MANHATTAN RENTAL MARKET REPORT July 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 | July 2019 MNS.COM INTRODUCTION Over the last month, the average rent in Manhattan increased by 1.52%, from $4,109.26 to $4,171.53. PAGE 3 Manhattan Rental Market Report | July 2019 MNS.COM A QUICK LOOK Over the last month, the average rental price in Manhattan increased by 1.52%, from $4,109.26 to $4,171.53. The average rental price for a non-doorman studio unit fell by 0.88%, from $2,687 to $2,663. The average rental price for a non-doorman one-bedroom unit increased by 1.90%, from $3,284 to $3,347. The average rental price for a non-doorman two-bedroom unit increased by 3.33%, from $4,261 to $4,402. The average rental price for a doorman studio unit decreased by 0.48%, from $3,278 to $3,263. The average rental price for a doorman one-bedroom unit increased by 2.02%, from $4,485 to $4,576. The average rental price for a doorman two-bedroom unit increased by 1.60%, from $6,381 to $6,483. This past month, non-doorman units represented 50.6 % of the market, while doorman units comprised the remaining 49.4%. Year-over-year, the average rental prices for non-doorman and doorman studio units both increased, by 5.18% and 4.47%, respectively. In that same span, the average price for a non-doorman one-bedroom unit increased by 3.10%, while doorman one-bedroom units saw their rents increase by 5.21%. The rental price for a non-doorman two-bedroom unit increased by 2.74%, while doorman two-bedroom units saw their rents increased by 3.97%. Overall, the average rental price for a unit in Manhattan is up 4.10% 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 $ 4,798 Harlem $ 2,026 Non-Doorman One Bedrooms Tribeca $ 5,329 Harlem $ 2,380 Non-Doorman Two Bedrooms Tribeca $ 7,269 Harlem $ 2,910 TYPE MOST EXPENSIVE LEAST EXPENSIVE Doorman Studios Tribeca $ 3,944 Harlem $ 2,385 Doorman One Bedrooms SoHo $ 6,668 Harlem $ 3,269 Doorman Two Bedrooms SoHo $ 8,325 Harlem $ 4,351 PAGE 4 Manhattan Rental Market Report | July 2019 MNS.COM WHERE PRICES DECREASED ( MONTHLY) BATTERY PARK CITY MIDTOWN EAST Doorman Two-Bedroom -0.2% Doorman One-Bedroom -0.01% Non-Doorman Studios -1.7% CHELSEA Non-Doorman One-Bedroom -4.9% Doorman One-Bedroom -0.8% Non-Doorman Studios -2.9% SOHO Doorman Studio -16.5% EAST VILLAGE Doorman Two-Bedroom -2.0% Non-Doorman Studios -3.2% TRIBECA GRAMERCY Doorman Studios -7.2% Doorman Studios -0.8% Doorman Two-Bedroom -2.8% Non-Doorman Two-Bedroom -6.8% Non-Doorman Studios -20.0% GREENWICH VILLAGE UPPER EAST SIDE Non-Doorman Studios -0.4% Doorman Two-Bedroom -2.3% LOWER EAST SIDE UPPER WEST SIDE Non-Doorman Studios -1.8% Doorman Two-Bedroom -0.8% Non-Doorman One-Bedroom -0.8% PAGE 5 Manhattan Rental Market Report | July 2019 MNS.COM A QUICK LOOK WHERE PRICES INCREASED ( MONTHLY) BATTERY PARK CITY Doorman Two-Bedroom 4.4% Doorman Studios 7.4% Non-Doorman