MANHATTAN RENTAL MARKET REPORT
JANUARY 2019 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
27 THE REPORT EXPLAINED
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM INTRODUCTION
OVER THE LAST MONTH, THE AVERAGE RENT IN MANHATTAN DECREASED BY 0.24%, FROM $3,943.46 TO $3,933.95.
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM A QUICK LOOK
THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN MANHATTAN DECREASED BY 0.24%, FROM $3,943.46 TO $3,933.95. THE AVERAGE RENTAL PRICE FOR A NON- DOORMAN STUDIO UNIT INCREASED BY 0.8%, FROM $2,599 TO $2,619. THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN ONE-BEDROOM UNIT ALSO INCREASED BY 0.8%, FROM $3,169 TO $3,195. THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN TWO-BEDROOM UNIT DECREASED BY 0.7%, FROM $4,115 TO $4,087. THE AVERAGE RENTAL PRICE FOR A DOORMAN STUDIO UNIT DECREASED BY 0.48%, FROM $3,068 TO $3,053. THE AVERAGE RENTAL PRICE FOR A DOORMAN ONE-BEDROOM UNIT INCREASED BY 0.1%, FROM $4,284 TO $4,287. THE AVERAGE RENTAL PRICE FOR A DOORMAN TWO-BEDROOM UNIT DECREASED BY 1.1%, FROM $6,024 TO $5,956. THIS PAST MONTH, NON-DOORMAN UNITS REPRESENTED 44.5% OF THE RENTAL MARKET, WHILE DOORMAN UNITS COMPRISED THE REMAINING 55.5%.
YEAR-OVER-YEAR, NON-DOORMAN STUDIO RENTAL PRICES ARE UP 7.11% WHILE DOORMAN STUDIO RENTAL PRICES ARE DOWN 0.85%. IN THAT SAME SPAN, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN ONE-BEDROOM UNIT DECREASED BY 0.11%, WHILE THE AVERAGE DOORMAN ONE-BEDROOM UNIT SAW ITS’ AVERAGE RENTAL PRICE INCREASE BY 3.5%. NON-DOORMAN TWO-BEDROOM RENTAL PRICES ARE DOWN 3.71% FROM THIS TIME LAST YEAR WHILE DOORMAN TWO-BEDROOM PRICES ARE DOWN 0.97%.
A QUICK LOOK
NOTABLE TRENDS: MANHATTAN HIGHS AND LOWS
TYPE MOST EXPENSIVE LEAST EXPENSIVE
NON-DOORMAN STUDIOS TRIBECA $ 5,750 HARLEM $ 1,863
NON-DOORMAN ONE BEDROOMS TRIBECA $ 5,019 HARLEM $ 2,195
NON-DOORMAN TWO BEDROOMS TRIBECA $ 6,726 HARLEM $ 2,824
TYPE MOST EXPENSIVE LEAST EXPENSIVE
DOORMAN STUDIOS TRIBECA $ 3,883 HARLEM $ 2,337
DOORMAN ONE BEDROOMS SOHO $ 6,000 HARLEM $ 2,945
DOORMAN TWO BEDROOMS SOHO $ 7,323 HARLEM $ 3,729
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM WHERE PRICES DECREASED (MONTHLY)
BATTERY PARK CITY MIDTOWN WEST DOORMAN STUDIOS -0.5% DOORMAN STUDIOS -1.6% DOORMAN ONE-BEDROOM -0.9% DOORMAN ONE-BEDROOM -1.7% NON-DOORMAN STUDIOS -3.6% CHELSEA NON-DOORMAN TWO-BEDROOM -0.1% DOORMAN STUDIOS -3.7% DOORMAN ONE-BEDROOM -0.4% MURRAY HILL DOORMAN TWO-BEDROOM -3.9% DOORMAN STUDIOS -0.7% NON-DOORMAN STUDIOS -1.8% DOORMAN ONE-BEDROOM -0.6% NON-DOORMAN ONE-BEDROOM -0.5% NON-DOORMAN TWO-BEDROOM -1.3%
