MANHATTAN YEAR END REPORT
MANHATTAN YEAR END REPORT ARCHIVE
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introduction
WE ARE PROUD TO PRESENT MNS’ SEVENTEENTH ANNUAL YEAR END REPORT
MNS is proud to present our seventeenth 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 unit increased by 7.90%, one-bedrooms increased by 2.27%, and two-bedrooms increased by 2.57%. Looking at the doorman market, studios increased by 3.14%, one-bedrooms increased by 1.60%, and two-bedrooms increased by 3.59%.
Overall, the average non-doorman rents from 2023 is up by 3.80% when compared to 2022. Average doorman rents also increased by 2.84% compared to the previous year.
NOTABLE TRENDS
Growth & Borough Trends
Looking at the entire years average, the SoHo and Harlem District doorman rental markets saw their average rents increase the most. SoHo doorman studios are up by 10.79%, one-bedrooms are up by 9.39%, and two-bedrooms are up by 8.09%. In the Harlem District, doorman studios are up by 7.96%, one-bedrooms are up by 8.18%, and two-bedrooms are up by 7.37%.
NON-DOORMAN MANHATTAN RENTS: 2022 VS. 2023
| TYPE | 2022 | 2023 | CHANGE |
|---|---|---|---|
| Studios | $2,722 | $2,937 | 7.92% |
| One bedrooms | $3,620 | $3,702 | 2.27% |
| Two bedrooms | $4,647 | $4,766 | 2.57% |
DOORMAN MANHATTAN RENTS: 2022 VS. 2023
| TYPE | 2022 | 2023 | CHANGE |
|---|---|---|---|
| Studios | $3,706 | $3,822 | 3.14% |
| One bedrooms | $5,133 | $5,215 | 1.60% |
| Two bedrooms | $7,133 | $7,388 | 3.59% |
MEAN RENTAL PRICES
2023 MEAN MANHATTAN RENTAL PRICES
-
$2,937Non-doorman
Studios
-
$3,702Non-doorman
One bedrooms
-
$4,766Non-doorman
Two bedrooms
-
$3,822Doorman
Studios
-
$5,215Doorman
One bedrooms
-
$7,388Doorman
Two bedrooms
MANHATTAN PRICE TRENDS
BATTERY PARK CITY - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 2.96% | N/A |
| One bedrooms | 4.54% | N/A |
| Two bedrooms | 6.36% | N/A |
CHELSEA - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 0.31% | 1.94% |
| One bedrooms | 0.78% | 0.80% |
| Two bedrooms | 5.09% | 5.31% |
EAST VILLAGE - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 6.98% | 4.18% |
| One bedrooms | 0.13% | 0.07% |
| Two bedrooms | 15.39% | 1.27% |
FINANCIAL DISTRICT - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 0.23% | 12.65% |
| One bedrooms | 0.66% | 4.59% |
| Two bedrooms | 3.46% | 0.08% |
GRAMERCY PARK - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 6.96% | 7.31% |
| One bedrooms | 1.45% | 1.11% |
| Two bedrooms | 9.08% | 6.85% |
GREENWICH VILLAGE - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 4.62% | 4.73% |
| One bedrooms | 0.80% | 2.00% |
| Two bedrooms | 5.77% | 7.67% |
HARLEM - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 7.96% | 7.92% |
| One bedrooms | 8.18% | 6.78% |
| Two bedrooms | 7.37% | 4.15% |
LOWER EAST SIDE - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 2.62% | 5.59% |
| One bedrooms | 0.30% | 3.63% |
| Two bedrooms | 4.53% | 1.11% |
MIDTOWN EAST - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 2.76% | 3.25% |
| One bedrooms | 3.50% | 1.77% |
| Two bedrooms | 1.21% | 0.52% |
MIDTOWN WEST - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 1.78% | 7.33% |
| One bedrooms | 1.23% | 3.86% |
| Two bedrooms | 0.20% | 1.03% |
MURRAY HILL - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 3.20% | 3.13% |
| One bedrooms | 0.52% | 2.67% |
| Two bedrooms | 1.07% | 0.31% |
SOHO - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 10.79% | 9.53% |
| One bedrooms | 9.39% | 2.73% |
| Two bedrooms | 8.09% | 4.88% |
TRIBECA - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 1.71% | 4.19% |
| One bedrooms | 1.56% | 4.44% |
| Two bedrooms | 2.86% | 5.85% |
UPPER EAST SIDE - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 5.43% | 3.01% |
| One bedrooms | 1.16% | 3.92% |
| Two bedrooms | 2.33% | 1.02% |
UPPER WEST SIDE - Price changes of 2023*
*This figure represents the percentage change in the total average pricing from 2022 to 2023 for each unit type.
| TYPE | DOORMAN | NON-DOORMAN |
|---|---|---|
| Studios | 2.84% | 4.95% |
| One bedrooms | 4.65% | 7.82% |
| Two bedrooms | 0.92% | 0.93% |
MANHATTAN PRICE TRENDS
NON-DOORMAN Average prices over the year
DOORMAN Average prices over the year
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.
Contact Us Now at 718-222-0211
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.