Two-Bedroom 3.9% Doorman One-Bedroom 5.2% MIDTOWN EAST CHELSEA Doorman Studios 0.2% Doorman Studios 4.0% Doorman Two-Bedroom 5.5% Doorman Two-Bedroom 2.3% Non-Doorman Two-Bedroom 4.6% Non-Doorman One-Bedroom 3.6% Non-Doorman Two-Bedroom 9.5% MIDTOWN WEST Doorman Studios 2.3% EAST VILLAGE Doorman One-Bedroom 1.2% Doorman Studios 1.7% Doorman Two-Bedroom 3.0% Doorman One-Bedroom 0.8% Non-Doorman Studios 4.1% Doorman Two-Bedroom 5.5% Non-Doorman One-Bedroom 2.0% Non-Doorman One-Bedroom 7.6% Non-Doorman Two-Bedroom 2.3% Non-Doorman Two-Bedroom 2.0% MURRAY HILL FINANCIAL DISTRICT Doorman Studios 0.3% Doorman Studios 1.3% Doorman One-Bedroom 3.1% Doorman One-Bedroom 1.7% Doorman Two-Bedroom 4.5% Doorman Two-Bedroom 5.7% Non-Doorman Studios 1.1% Non-Doorman Studios 22.6% Non-Doorman One-Bedroom 1.0% Non-Doorman One-Bedroom 3.4% Non-Doorman Two-Bedroom 2.2% Non-Doorman Two-Bedroom 0.8% SOHO GRAMERCY Doorman One-Bedroom 6.5% Doorman One-Bedroom 0.4% Non-Doorman Studios 2.6% Doorman Two-Bedroom 1.1% Non-Doorman One-Bedroom 1.6% Non-Doorman Studios 1.2% Non-Doorman Two-Bedroom 15.8% Non-Doorman One-Bedroom 3.8% TRIBECA Doorman One-Bedroom 1.4% GREENWICH VILLAGE Non-Doorman One-Bedroom 2.4% Doorman Studios 2.1% Non-Doorman Two-Bedroom 0.5% Doorman One-Bedroom 1.3% Doorman Two-Bedroom 1.1% Non-Doorman One-Bedroom 0.7% UPPER EAST SIDE Non-Doorman Two-Bedroom 2.8% Doorman Studios 1.1% Doorman One-Bedroom 1.9% HARLEM Non-Doorman Studios 0.5% Non-Doorman One-Bedroom 1.0% Doorman Studios 3.8% Non-Doorman Two-Bedroom 0.1% Doorman One-Bedroom 2.7% Doorman Two-Bedroom 2.2% Non-Doorman Studios 5.7% UPPER WEST SIDE Non-Doorman One-Bedroom 2.8% Doorman Studios 0.6% Non-Doorman Two-Bedroom 0.5% Doorman One-Bedroom 2.3% Non-Doorman Studios 1.7% Non-Doorman One-Bedroom 1.3% LOWER EAST SIDE Non-Doorman Two-Bedroom 4.7% Doorman Studios 1.7% Doorman One-Bedroom 1.9% PAGE 6 Manhattan Rental Market Report | July 2019 MNS.COM A QUICK LOOK STUDIOS DOORMAN NON-DOORMAN AVERAGE UNIT PRICES AVERAGE PRICE GREATEST CHANGES BY NEIGHBORHOOD MANHATTAN STUDIOS SINCE JUNE $2,026 7.4% ($232) $2,385 $3,263 STUDIOS-BATTERY PARK CITY HARLEM 5.7% ($110) $2,663 STUDIOS-HARLEM $2,252 $2,129 $2,855 $2,877 UPPER UPPER WEST SIDE EAST SIDE $2,342 MIDTOWN EAST $2,803 $2,246 MIDTOWN $3,201 WEST MURRAY $2,308 HILL $3,026 $2,492 $2,577 GRAMERCY PARK $3,198 $3,683 CHELSEA $2,334 $2,671 EAST GREENWICH $3,366 VILLAGE $3,604 VILLAGE $2,878 SOHO $3,716 $2,195 $3,658 $4,798 TRIBECA LOWER $3,944 EAST SIDE N/A $3,381 $4,035 $3,243 BATTERY PARK CITY FINANCIAL DISTRICT PAGE 7 Manhattan Rental Market Report | July 2019 MNS.COM A QUICK LOOK 1 BEDS DOORMAN NON-DOORMAN AVERAGE UNIT PRICES AVERAGE PRICE GREATEST CHANGES BY NEIGHBORHOOD MANHATTAN 1 BEDS SINCE JUNE $2,380 5.2% ($212) $3,269 $4,576 HARLEM 1 BEDS-BATTERY PARK CITY 7.6% ($226) $3,347 1 BEDS-EAST VILLAGE $2,980 $2,676 $4,122 $4,209 UPPER UPPER WEST SIDE