EAST VILLAGE SOHO DOORMAN ONE-BEDROOM -5.2% NON-DOORMAN STUDIOS -6.5% DOORMAN TWO-BEDROOM -5.1% DOORMAN TWO-BEDROOM -11.4% NON-DOORMAN ONE-BEDROOM -3.3% FINANCIAL DISTRICT NON-DOORMAN STUDIOS -5.0% TRIBECA NON-DOORMAN TWO-BEDROOM -4.3% DOORMAN STUDIOS -3.9% DOORMAN TWO-BEDROOM -7.2% GRAMERCY DOORMAN ONE-BEDROOM -0.4% DOORMAN STUDIOS -5.0% NON-DOORMAN ONE-BEDROOM -1.9% DOORMAN TWO-BEDROOM -6.3% NON-DOORMAN TWO-BEDROOM -8.5%
GREENWICH VILLAGE UPPER EAST SIDE DOORMAN STUDIOS -4.0% NON-DOORMAN STUDIOS -0.7% DOORMAN TWO-BEDROOM -2.2% NON-DOORMAN TWO-BEDROOM -0.4% NON-DOORMAN TWO-BEDROOM -1.2% UPPER WEST SIDE HARLEM DOORMAN ONE-BEDROOM -3.3% DOORMAN TWO-BEDROOM -5.5% NON-DOORMAN TWO-BEDROOM -1.3% NON-DOORMAN STUDIOS -0.4%
MIDTOWN EAST DOORMAN STUDIOS -0.6% DOORMAN ONE-BEDROOM -2.7% NON-DOORMAN ONE-BEDROOM -0.8%
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM A QUICK LOOK
WHERE PRICES INCREASED (MONTHLY)
BATTERY PARK CITY MIDTOWN EAST DOORMAN TWO-BEDROOM 4.3% DOORMAN TWO-BEDROOM 3.2% NON-DOORMAN STUDIOS 4.0% CHELSEA NON-DOORMAN TWO-BEDROOM 2.0% NON-DOORMAN TWO-BEDROOM 2.4% MIDTOWN WEST EAST VILLAGE DOORMAN TWO-BEDROOM 4.3% DOORMAN STUDIOS 7.2% NON-DOORMAN ONE-BEDROOM 1.9% NON-DOORMAN STUDIOS 0.1% NON-DOORMAN ONE-BEDROOM 3.9% MURRAY HILL NON-DOORMAN TWO-BEDROOM 1.7% DOORMAN TWO-BEDROOM 1.8% NON-DOORMAN STUDIOS 5.3% FINANCIAL DISTRICT NON-DOORMAN ONE-BEDROOM 1.0% DOORMAN STUDIOS 0.3% DOORMAN ONE-BEDROOM 2.0% SOHO DOORMAN TWO-BEDROOM 1.0% DOORMAN ONE-BEDROOM 5.9% NON-DOORMAN ONE-BEDROOM 1.1% NON-DOORMAN TWO-BEDROOM 3.8%
GRAMERCY TRIBECA DOORMAN ONE-BEDROOM 1.1% NON-DOORMAN STUDIOS 6.5% NON-DOORMAN STUDIOS 1.2% NON-DOORMAN ONE-BEDROOM 5.2% UPPER EAST SIDE NON-DOORMAN TWO-BEDROOM 3.1% DOORMAN STUDIOS 0.4% DOORMAN ONE-BEDROOM 0.7% GREENWICH VILLAGE DOORMAN TWO-BEDROOM 1.4% DOORMAN ONE-BEDROOM 2.2% NON-DOORMAN ONE-BEDROOM 1.2% NON-DOORMAN STUDIOS 4.0% NON-DOORMAN ONE-BEDROOM 1.1% UPPER WEST SIDE DOORMAN STUDIOS 1.0% HARLEM DOORMAN TWO-BEDROOM 2.8% DOORMAN STUDIOS 3.0% NON-DOORMAN STUDIOS 0.6% DOORMAN ONE-BEDROOM 1.1% NON-DOORMAN ONE-BEDROOM 1.2% NON-DOORMAN ONE-BEDROOM 0.9% NON-DOORMAN TWO-BEDROOM 0.0%
LOWER EAST SIDE DOORMAN STUDIOS 4.7% DOORMAN ONE-BEDROOM 1.5% DOORMAN TWO-BEDROOM 12.5% NON-DOORMAN STUDIOS 2.3% NON-DOORMAN ONE-BEDROOM 5.2% NON-DOORMAN TWO-BEDROOM 1.8%
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM A QUICK LOOK STUDIOS
DOORMAN NON-DOORMAN
AVERAGE UNIT PRICES AVERAGE PRICE GREATEST CHANGES BY NEIGHBORHOOD MANHATTAN STUDIOS SINCE DECEMBER
$1,863 7.2%($207.19) $2,337 $3,053 STUDIOS-EAST VILLAGE
5.27%($117.5)
$2,619 STUDIOS-MURRAY HILL
$2,146 $2,056
$2,837 $2,792
$2,374
$2,616 $2,102
$2,969
$2,349
$2,943
$2,634 $2,382 $2,915 $3,301
$2,283 $2,819 $3,069 $3,536
$2,719
- $2,218
$3,389
$5,750
$3,883
N/A
$3,072 $2,967 $3,081
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM A QUICK LOOK 1 BEDS
