MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.

  • 2.62%
    CHANGE
  • $4,679
    JUNE 2022
  • $4,801
    JULY 2022

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan increased by 2.62%, from $4,679 to $4,801. The average rental price for a non-doorman studio unit decreased by 6.44%, from $2,899 to $2,713. The average rental price for a non-doorman one-bedroom unit increased by 1.09%, from $3,657 to $3,697. The average rental price for a non-doorman two-bedroom unit increased 5.22%, from $4,579 to $4,818. The average rental price for a doorman studio unit increased by 1.57%, from $3,741 to $3,800. The average rental price for a one-bedroom doorman unit decreased by 0.79%, from $5,325 to $5,283. The average rental price for a doorman two-bedroom unit increased by 3.28%, from $7,343 to $7,584.

Year-over-year, the average rental price for a non-doorman studio is up by 20.25%, while the average rental price for a doorman studio is up by 25.37%. The average rental price for a non-doorman one-bedroom unit increased by 23.53%, while doorman one-bedroom units saw their average rental price increase by 22.37%. The average rental price for a non-doorman two-bedroom unit increased by 23.42%, while the average rental price for a doorman two-bedroom increased by 21.33%. Overall, the average rental price in Manhattan is up 25.00% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Chelsea $3,246 Harlem $2,129
Non-doorman one bedrooms TriBeCa $6,068 Harlem $2,551
Non-doorman two bedrooms TriBeCa $9,029 Harlem $3,107
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,995 Harlem $2,721
Doorman one bedrooms SoHo $7,350 Harlem $3,430
Doorman two bedrooms SoHo $10,500 Harlem $4,804

WHERE PRICES DECREASED

price_down_icon

CHELSEA

Non-Doorman One-Bedroom -4.3%

Doorman One-Bedroom -3.1%

EAST VILLAGE

Doorman Two-Bedroom -0.6%

FINANCIAL DISTRICT

Non-Doorman Studios -10.4%

Doorman Studios -0.1%

Doorman One-Bedroom -3.8%

Doorman Two-Bedroom -6.3%

GRAMERCY

Non-Doorman Studios -3.9%

Doorman One-Bedroom -1.7%

GREENWICH VILLAGE

Non-Doorman Studios -3.6%

Doorman Studios -5.8%

Doorman Two-Bedroom -4.0%

HARLEM

Doorman Studios -0.6%

Doorman One-Bedroom -1.3%

LOWER EAST SIDE

Non-Doorman Studios -2.4%

MIDTOWN EAST

Non-Doorman One-Bedroom -6.8%

Doorman Studios -0.9%

MIDTOWN WEST

Doorman One-Bedroom -0.2%

MURRAY HILL

Non-Doorman One-Bedroom -1.2%

SOHO

Non-Doorman One-Bedroom -6.1%

Doorman One-Bedroom -11.2%

TRIBECA

Non-Doorman One-Bedroom -4.1%

Doorman One-Bedroom -4.8%

UPPER EAST SIDE

Non-Doorman One-Bedroom -0.3%

Non-Doorman Two-Bedroom -5.3%

Doorman Studios -3.9%

Doorman One-Bedroom -0.4%

UPPER WEST SIDE

Doorman Studios -6.5%

Doorman Two-Bedroom -1.0%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 8.4%

