $6,332 $6,494 UPPER UPPER WEST SIDE EAST SIDE $3,437 MIDTOWN EAST $6,099 $3,407 MIDTOWN $5,908 WEST $3,496 MURRAY HILL $5,304 $3,694 $4,752 GRAMERCY PARK $6,004 $6,794 $3,994 CHELSEA $4,894 EAST GREENWICH $5,812 VILLAGE $7,310 VILLAGE $4,718 SOHO $8,320 $3,468 $5,911 $7,885 TRIBECA LOWER $6,870 EAST SIDE N/A $6,760 $5,167 $5,482 BATTERY PARK CITY FINANCIAL DISTRICT PAGE 9 Manhattan Rental Market Report | April 2019 MNS.COM -3.2% HARLEM A QUICK LOOK YEAR OVER YEAR UPPER PRICE CHANGE WEST SIDE 1.6% UPPER 1.0% EAST SIDE BY NEIGHBORHOOD > 4.0% CHANGE MIDTOWN 1.6% - 3.9% CHANGE 7.2% EAST MIDTOWN 0.7% 0.5% - 1.5% CHANGE WEST <0.5% CHANGE -0.2% MURRAY HILL GRAMERCY 2.9% PARK CHELSEA 2.1% EAST GREENWICH 2.7% VILLAGE VILLAGE 2.5% SOHO -3.4% LOWER 6.9% EAST SIDE TRIBECA 0.9% FINANCIAL BATTERY 7.8% DISTRICT PARK CITY 3.5% YEAR OVER YEAR PRICE CHANGE MANHATTAN RENTS: APRIL 2018 VS. APRIL 2019 TYPE APR 2018 APR 2019 CHANGE Non-Doorman Studios $ 2,577 $ 2,717 5.4% Non-Doorman One Bedrooms $ 3,202 $ 3,206 0.1% Non-Doorman Two Bedrooms $ 4,247 $ 4,207 0.9% TYPE APR 2018 APR 2019 CHANGE Doorman Studios $ 3,131 $ 3,192 1.9% Doorman One Bedrooms $ 4,317 $ 4,498 4.2% Doorman Two Bedrooms $ 6,078 $ 6,211 2.2% PAGE 10 Manhattan Rental Market Report | April 2019 MNS.COM MANHATTAN PRICE TRENDS MANHATTAN STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,500 3,200 2,900 2,600 2,300 2,000 APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR 3,131 3,132 3,085 3,123 3,116 3,118 3,086 3,039 3,068 3,053 3,139 3,131 3,192 2,577 2,547 2,541 2,532 2,619 2,589 2,618 2,576 2,599 2,619 2,557 2,675 2,717 MANHATTAN ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 5,000 4,500 4,000 3,500 3,000 2,500 APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR 4,317 4,253 4,292 4,349 4,343 4,327 4,345 4,306 4,284 4,287 4,193 4,268 4,498 3,203 3,264 3,335 3,246 3,236 3,259 3,227 3,177 3,169 3,195 3,161 3,185 3,206 MANHATTAN TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 7,000 6,200 5,400 4,600 3,800 3,000 APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR 6,079 6,024 6,066 6,236 6,194 6,111 6,073 5,999 6,024 5,956 6,195 6,104 6,211 4,247 4,194 4,254 4,285 4,302 4,221 4,166 4,167 4,115 4,087 4,174 4,124 4,207 PAGE 11 Manhattan Rental Market Report | April 2019 MNS.COM BATTERY PARK CITY This past month, the average rental price in Battery Park City experienced a correction of 1.93%.
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