DOORMAN NON-DOORMAN
AVERAGE UNIT PRICES AVERAGE PRICE GREATEST CHANGES BY NEIGHBORHOOD MANHATTAN 1 BEDS SINCE DECEMBER
$2,195 5.20%(-$253.5) $2,945
$4,287 1 BEDS-EAST VILLAGE
5.23%($133.8)
$3,195 1 BEDS-LES
$2,807 $2,624
$3,776 $3,981
$2,719
$3,949 $2,607
$3,780
$2,809
$3,818
$2,983 $3,209 $4,262 $4,492
$3,028 $3,773 $4,620 $5,347
$4,003
$6,000 $2,690
$4,300
$5,019
$4,927
N/A
$4,006 $4,269 $4,100
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM A QUICK LOOK 2 BEDS
DOORMAN NON-DOORMAN
AVERAGE UNIT PRICES AVERAGE PRICE GREATEST CHANGES BY NEIGHBORHOOD MANHATTAN 2 BEDS SINCE DECEMBER
$2,824 12.46%($638.7) $3,729
$5,956 2 BEDS-LES
3.81%($198.5)
$4,087 2 BEDS-SOHO
$3,741 $3,210
$6,035 $6,378
$3,289
$5,616 $3,194
$5,749
$3,627
$5,347
$3,738 $4,352 $5,668 $6,525
$3,756 $4,981 $5,136 $6,836
$5,407
$7,323 $3,557
$5,765
$6,726
$6,790
N/A
$6,898 $4,811 $5,543
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM -4.2% A QUICK LOOK
YEAR OVER YEAR PRICE CHANGE -1.1% 2.3% BY NEIGHBORHOOD
> 4.0% CHANGE
1.6% - 3.9% CHANGE -1.4% 2.4% 0.5% - 1.5% CHANGE
< 0.5% CHANGE 2.0%
-0.2% -1.3%
3.9% -1.3%
-2.4% 3.3%
5.4%
2.1% 3.2%
YEAR OVER YEAR PRICE CHANGE MANHATTAN RENTS: JANUARY 2018 VS. JANUARY 2019
TYPE JAN 2018 JAN 2019 CHANGE
NON-DOORMAN STUDIOS $ 2,445 $ 2,619 7.1%
NON-DOORMAN ONE BEDROOMS $ 3,199 $ 3,195 0.1%
NON-DOORMAN TWO BEDROOMS $ 4,244 $ 4,087 3.7%
TYPE JAN 2018 JAN 2019 CHANGE
DOORMAN STUDIOS $ 3,079 $ 3,053 0.9%
DOORMAN ONE BEDROOMS $ 4,142 $ 4,287 3.5%
DOORMAN TWO BEDROOMS $ 6,014 $ 5,956 1.0%
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MANHATTAN RENTAL MARKET REPORT | JANUARY 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 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,079 3,057 3,111 3,131 3,132 3,085 3,123 3,116 3,118 3,086 3,039 3,068 3,053 2,445 2,577 2,586 2,577 2,547 2,541 2,532 2,619 2,589 2,618 2,576 2,599 2,619
MANHATTAN ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 4,500
4,000
3,500
3,000
2,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 4,142 4,126 4,132 4,317 4,253 4,292 4,349 4,343 4,327 4,345 4,306 4,284 4,287 3,199 3,136 3,177 3,203 3,264 3,335 3,246 3,236 3,259 3,227 3,177 3,169 3,195
MANHATTAN TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 6,500
5,900
5,300
4,700
4,100
3,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 6,014 6,079 6,230 6,079 6,024 6,066 6,236 6,194 6,111 6,073 5,999 6,024 5,956 4,244 4,207 4,254 4,247 4,194 4,254 4,285 4,302 4,221 4,166 4,167 4,115 4,087
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM BATTERY PARK CITY
FOR THE THIRD MONTH IN A ROW, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY HAS INCREASED. THIS TIME IMPROVING BY 1.72%.
