MANHATTAN RENTAL MARKET REPORT
MANHATTAN RENTAL MARKET REPORT ARCHIVE
sign up for rental Market reports to be sent to your email
TABLE OF CONTENTS
JUMP TO A PARTICULAR SECTION
introduction
THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.
-
CHANGE
-
$4,785APRIL 2023
-
$4,766MAY 2023
A QUICK LOOK
Over the last month, the average rental price in Manhattan decreased by 0.38%, from $4,785 to $4,766. The average rental price for a non-dorman studio unit increased by 4.94%, from $2,909 to $3,053. The average rental price for a non-doorman one-bedroom unit increased by 0.62%, from $3,792 to $3,816. The average rental price for a non-doorman two-bedroom unit increased by 0.37%, from $4,697 to $4,714. The average rental price for a doorman studio unit increased by 0.28%, from $3,907 to $3,918. The average rental price for a one-bedroom doorman unit increased by 1.57%, from $5,133 to $5,214. The average rental price for a doorman two-bedroom unit decreased by 0.32%, from $7,519 to $7,495.
Year-over-year, the average rental price for a non-doorman studio increased by 5.89%, while the average rental price for a doorman studio increased by 4.65%. The average rental price for a non-doorman one-bedroom unit increased by 9.83%, while doorman one-bedroom units saw their average rental price decrease by 1.72%. The average rental price for a non-doorman two-bedroom unit increased by 4.93%, while the average rental price for doorman two-bedroom units increased by 4.62%. Overall, the average rental price in Manhattan increased by 3.68% from this time last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Non-doorman studios | TriBeCa $5,648 | Harlem $2,201 |
| Non-doorman one bedrooms | TriBeCa $7,165 | Harlem $2,550 |
| Non-doorman two bedrooms | TriBeCa $8,400 | Harlem $3,152 |
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Doorman studios | SoHo $5,750 | Harlem $2,962 |
| Doorman one bedrooms | SoHo $7,069 | Harlem $3,676 |
| Doorman two bedrooms | Greenwich Village $8,549 | Harlem $5,174 |
WHERE PRICES DECREASED
BATTERY PARK CITY
Doorman Studios -3.7%
Doorman Two-Bedroom -3.6%
CHELSEA
Doorman Studios -1.1%
Doorman Two-Bedroom -1.3%
EAST VILLAGE
Non-Doorman Studios -0.3%
Non-Doorman One-Bedroom -1.4%
Doorman Studios -0.4%
FINANCIAL DISTRICT
Non-Doorman One-Bedroom -4.1%
Non-Doorman Two-Bedroom -11.3%
GRAMERCY
Non-Doorman Studios -6.9%
Non-Doorman One-Bedroom -11.5%
Non-Doorman Two-Bedroom -4.9%
GREENWICH VILLAGE
Non-Doorman Two-Bedroom -2.6%
Doorman Studios -2.0%
Doorman Two-Bedroom -3.2%
HARLEM
Non-Doorman Studios -3.0%
Non-Doorman One-Bedroom -1.1%
Doorman Studios -4.6%
LOWER EAST SIDE
Doorman One-Bedroom -0.5%
MIDTOWN EAST
Non-Doorman One-Bedroom -0.5%
Doorman One-Bedroom -3.3%
MIDTOWN WEST
Non-Doorman One-Bedroom -0.2%
Doorman Studios -0.2%
Doorman One-Bedroom -4.3%
Doorman Two-Bedroom -1.3%
MURRAY HILL
Doorman One-Bedroom -0.9%
SOHO
Doorman One-Bedroom -0.4%
Doorman Two-Bedroom 0.0%
TRIBECA
Non-Doorman Two-Bedroom -1.2%
Doorman Studios -4.9%
UPPER WEST SIDE
Doorman Studios -2.2%
Doorman One-Bedroom -2.9%
WHERE PRICES INCREASED
BATTERY PARK CITY
Doorman One-Bedroom 2.4%
CHELSEA
Non-Doorman Studios 1.9%
Non-Doorman One-Bedroom 0.4%
Non-Doorman Two-Bedroom 5.2%
Doorman One-Bedroom 7.9%
EAST VILLAGE
Non-Doorman Two-Bedroom 5.2%
Doorman One-Bedroom 3.9%
Doorman Two-Bedroom 13.1%
FINANCIAL DISTRICT
Non-Doorman Studios 0.0%
Doorman Studios 2.6%
Doorman One-Bedroom 3.2%
Doorman Two-Bedroom 3.5%
GRAMERCY
Doorman Studios 6.7%
Doorman One-Bedroom 0.0%
Doorman Two-Bedroom 1.4%
GREENWICH VILLAGE
Non-Doorman Studios 6.5%
Non-Doorman One-Bedroom 2.0%
Doorman One-Bedroom 5.7%
HARLEM
Non-Doorman Two-Bedroom 4.5%
Doorman One-Bedroom 3.7%
Doorman Two-Bedroom 7.5%
LOWER EAST SIDE
Non-Doorman Studios 7.9%
Non-Doorman One-Bedroom 3.4%
Non-Doorman Two-Bedroom 2.9%
Doorman Studios 2.0%
Doorman Two-Bedroom 2.3%
MIDTOWN EAST
Non-Doorman Studios 5.3%
Non-Doorman Two-Bedroom 1.7%
Doorman Studios 0.6%
