MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.

  • 0.38%
    CHANGE
  • $4,785
    APRIL 2023
  • $4,766
    MAY 2023

A QUICK LOOK

manhattan

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

manhattan
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

price_down_icon

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

price_up_icon

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
Battery Park City
Chelsea
East Village
Finacial District
Gramercy
3.5%
1.7%
4.8%
5.9%
9.9%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
7.5%
10.4%
3.3%
2.8%
1.0%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
1.3%
3.4%
6.5%
1.4%
4.2%

YEAR OVER YEAR Price change

MANHATTAN RENTS: MAY 2022 VS. MAY 2023

price changes
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

THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY DECREASED BY 1.92%.

BATTERY PARK CITY

MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE INCREASED BY 1.56%, AND NON-DOORMAN RENTS INCREASED BY 2.83%.

CHELSEA

DOORMAN RENTS INCREASED THIS PAST MONTH BY 7.04%, AND NON-DOORMAN RENTS INCREASED BY 1.55%.

EAST VILLAGE

THE AVERAGE RENTAL DOORMAN PRICE INCREASED THIS PAST MONTH BY 3.17%, WHILE NON-DOORMAN RENTS DECREASED BY 8.12%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE DOORMAN RENTS INCREASED BY 2.08%, WHILE NON-DOORMAN RENTS DECREASED BY 7.50%.

GRAMERCY PARK

NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.13% THIS PAST MONTH, WHILE DOORMAN RENTS INCREASED BY 1.10%.

GREENWICH VILLAGE

MONTH-OVER-MONTH, NON-DOORMAN AND DOOMAN RENTS INCREASED BY 3.03%, AND 0.51%, RESPECTIVELY.

HARLEM

AVERAGE NON-DOORMAN RENTS INCREASED BY 1.37% SINCE LAST MONTH, AND DOORMAN RENTS INCREASED BY 4.39%.

LOWER EAST SIDE

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 EAST

THIS PAST MONTH, THE AVERAGE DOORMAN RENTS DECREASED BY 1.97%, WHILE NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.11%.

MIDTOWN WEST

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%.

MURRAY HILL

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 15.80%, AND NON-DOORMAN RENTS INCREASED BY 5.15%.

SOHO

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 1.32%, AND NON-DOORMAN RENTS INCREASED BY 3.84%.

TRIBECA

MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE INCREASED THIS MONTH BY 2.20%, AND NON-DOORMAN RENTS INCREASED BY 1.63%.

UPPER EAST SIDE

AVERAGE NON-DOORMAN RENTS THIS MONTH HAVE SLIGHTLY INCREASED BY JUST 0.88%, AND NON-DOORMAN RENTS INCREASED BY 4.70%.

UPPER WEST SIDE

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.

HTTP://WWW.MNS.COM/MANHATTAN_RENTAL_MARKET_REPORT

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