BATTERY PARK CITY STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,900
3,600
3,300
3,000
2,700
2,400 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2,855 3,190 3,108 3,031 3,261 3,233 3,353 3,347 3,336 3,307 3,165 3,087 3,072 ------
BATTERY PARK CITY ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 4,450
4,200
3,950
3,700
3,450
3,200 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,993 3,919 3,951 3,832 4,006 3,899 3,982 4,123 4,014 4,076 4,058 4,042 4,006 ------
BATTERY PARK CITY TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 8,500
7,800
7,100
6,400
5,700
5,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 6,693 6,394 6,654 6,711 6,513 6,601 6,804 6,390 6,874 7,036 7,000 6,611 6,896 ------
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM CHELSEA
THE AVERAGE NON-DOORMAN RENTAL PRICE IN CHELSEA INCREASED BY 0.44% DURING JANUARY. AFTER LAST MONTH’S INCREASE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA CORRECTED BY 2.78%.
CHELSEA STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,600
3,300
3,000
2,700
2,400
2,100 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,285 3,320 3,388 3,297 3,414 3,428 3,459 3,436 3,390 3,391 3,282 3,428 3,301 2,473 2,463 2,489 2,503 2,527 2,543 2,607 2,556 2,465 2,555 2,520 2,426 2,382
CHELSEA ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 5,500 5,000 4,500 4,000 3,500 3,000 2,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 4,421 4,526 4,644 4,565 4,746 4,741 4,905 4,903 4,793 4,718 4,428 4,511 4,492 3,202 3,330 3,488 3,374 3,275 3,285 3,363 3,363 3,478 3,354 3,276 3,225 3,209
CHELSEA TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 8,000
7,000
6,000
5,000
4,000
3,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 6,643 6,853 6,938 6,732 6,610 6,685 6,801 6,753 6,869 6,772 6,798 6,788 6,525 4,548 4,498 4,538 4,664 4,897 4,890 4,877 4,636 4,678 4,578 4,494 4,248 4,352
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM EAST VILLAGE THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 2.02%. BREAKING A THREE-MONTH STREAK, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE FELL BY 2.45%.
EAST VILLAGE STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,400
3,000
2,600
2,200
1,800 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,198 3,187 3,198 3,269 3,321 3,249 3,246 3,040 3,051 3,091 2,844 2,862 3,069 2,227 2,251 2,258 2,271 2,297 2,258 2,321 2,263 2,278 2,168 2,219 2,280 2,283
EAST VILLAGE ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 5,600 5,000 4,400 3,800 3,200 2,600 2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 4,420 4,404 4,229 4,313 4,295 4,533 4,228 4,004 3,970 4,107 4,455 4,874 4,620 2,784 2,853 2,890 2,975 2,969 2,895 2,929 2,949 2,982 2,925 2,861 2,915 3,028
EAST VILLAGE TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 7,000
6,000
5,000
4,000
3,000
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 5,812 5,680 6,087 5,817 5,935 6,085 5,856 5,478 5,421 5,374 5,541 5,413 5,136 3,736 3,808 3,860 3,925 3,821 3,790 3,914 3,842 3,775 3,788 3,676 3,692 3,756
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM FINANCIAL DISTRICT FOR THE SECOND MONTH IN A ROW, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL, THIS TIME DROPPING BY 2.62%. THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 1.16% DURING DECEMBER.