Doorman One-Bedroom 7.7%

Doorman Two-Bedroom 7.5%

CHELSEA

Non-Doorman Studios 9.5%

Non-Doorman Two-Bedroom 8.3%

Doorman Studios 1.7%

Doorman Two-Bedroom 2.2%

EAST VILLAGE

Non-Doorman Studios 6.1%

Non-Doorman One-Bedroom 3.2%

Non-Doorman Two-Bedroom 1.2%

Doorman Studios 2.9%

Doorman One-Bedroom 0.1%

FINANCIAL DISTRICT

Non-Doorman One-Bedroom 15.3%

Non-Doorman Two-Bedroom 3.5%

GRAMERCY

Non-Doorman One-Bedroom 9.0%

Non-Doorman Two-Bedroom 3.0%

Doorman Studios 3.6%

Doorman Two-Bedroom 14.0%

GREENWICH VILLAGE

Non-Doorman One-Bedroom 5.9%

Non-Doorman Two-Bedroom 6.2%

Doorman One-Bedroom 5.6%

HARLEM

Non-Doorman Studios 2.2%

Non-Doorman One-Bedroom 4.5%

Non-Doorman Two-Bedroom 2.3%

Doorman Two-Bedroom 0.2%

LOWER EAST SIDE

Non-Doorman One-Bedroom 2.2%

Non-Doorman Two-Bedroom 5.0%

Doorman Studios 0.2%

Doorman Two-Bedroom 1.7%

MIDTOWN EAST

Non-Doorman Studios 6.5%

Non-Doorman Two-Bedroom 5.8%

Doorman One-Bedroom 4.5%

Doorman Two-Bedroom 6.0%

MIDTOWN WEST

Non-Doorman Studios 1.8%

Non-Doorman One-Bedroom 1.1%

Non-Doorman Two-Bedroom 0.5%

Doorman Studios 3.4%

Doorman Two-Bedroom 1.1%

MURRAY HILL

Non-Doorman Studios 0.4%

Non-Doorman Two-Bedroom 4.7%

Doorman Studios 6.2%

Doorman One-Bedroom 2.7%

Doorman Two-Bedroom 9.6%

SOHO

Non-Doorman Studios 0.0%

Non-Doorman Two-Bedroom 9.3%

Doorman Studio 11.0%

Doorman Two-Bedroom 9.1%

TRIBECA

Non-Doorman Studios -

Non-Doorman Two-Bedroom 11.1%

Doorman Studios 3.0%

Doorman Two-Bedroom 8.3%

UPPER EAST SIDE

Non-Doorman Studios 0.8%

Doorman Two-Bedroom 2.0%

UPPER WEST SIDE

Non-Doorman Studios 2.2%

Non-Doorman One-Bedroom 2.6%

Non-Doorman Two-Bedroom 10.4%

Doorman One-Bedroom 2.6%

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
27.6%
24.6%
25.5%
13.7%
23.6%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
20.0%
23.4%
27.1%
28.5%
25.8%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
28.0%
27.2%
24.0%
30.1%
28.2%

YEAR OVER YEAR Price change

MANHATTAN RENTS: JULY 2021 VS. JULY 2022

price changes
TYPE JULY 2021 JULY 2022 CHANGE
Non-doorman studios $2,256 $2,713 20.25%
Non-doorman one bedrooms $2,993 $3,697 23.53%
Non-doorman two bedrooms $3,904 $4,818 23.42%
TYPE JULY 2021 JULY 2022 CHANGE
Doorman studios $3,031 $3,800 25.37%
Doorman one bedrooms $4,317 $5,283 22.37%
Doorman two bedrooms $6,251 $7,584 21.33%
MANHATTAN

OVER THE PAST MONTH, AVERAGE RENTS INCREASED BY 7.76%.

BATTERY PARK CITY

MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE INCREASED BY 0.35% WHILE NON-DOORMAN RENTS ARE UP 4.60%.

CHELSEA

DOORMAN RENTS SLIGHTLY INCREASED THIS PAST MONTH BY 0.46%, AS NON-DOORMAN RENTS INCREASED BY 2.92%.

EAST VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 4.16% AND NON-DOORMAN RENTS INCREASED BY 3.62%.

FINANCIAL DISTRICT

NON-DOORMAN RENTS INCREASED BY 3.16% SINCE LAST MONTH, AS DOORMAN RENTS INCREASED BY 6.06%.

GRAMERCY PARK

WHILE NON-DOORMAN RENTS INCREASED BY 3.52% THIS PAST MONTH, DOORMAN RENTS DECREASED BY 1.29%

GREENWICH VILLAGE

MONTH-OVER-MONTH, NON-DOORMAN RENTS INCREASED BY 3.00%, WHILE DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.46%.

HARLEM

AVERAGE NON-DOORMAN RENTS INCREASED BY 2.18% SINCE LAST MONTH, AS DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.29%.

LOWER EAST SIDE

WHILE DOORMAN RENTS INCREASED THIS MONTH BY 4.02%, NON-DOORMAN RENTS INCREASED BY 1.52%.

MIDTOWN EAST

THIS PAST MONTH, AVERAGE DOORMAN RENTS INCREASED BY 1.25% AND NON-DOORMAN RENTS INCREASED BY 1.03%.

MIDTOWN WEST

AS NON-DOORMAN AVERAGE RENTS INCREASED BY 1.76%, DOORMAN RENTS INCREASED BY 6.56%, MONTH-OVER-MONTH.

MURRAY HILL

OVER THE PAST MONTH, AVERAGE RENTS INCREASED BY 2.00% SINCE LAST MONTH. NON-DOORMAN RENTS INCREASED BY 1.16%.

SOHO

WITH A LOW AMOUNT OF NON-DOORMAN UNITS ON THE MARKET, AVERAGE RENTS INCREASED BY 4.44% THIS MONTH, WHILE DOORMAN RENTS INCREASED BY 2.62%.

TRIBECA

BOTH NON-DOORMAN AND DOORMAN RENTS DECREASED THIS MONTH BY 2.10% AND 0.07%, RESPECTIVELY.

UPPER EAST SIDE

NON-DOORMAN RENTS THIS MONTH INCREASED BY 5.68% WHILE DOORMAN RENTS DECREASED BY 1.56%.

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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