MANHATTAN YEAR END REPORT
MANHATTAN YEAR END REPORT ARCHIVE
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introduction
WE ARE PROUD TO PRESENT MNS’ FOURTEENTH ANNUAL YEAR END REPORT

MNS is proud to present our fourteenth annual Manhattan Year End Report, a summation of the data collected from our monthly Manhattan Rental Market Reports. We hope you find this report useful in determining the rental trends in Manhattan’s major neighborhoods, as well as the overall climate of the Manhattan rental market.
When compared to last year, the average rental price in Manhattan for a non-doorman studio decreased by 9.03%, while non-doorman one and twobedroom saw their average rental prices fall by 5.27% and 6.10%, respectively. Doorman studio and one-bedroom prices are down 6.71% and 5.87%, while doorman two-bedroom pricing also experienced a correction, falling by 4.86%.
This year, more so than any other borough, Manhattan’s rental prices have been significantly affected by this ongoing pandemic. Specifically, we observed marked average rental price declines within neighborhoods that rely on large student or white-collar demographics, such as Chelsea (NDM: -6.33%, DM: -8.32%), Midtown East (NDM: -9.62%, DM: -6.71%) and East Village (NDM: -7.60%, DM: -9.64%). Conversely, we saw relatively small drops in some of the price-friendlier neighborhoods like Harlem (NDM: -2.51%, DM: -1.20%) and the Lower East Side (NDM: -2.10%, DM: -1.20%).
NOTABLE TRENDS

Growth & Borough Trends
Other than expected price drops, the prevailing trend for this market cycle has been the resilience of some of New York’s more affordable neighborhoods. As this pandemic and its’ subsequent ripple effects take hold, affordability and square footage become primary factors for most rental decisions. In addition to that, the possibility of a prevalent work-from-home culture in 2021 will have significant rental price change implications for New York City’s centrally-located and higher-priced neighborhoods.
NON-DOORMAN MANHATTAN RENTS: 2019 VS. 2020
TYPE | 2019 | 2020 | CHANGE |
---|---|---|---|
Studios | $2,598 | $2,363 | 9.03% |
One bedrooms | $3,278 | $3,105 | 5.27% |
Two bedrooms | $4,289 | $4,028 | 6.10% |
DOORMAN MANHATTAN RENTS: 2019 VS. 2020
TYPE | 2019 | 2020 | CHANGE |
---|---|---|---|
Studios | $3,249 | $3,031 | 6.71% |
One bedrooms | $4,460 | $4,198 | 5.87% |
Two bedrooms | $6,332 | $6,025 | 4.86% |
COVID-19 SNAPSHOT, 6 MONTH ANALYSIS
IN ORDER TO BETTER ILLUSTRATE THE IMPACT OF COVID-19 ON THE MANHATTAN RENTAL MARKET, WE HAVE COMPILED AND ANALYZED DATA FROM THE SECOND HALVES OF OUR 2019 AND 2020 MONTHLY MANHATTAN RENTAL MARKET REPORTS. WE HOPE YOU FIND THIS INFORMATION USEFUL IN DETERMINING THE EFFECT THAT THE COVID-19 PANDEMIC HAS HAD ON THE MANHATTAN RENTAL MARKET.

When compared to last year, the average rental price in Manhattan for a non-doorman studio unit decreased by 12.54%, while non-doorman one and twobedroom units saw their average rental prices fall by 13.43% and 14.71%, respectively. Doorman studio and one-bedroom rental unit prices are down 14.70% and 13.40%, while doorman two-bedroom rental unit pricing also experienced a correction, falling by 10.94%.
When adjusting the comparison period to the second halves of 2019 and 2020, we can see the true effect this pandemic has had on the Manhattan rental market. Every neighborhood analyzed by this report saw its average rental price fall year-over-year. Similar to what was reported in the full-year comparison, here we see that particular neighborhoods have been more affected than others. Areas like Chelsea (NDM: -16.72%, DM: -15.60%), East Village (NDM: -15.24%, DM: -18.74%) and Midtown East (NDM: -15.71%, DM: -15.03%) rely heavily on their white collar and student demographics and, as such, have experienced some of the more dramatic price drops through this year.
NON-DOORMAN MANHATTAN RENTS: 2019 VS. 2020
TYPE | 2019 | 2020 | CHANGE |
---|---|---|---|
Studios | $2,531 | $2,214 | 12.54% |
One bedrooms | $3,343 | $2,894 | 13.43% |
Two bedrooms | $4,394 | $3,747 | 14.71% |
DOORMAN MANHATTAN RENTS: 2019 VS. 2020
TYPE | 2019 | 2020 | CHANGE |
---|---|---|---|
Studios | $3,320 | $2,832 | 14.70% |
One bedrooms | $4,551 | $3,941 | 13.40% |
Two bedrooms | $6,452 | $5,746 | 10.94% |
MEAN RENTAL PRICES
2020 MEAN MANHATTAN RENTAL PRICES
-
$2,363Non-doorman
Studios
-
$3,105Non-doorman
One bedrooms
-
$4,028Non-doorman
Two bedrooms
-
$3,031Doorman
Studios
-
$4,198Doorman
One bedrooms
-
$6,025Doorman
Two bedrooms