FINANCIAL DISTRICT STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 4,000
3,600
3,200
2,800
2,400
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2,978 2,978 2,959 2,708 3,049 3,080 3,126 3,179 3,213 3,173 3,064 3,072 3,081 3,261 3,304 2,948 3,001 2,285 2,882 3,067 3,306 3,349 2,912 2,941 3,122 2,967
FINANCIAL DISTRICT ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 5,300
4,900
4,500
4,100
3,700
3,300 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 4,103 3,996 4,033 3,926 4,048 4,154 4,119 4,178 4,121 4,174 4,036 4,019 4,100 3,750 3,826 4,125 4,099 4,340 4,849 4,450 4,185 4,380 4,316 4,240 4,224 4,269
FINANCIAL DISTRICT TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 7,000
6,300
5,600
4,900
4,200
3,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 5,013 5,317 5,326 5,143 5,486 5,457 5,639 5,409 5,444 5,412 5,431 5,487 5,543 5,150 4,891 4,994 4,619 4,854 5,357 5,106 5,364 5,712 5,609 5,715 5,025 4,811
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM GRAMERCY PARK THE AVERAGE PRICE FOR A DOORMAN UNIT IN GRAMERCY IS DOWN 3.64% SINCE LAST MONTH, WHILE NON-DOORMAN UNITS ARE UP 3.21%.
GRAMERCY PARK STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,500
3,200
2,900
2,600
2,300
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2,833 2,789 2,923 2,995 3,001 3,023 2,971 3,166 3,149 3,053 3,042 3,069 2,915 2,409 2,415 2,451 2,446 2,407 2,601 2,441 2,426 2,368 2,517 2,529 2,602 2,634
GRAMERCY PARK ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 5,000
4,500
4,000
3,500
3,000
2,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 4,088 4,127 3,931 3,976 4,126 4,221 4,200 4,221 4,231 4,220 4,294 4,217 4,262 3,541 3,097 3,098 3,121 3,232 2,917 2,972 2,906 2,883 3,068 2,914 2,835 2,983
GRAMERCY PARK TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 7,000
6,000
5,000
4,000
3,000
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 5,484 5,785 5,689 5,876 5,589 5,989 6,265 6,520 6,439 6,234 6,218 6,046 5,668 3,869 3,807 3,717 3,777 3,804 3,961 3,905 3,856 3,799 3,407 3,695 3,626 3,738
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM GREENWICH VILLAGE SINCE LAST MONTH, NON-DOORMAN UNITS ARE UP 0.78%, WHILE DOORMAN UNITS ARE DOWN 1.18%
GREENWICH VILLAGE STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,900
3,600
3,300
3,000
2,700
2,400 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,366 3,377 3,311 3,328 3,495 3,456 3,424 3,620 3,692 3,658 3,732 3,685 3,536 2,631 2,731 2,753 2,771 2,675 2,703 2,694 2,729 2,770 2,782 2,702 2,710 2,819
GREENWICH VILLAGE ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 6,000
5,400
4,800
4,200
3,600
3,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 4,863 4,849 4,926 5,115 5,312 4,993 5,065 5,227 5,254 5,210 5,358 5,232 5,347 3,747 3,754 3,687 3,704 3,734 3,781 3,861 3,871 3,808 3,808 3,860 3,732 3,773
GREENWICH VILLAGE TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 8,500
7,500
6,500
5,500
4,500
3,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 6,759 6,787 7,203 7,322 6,825 6,743 6,865 7,715 7,312 6,772 7,018 6,990 6,836 4,905 4,931 4,722 4,784 4,885 5,000 4,937 5,097 4,605 4,629 4,843 5,042 4,981
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MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM HARLEM SINCE LAST MONTH, NON-DOORMAN RENTS REMAINED RELATIVELY STABLE, INCREASING BY JUST 0.15%, WHEREAS DOORMAN UNITS DECREASED BY 1.26%.
HARLEM STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,000
2,700
2,400
2,100
1,800
1,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2,492 2,392 2,470 2,495 2,506 2,522 2,490 2,498 2,249 2,257 2,318 2,268 2,337 1,846 1,877 1,812 1,847 1,910 1,917 1,927 1,913 1,895 1,865 1,880 1,871 1,863
HARLEM ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,600
3,200
2,800
2,400
2,000
1,600 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2,973 2,978 3,053 3,148 3,163 3,104 3,203 3,130 2,954 2,985 2,919 2,913 2,945 2,281 2,306 2,269 2,226 2,295 2,303 2,274 2,248 2,235 2,162 2,157 2,177 2,195
HARLEM TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 5,500
4,800
4,100
3,400
2,700
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 4,142 3,987 4,159 4,320 4,233 4,210 4,523 4,354 4,085 3,924 3,791 3,946 3,729 2,850 2,868 2,850 2,733 2,818 2,819 2,860 2,793 2,810 2,749 2,716 2,825 2,824
PAGE 18
MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM LOWER EAST SIDE
AFTER A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT INCREASED BY 3.02%. THANKS TO A NUMBER OF A HIGHER-END UNITS BECOMING AVAILABLE THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 6.77%.