Doorman Two-Bedroom 2.5%
MIDTOWN WEST
Non-Doorman Studios 0.0%
Non-Doorman Two-Bedroom 0.4%
MURRAY HILL
Non-Doorman Studios 3.0%
Non-Doorman One-Bedroom 3.2%
Non-Doorman Two-Bedroom 4.8%
Doorman Studios 6.5%
Doorman Two-Bedroom 6.2%
SOHO
Non-Doorman Studios 6.3%
Non-Doorman One-Bedroom 10.6%
Non-Doorman Two-Bedroom 0.2%
Doorman Studio 3.4%
TRIBECA
Non-Doorman Studios 13.0%
Non-Doorman One-Bedroom 3.4%
Doorman One-Bedroom 5.2%
Doorman Two-Bedroom 2.6%
UPPER EAST SIDE
Non-Doorman Studios 1.0%
Non-Doorman One-Bedroom 0.4%
Non-Doorman Two-Bedroom 3.1%
Doorman Studios 0.7%
Doorman One-Bedroom 2.6%
Doorman Two-Bedroom 2.6%
UPPER WEST SIDE
Non-Doorman Studios 6.4%
Non-Doorman One-Bedroom 2.1%
Non-Doorman Two-Bedroom 5.9%
Doorman Two-Bedroom 4.0%
MANHATTAN AVERAGE PRICE
MANHATTAN AVERAGE PRICE
MANHATTAN AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
MANHATTAN RENTS: MAY 2022 VS. MAY 2023
| TYPE | MAY 2022 | MAY 2023 | CHANGE |
|---|---|---|---|
| Non-doorman studios | $2,883 | $3,053 | 5.89% |
| Non-doorman one bedrooms | $3,474 | $3,816 | 9.83% |
| Non-doorman two bedrooms | $4,493 | $4,714 | 4.93% |
| TYPE | MAY 2022 | MAY 2023 | CHANGE |
|---|---|---|---|
| Doorman studios | $3,744 | $3,918 | 4.65% |
| Doorman one bedrooms | $5,305 | $5,214 | 1.72% |
| Doorman two bedrooms | $7,164 | $7,495 | 4.62% |
MANHATTAN PRICE TRENDS
BATTERY PARK CITY PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY DECREASED BY 1.92%.
CHELSEA PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE INCREASED BY 1.56%, AND NON-DOORMAN RENTS INCREASED BY 2.83%.
EAST VILLAGE PRICE TRENDS
DOORMAN RENTS INCREASED THIS PAST MONTH BY 7.04%, AND NON-DOORMAN RENTS INCREASED BY 1.55%.
FINANCIAL DISTRICT PRICE TRENDS
THE AVERAGE RENTAL DOORMAN PRICE INCREASED THIS PAST MONTH BY 3.17%, WHILE NON-DOORMAN RENTS DECREASED BY 8.12%.
GRAMERCY PARK PRICE TRENDS
THIS PAST MONTH, THE AVERAGE DOORMAN RENTS INCREASED BY 2.08%, WHILE NON-DOORMAN RENTS DECREASED BY 7.50%.
GREENWICH VILLAGE PRICE TRENDS
NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.13% THIS PAST MONTH, WHILE DOORMAN RENTS INCREASED BY 1.10%.
HARLEM PRICE TRENDS
MONTH-OVER-MONTH, NON-DOORMAN AND DOOMAN RENTS INCREASED BY 3.03%, AND 0.51%, RESPECTIVELY.
LOWER EAST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS INCREASED BY 1.37% SINCE LAST MONTH, AND DOORMAN RENTS INCREASED BY 4.39%.
MIDTOWN EAST PRICE TRENDS
FOR THE MONTH OF MAY, AVERAGE RENTAL PRICES FOR DOORMAN AND NON-DOORMAN RENTS INCREASED THIS PAST MONTH BY 0.23%, AND 1.94%, RESPECTIVELY.
MIDTOWN WEST PRICE TRENDS
THIS PAST MONTH, THE AVERAGE DOORMAN RENTS DECREASED BY 1.97%, WHILE NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.11%.
MURRAY HILL PRICE TRENDS
FOR THE MONTH OF MAY, AVERAGE RENTAL PRICES FOR DOORMAN RENTS INCREASED THIS PAST MONTH BY 3.95%, AND NON-DOORMAN RENTS INCREASED BY 3.77%.
SOHO PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 15.80%, AND NON-DOORMAN RENTS INCREASED BY 5.15%.
TRIBECA PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.32%, AND NON-DOORMAN RENTS INCREASED BY 3.84%.
UPPER EAST SIDE PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE INCREASED THIS MONTH BY 2.20%, AND NON-DOORMAN RENTS INCREASED BY 1.63%.
UPPER WEST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS THIS MONTH HAVE SLIGHTLY INCREASED BY JUST 0.88%, AND NON-DOORMAN RENTS INCREASED BY 4.70%.
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 cross-sectioned from over 10,000 currently available listings located below 125th Street and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR. com) and R.O.L.E.X. (Real Plus).
Author: MNS has been helping Manhattan & Brooklyn landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help.
Contact Us Now: 718-222-0211
Note: All market data is collected
and compiled by MNS’s marketing department. The information presented here is intended for instructive purposes only and has been 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.