MANHATTAN PRICE TRENDS

BATTERY PARK CITY - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 5.9% | N/A |
One bedrooms | 6.9% | N/A |
Two bedrooms | 2.6% | N/A |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
10.8% | N/A |
11.3% | N/A |
6.2% | N/A |
CHELSEA - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 9.4% | 4.4% |
One bedrooms | 10.1% | 4.3% |
Two bedrooms | 5.4% | 10.3% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
11.8% | 12.4% |
18.5% | 15.9% |
9.4% | 21.8% |
EAST VILLAGE - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 4.1% | 6.0% |
One bedrooms | 9.9% | 6.4% |
Two bedrooms | 15.0% | 10.4% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
11.2% | 13.6% |
16.0% | 13.9% |
29.0% | 18.3% |
FINANCIAL DISTRICT - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 9.7% | 9.1% |
One bedrooms | 5.7% | 8.5% |
Two bedrooms | 4.4% | 7.1% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
19.7% | 16.7% |
13.4% | 15.9% |
11.2% | 10.3% |
GRAMERCY PARK - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 7.9% | 6.1% |
One bedrooms | 6.5% | 0.1% |
Two bedrooms | 4.1% | 4.0% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
15.8% | 13.2% |
13.1% | 10.2% |
9.2% | 13.5% |
GREENWICH VILLAGE - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 5.9% | 4.4% |
One bedrooms | 5.6% | 7.8% |
Two bedrooms | 2.0% | 9.8% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
14.9% | 11.7% |
10.3% | 17.6% |
3.3% | 21.4% |
HARLEM - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 1.9% | 3.1% |
One bedrooms | 4.6% | 1.3% |
Two bedrooms | 0.9% | 3.2% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
6.7% | 7.4% |
10.4% | 7.9% |
11.6% | 9.3% |
LOWER EAST SIDE - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 8.0% | 3.2% |
One bedrooms | 6.6% | 1.9% |
Two bedrooms | 9.6% | 7.6% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
13.1% | 1.8% |
11.9% | 14.0% |
21.6% | 21.5% |
MIDTOWN EAST - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 7.2% | 10.2% |
One bedrooms | 7.6% | 8.7% |
Two bedrooms | 5.3% | 10.0% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
15.9% | 15.3% |
14.4% | 13.9% |
14.9% | 18.0% |
MIDTOWN WEST - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 10.1% | 5.6% |
One bedrooms | 8.8% | 6.5% |
Two bedrooms | 7.2% | 4.7% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
18.5% | 13.2% |
16.5% | 14.5% |
13.5% | 14.6% |
MURRAY HILL - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 9.2% | 5.3% |
One bedrooms | 8.1% | 5.8% |
Two bedrooms | 8.6% | 8.6% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
18.7% | 11.8% |
15.7% | 15.5% |
17.3% | 19.8% |
SOHO - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 1.1% | 3.2% |
One bedrooms | 0.4% | 4.4% |
Two bedrooms | 0.8% | 7.7% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
5.0% | 13.8% |
10.6% | 11.3% |
1.5% | 10.5% |
TRIBECA - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 13.2% | 32.1% |
One bedrooms | 0.2% | 5.7% |
Two bedrooms | 1.7% | 2.1% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
21.4% | 16.4% |
12.1% | 9.9% |
0.5% | 2.6% |
UPPER EAST SIDE - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 4.0% | 3.4% |
One bedrooms | 6.2% | 4.4% |
Two bedrooms | 5.7% | 5.4% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
12.2% | 10.5% |
13.3% | 13.7% |
13.4% | 17.8% |
UPPER WEST SIDE - Price changes of 2020*
*This figure represents the percentage change in pricing from 2019 to 2020 for each unit type.
TYPE | DOORMAN | NON-DOORMAN |
---|---|---|
Studios | 7.2% | 5.0% |
One bedrooms | 5.6% | 6.0% |
Two bedrooms | 4.3% | 2.6% |
COVID-19 Snapshot
Price changes of 2nd half 2020**
**This figure represents the percentage change in pricing from the 2nd half of 2019 to 2nd half of 2020 for each unit type.
DOORMAN | NON-DOORMAN |
---|---|
16.5% | 12.1% |
12.4% | 14.4% |
10.2% | 15.6% |
MANHATTAN PRICE TRENDS

NON-DOORMAN Average prices over the year
DOORMAN Average prices over the year
MANHATTAN PRICE TRENDS

NON-DOORMAN Average prices from the 2nd half of 2020
DOORMAN Average prices from the 2nd half of 2020
THE REPORT EXPLAINED
THE MANHATTAN RENTAL MARKET REPORT IS THE ONLY REPORT THAT 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 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 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.
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Note All market data is collected and compiled by MNS’ 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.