LOWER EAST SIDE STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 4,000
3,500
3,000
2,500
2,000
1,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,505 3,549 3,418 3,404 3,206 3,277 3,384 3,226 3,099 3,112 3,011 3,237 3,389 2,149 2,193 2,097 2,175 2,181 2,210 2,226 2,295 2,314 2,215 2,133 2,168 2,218
LOWER EAST SIDE ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 6,000
5,000
4,000
3,000
2,000
1,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,967 3,815 3,735 3,913 4,043 4,135 4,274 4,160 4,291 4,716 4,358 4,236 4,300 2,636 2,498 2,598 2,698 2,791 2,847 2,767 2,719 2,770 2,762 2,586 2,556 2,690
LOWER EAST SIDE TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 7,000
6,000
5,000
4,000
3,000
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 5,750 6,090 5,834 5,170 5,101 5,311 5,441 5,282 4,766 4,909 4,973 5,126 5,765 3,223 3,207 3,524 3,479 3,459 3,452 3,612 3,415 3,691 3,753 3,566 3,493 3,557
PAGE 19
MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM MIDTOWN EAST THROUGH JANUARY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT INCREASED BY 1.66%. THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 0.41% THIS PAST MONTH.
MIDTOWN EAST STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,200
2,900
2,600
2,300
2,000
1,700 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2,526 2,531 2,433 2,566 2,536 2,601 2,683 2,700 2,719 2,616 2,548 2,631 2,616 2,143 2,207 2,198 2,181 2,195 2,240 2,224 2,248 2,277 2,262 2,251 2,282 2,374
MIDTOWN EAST ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 4,500
4,000
3,500
3,000
2,500
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,681 3,730 3,847 3,889 3,887 3,957 3,996 3,989 3,963 3,987 4,016 4,058 3,949 2,816 2,792 2,710 2,732 2,721 2,702 2,741 2,758 2,792 2,744 2,726 2,740 2,719
MIDTOWN EAST TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 7,000
6,000
5,000
4,000
3,000
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 5,603 5,695 5,626 5,761 5,857 5,980 5,937 5,802 5,795 5,671 5,359 5,442 5,616 3,305 3,520 3,439 3,422 3,469 3,499 3,581 3,608 3,516 3,435 3,423 3,223 3,289
PAGE 20
MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM MIDTOWN WEST THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST FELL BY 0.41% THIS PAST MONTH. THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 0.97%.
MIDTOWN WEST STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,400
3,100
2,800
2,500
2,200
1,900 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2,788 2,803 2,801 2,885 2,939 3,014 3,049 3,045 2,962 2,934 2,969 3,017 2,969 2,200 2,233 2,288 2,272 2,197 2,203 2,271 2,367 2,327 2,326 2,298 2,181 2,102
MIDTOWN WEST ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 4,500
4,000
3,500
3,000
2,500
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,857 3,817 3,873 3,905 3,927 3,978 4,024 4,025 3,960 3,839 3,897 3,847 3,780 2,752 2,689 2,548 2,615 2,651 2,760 2,641 2,705 2,527 2,564 2,577 2,558 2,607
MIDTOWN WEST TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 7,000
6,000
5,000
4,000
3,000
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 5,714 5,749 5,841 5,870 5,890 5,916 5,763 5,713 5,584 5,535 5,507 5,514 5,749 3,368 3,360 3,372 3,474 3,492 3,472 3,590 3,614 3,331 3,156 3,121 3,196 3,194
PAGE 21
MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM MURRAY HILL THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MURRAY HILL INCREASED BY 1.15% THIS PAST MONTH. FOLLOWING A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MURRAY HILL INCREASED BY 0.44%.