EAST SIDE $2,782 MIDTOWN EAST $4,207 $2,829 MIDTOWN $4,117 WEST MURRAY $2,870 HILL $4,066 $3,269 $3,511 GRAMERCY PARK $4,477 $5,129 CHELSEA $3,214 $3,906 EAST GREENWICH $4,639 VILLAGE $5,633 VILLAGE $4,002 SOHO $6,668 $2,781 $4,365 $5,329 TRIBECA LOWER $5,195 EAST SIDE N/A $4,298 $4,323 $4,244 BATTERY PARK CITY FINANCIAL DISTRICT PAGE 8 Manhattan Rental Market Report | July 2019 MNS.COM A QUICK LOOK 2 BEDS DOORMAN NON-DOORMAN AVERAGE UNIT PRICES AVERAGE PRICE GREATEST CHANGES BY NEIGHBORHOOD MANHATTAN 2 BEDS SINCE JUNE $2,910 5.7% ($331) $4,351 $6,483 HARLEM 2 BEDS-FINANCIAL DISTRICT 9.5% ($479) $4,402 2 BEDS-CHELSEA $4,149 $3,316 $6,328 $6,630 UPPER UPPER WEST SIDE EAST SIDE $3,767 MIDTOWN EAST $6,188 $3,458 MIDTOWN $5,973 WEST $3,653 MURRAY HILL $6,069 $3,656 $5,490 GRAMERCY PARK $6,373 $7,220 $4,064 CHELSEA $5,163 EAST GREENWICH $6,552 VILLAGE $7,036 VILLAGE $5,973 SOHO $8,325 $3,618 $6,520 $7,269 TRIBECA LOWER $6,388 EAST SIDE N/A $7,168 $5,145 $6,128 BATTERY PARK CITY FINANCIAL DISTRICT PAGE 9 Manhattan Rental Market Report | July 2019 MNS.COM 0.3% HARLEM A QUICK LOOK YEAR OVER YEAR UPPER PRICE CHANGE WEST SIDE 2.9% UPPER 1.7% EAST SIDE BY NEIGHBORHOOD > 4.0% CHANGE MIDTOWN 1.6% - 3.9% CHANGE 4.4% EAST MIDTOWN 2.3% 0.5% - 1.5% CHANGE WEST <0.5% CHANGE 2.2% MURRAY HILL GRAMERCY 3.1% PARK CHELSEA 6.2% EAST GREENWICH 7.4% VILLAGE VILLAGE 4.4% SOHO 6.2% LOWER 6.6% EAST SIDE TRIBECA 1.3% FINANCIAL BATTERY 6.3% DISTRICT PARK CITY 5.0% YEAR OVER YEAR PRICE CHANGE MANHATTAN RENTS: JULY 2018 VS. JULY 2019 TYPE JULY 2018 JULY 2019 CHANGE Non-Doorman Studios $ 2,532 $ 2,663 5.2% Non-Doorman One Bedrooms $ 3,246 $ 3,347 3.1% Non-Doorman Two Bedrooms $ 4,285 $ 4,402 2.7% TYPE JULY 2018 JULY 2019 CHANGE Doorman Studios $ 3,123 $ 3,263 4.5% Doorman One Bedrooms $ 4,349 $ 4,576 5.2% Doorman Two Bedrooms $ 6,236 $ 6,483 4.0% PAGE 10 Manhattan Rental Market Report | July 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 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL 3,123 3,116 3,118 3,086 3,039 3,068 3,053 3,139 3,131 3,192 3,256 3,278 3,263 2,532 2,619 2,589 2,618 2,576 2,599 2,619 2,557 2,675 2,717 2,733 2,687 2,663 MANHATTAN 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 4,349 4,343 4,327 4,345 4,306 4,284 4,287 4,193 4,268 4,498 4,482 4,485 4,576 3,246 3,236 3,259 3,227 3,177 3,169 3,195 3,161 3,185 3,206 3,242 3,284 3,347 MANHATTAN TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS Non- doorman Doorman 7,000 6,200 5,400 4,600 3,800 3,000 JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL 6,236 6,194 6,111 6,073 5,999 6,024 5,956 6,195 6,104 6,211 6,423 6,381 6,483 4,285 4,302 4,221 4,166 4,167 4,115 4,087 4,174 4,124 4,207 4,258 4,261 4,402 PAGE 11 Manhattan Rental Market Report | July 2019 MNS.COM BATTERY PARK CITY Following a stable June, the average rental price in Battery Park City increased by 2.97% through July.