MURRAY HILL STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,150
2,900
2,650
2,400
2,150
1,900 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2,655 2,703 2,734 2,777 2,786 2,801 2,876 2,915 2,901 2,897 3,005 2,963 2,943 2,359 2,223 2,261 2,275 2,286 2,303 2,329 2,362 2,326 2,310 2,210 2,231 2,349
MURRAY HILL ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 4,500
4,000
3,500
3,000
2,500
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,670 3,699 3,786 3,796 3,886 3,893 4,002 3,926 3,928 3,892 3,878 3,839 3,818 2,771 2,726 2,769 2,755 2,829 2,911 2,904 2,743 2,829 2,835 2,772 2,781 2,809
MURRAY HILL TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 6,500
5,700
4,900
4,100
3,300
2,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 5,298 5,411 5,400 5,338 5,453 5,566 5,571 5,492 5,365 5,266 5,188 5,253 5,347 3,729 3,754 3,709 3,798 3,796 3,697 3,839 3,960 3,951 3,914 3,610 3,673 3,627
PAGE 22
MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM SOHO AFTER AN INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO EXPERIENCED A CORRECTION OF 1.02%. THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO FELL BY 4.38% THIS PAST MONTH. DUE TO LIMITED INVENTORY, LARGE SWINGS IN PRICING WITHIN THE DOORMAN RENTAL SUBMARKET IN SOHO CAN BE EXPECTED.
SOHO STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 5,000
4,000
3,000
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 4,398 3,858 4,510 4,543 3,970 3,431 3,061 3,060 3,151 3,119 3,018 2,558 2,600 3,181 3,025 3,146 3,082 2,908 2,719
SOHO ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 8,000
6,800
5,600
4,400
3,200
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 5,530 5,563 5,281 7,180 5,167 6,074 6,352 6,065 6,179 6,171 6,090 5,665 6,000 4,061 4,260 3,945 3,756 3,412 3,826 3,894 4,058 4,049 3,999 3,997 4,138 4,003
SOHO TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 10,000
8,600
7,200
5,800
4,400
3,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 8,519 8,649 9,050 7,434 7,150 7,249 8,048 7,444 7,775 8,852 7,667 8,269 7,323 5,720 5,402 5,817 5,441 5,193 5,105 5,382 5,454 4,599 4,880 4,850 5,208 5,407
PAGE 23
MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM TRIBECA THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN TRIBECA FELL BY 2.06% DURING JANUARY. DUE TO AN INFLUX OF LOWER-PRICED INVENTORY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA FELL BY 4.34% DURING JANUARY.
TRIBECA STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 6,500
5,600
4,700
3,800
2,900
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,760 3,778 3,971 3,926 4,016 3,991 3,720 3,723 4,193 4,058 3,894 4,038 3,883 3,245 4,918 5,291 5,219 5,361 4,827 4,310 4,667 4,529 5,400 5,067 5,400 5,750
TRIBEC A ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 7,000
6,200
5,400
4,600
3,800
3,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 4,903 4,718 4,859 5,116 5,113 4,872 4,887 5,154 5,144 5,178 5,034 4,948 4,927 5,077 4,428 4,987 5,532 5,997 6,093 5,114 5,336 5,447 5,302 5,197 5,115 5,019
TRIBECA TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 9,000
8,100
7,200
6,300
5,400
4,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 6,630 6,524 7,217 6,889 6,887 6,366 7,410 7,119 7,148 7,072 7,255 7,320 6,790 7,788 7,903 7,983 8,062 7,089 7,173 7,066 7,288 7,414 7,556 7,721 7,349 6,726
PAGE 24
MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM UPPER EAST SIDE THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE UPPER EAST SIDE REMAINED STABLE, INCREASING BY JUST 0.03% DURING JANUARY. THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE UPPER EAST SIDE INCREASED BY 0.96%.
UPPER EAST STUDIO PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 3,200
2,900
2,600
2,300
2,000
1,700 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2,809 2,695 2,709 2,699 2,717 2,746 2,757 2,821 2,864 2,824 2,797 2,782 2,792 2,086 2,057 2,083 2,116 2,143 2,132 2,133 2,152 2,122 2,081 2,082 2,070 2,056
UPPER EAST ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 4,500
4,000
3,500
3,000
2,500
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,867 3,961 3,992 4,020 4,002 3,881 4,080 4,123 4,095 3,967 3,931 3,954 3,981 2,548 2,557 2,560 2,593 2,662 2,667 2,647 2,632 2,604 2,604 2,571 2,594 2,624
UPPER EAST TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 8,000
6,800
5,600
4,400
3,200
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 6,005 6,087 6,148 6,413 6,617 6,576 6,441 6,449 6,341 6,259 6,240 6,290 6,378 3,252 3,200 3,308 3,345 3,340 3,394 3,420 3,407 3,327 3,275 3,316 3,223 3,210
PAGE 25
MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM UPPER WEST SIDE FOLLOWING A SIZEABLE INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON- DOORMAN UNIT IN THE UPPER WEST SIDE FELL BY JUST 0.02%. THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 0.50% DURING JANUARY.
UPPER WEST SIDE STUDIO PRICE TRENDS OVER 13 MONTHS
Non- doorman Doorman 3,500
3,100
2,700
2,300
1,900
1,500 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 2,738 2,711 2,739 2,753 2,763 2,765 2,872 2,906 2,832 2,829 2,876 2,808 2,937 2,140 2,147 2,117 2,173 2,181 2,193 2,294 2,201 2,203 2,111 2,148 2,134 2,146
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 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 3,794 3,793 3,834 3,887 4,069 3,947 3,922 3,912 4,013 3,937 3,844 3,904 3,776 2,822 2,793 2,810 2,822 2,793 2,854 2,888 2,834 2,838 2,739 2,739 2,772 2,807
UPPER WEST SIDE TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 8,000
6,800
5,600
4,400
3,200
2,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 6,142 6,184 6,277 6,371 6,219 6,262 6,180 6,445 6,454 6,010 5,995 5,873 6,035 3,939 3,756 3,723 3,941 3,799 3,939 3,898 3,891 3,888 3,593 3,598 3,790 3,741
PAGE 26
MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM THE REPORT EXPLAINED
THE MANHATTAN RENTAL MARKET REPORTTM 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 REPORTTM I S CONTACT US NOW: 718.222.0211
BASED ON DATA CROSS-SECTIONED FROM OVER
10,000 CURRENTLY AVAILABLE LISTINGS NOTE: ALL MARKET DATA IS COLLECTED AND COMPILED
LOCATED BELOW 135TH STREET AND PRICED UNDER BY MNS’S MARKETING DEPARTMENT. THE INFORMATION
$10,000, WITH ULTRA-LUXURY PROPERTY OMITTED PRESENTED HERE IS INTENDED FOR INSTRUCTIVE
TO OBTAIN A TRUE MONTHLY RENTAL AVERAGE. OUR PURPOSES ONLY AND HAS BEEN GATHERED FROM
DATA IS AGGREGATED FROM THE MNS PROPRIETARY SOURCES DEEMED RELIABLE, THOUGH IT MAY BE
DATABASE AND SAMPLED FROM A SPECIFIC MID- SUBJECT TO ERRORS, OMISSIONS, CHANGES OR
MONTH POINT TO RECORD CURRENT RENTAL RATES WITHDRAWAL WITHOUT NOTICE.
OFFERED BY LANDLORDS DURING THAT PARTICULAR
MONTH. IT IS THEN COMBINED WITH INFORMATION IF YOU WOULD LIKE TO REPUBLISH THIS REPORT ON
FROM THE REBNY REAL ESTATE LISTINGS SOURCE THE WEB, PLEASE BE SURE TO SOURCE IT AS THE
(RLS), ONLINE RESIDENTIAL (OLR. COM) AND “MANHATTAN RENTAL MARKET REPORT” WITH A LINK
R.O.L.E.X. (REAL PLUS). BACK TO ITS ORIGINAL LOCATION
AUTHOR: MNS HAS BEEN HELPING MANHATTAN HTTP://WWW.MNS.COM/MANHATTAN_RENTAL_MARKET_
LANDLORDS AND RENTERS NAVIGATE THE RENTAL REPORT
MARKET SINCE 1999. FROM LARGE COMPANIES TO
INDIVIDUALS, MNS TAILORS SERVICES TO MEET
YOUR NEEDS. CONTACT US TODAY TO SEE HOW WE
CAN HELP. PAGE 27
MANHATTAN RENTAL MARKET REPORT | JANUARY 2019 MNS.COM