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MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.

  • 1.65%
    CHANGE
  • $4,792
    SEPTEMBER 2023
  • $4,713
    OCTOBER 2023

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan decreased by 1.65%, from $4,792 to $4,713. The average rental price for a non-dorman studio unit decreased by 7.83%, from $3,024 to $2,787. The average rental price for a non-doorman one-bedroom unit decreased by 2.63%, from $3,615 to $3,520. The average rental price for a non-doorman two-bedroom unit decreased by 2.53%, from $4,838 to $4,715. The average rental price for a doorman studio unit increased by 0.15%, from $3,811 to $3,817. The average rental price for a one-bedroom doorman unit decreased by 1.27%, from $5,294 to $5,227. The average rental price for a doorman two-bedroom unit decreased by 0.92%, from $7,447 to $7,379.

Year-over-year, the average rental price for a non-doorman studio increased by 3.38%, and the average rental price for a doorman studio increased by 3.19%. The average rental price for a non-doorman one-bedroom unit decreased by 8.22%, while doorman one-bedroom units saw their average rental price increase by 2.16%. The average rental price for a non-doorman two-bedroom unit increased by 1.06%, and the average rental price for doorman two-bedroom units increased by 4.34%. Overall, the average rental price in Manhattan remained about the same from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios SoHo $3,351 Harlem $2,211
Non-doorman one bedrooms TriBeCa $5,193 Harlem $2,540
Non-doorman two bedrooms TriBeCa $8,568 Harlem $3,092
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,600 Harlem $2,823
Doorman one bedrooms SoHo $8,127 Harlem $3,336
Doorman two bedrooms SoHo $10,250 Harlem $4,317

WHERE PRICES DECREASED

price_down_icon

BATTERY PARK CITY

Doorman One-Bedroom -1.0%

CHELSEA

Non-Doorman Studios -7.0%

Non-Doorman One-Bedroom -7.1%

Non-Doorman Two-Bedroom -4.7%

Doorman Studios -2.4%

Doorman Two-Bedroom -2.2%

EAST VILLAGE

Non-Doorman Studios -0.7%

Non-Doorman One-Bedroom -5.6%

Non-Doorman Two-Bedroom -3.9%

Doorman Studios -1.2%

Doorman One-Bedroom -0.7%

FINANCIAL DISTRICT

Non-Doorman Studios -4.6%

Non-Doorman One-Bedroom -0.5%

Doorman Studios -1.4%

Doorman One-Bedroom -1.0%

GRAMERCY

Non-Doorman One-Bedroom -1.9%

Non-Doorman Two-Bedroom -3.3%

Doorman Studios -4.1%

Doorman One-Bedroom -4.1%

Doorman Two-Bedroom -4.7%

GREENWICH VILLAGE

Non-Doorman Studios -2.0%

Non-Doorman One-Bedroom -2.2%

Non-Doorman Two-Bedroom -2.0%

Doorman One-Bedroom -4.9%

Doorman Two-Bedroom -5.0%

HARLEM

Non-Doorman Studios -0.7%

Non-Doorman One-Bedroom -2.2%

Non-Doorman Two-Bedroom -3.2%

Doorman One-Bedroom -4.3%

Doorman Two-Bedroom -6.3%

LOWER EAST SIDE

Non-Doorman Studios -8.2%

Non-Doorman One-Bedroom -7.6%

Non-Doorman Two-Bedroom -1.9%

Doorman Studios -1.9%

Doorman One-Bedroom -1.3%

MIDTOWN EAST

Non-Doorman Studios -2.6%

Non-Doorman Two-Bedroom -3.3%

Doorman One-Bedroom -2.9%

Doorman Two-Bedroom -2.5%

MIDTOWN WEST

Non-Doorman Studios -1.4%

Non-Doorman One-Bedroom -4.4%

Non-Doorman Two-Bedroom -4.7%

Doorman Studios -0.2%

Doorman One-Bedroom -0.5%

MURRAY HILL

Non-Doorman One-Bedroom -1.0%

Doorman Studios -2.9%

Doorman One-Bedroom -0.3%

Doorman Two-Bedroom -3.0%

SOHO

Non-Doorman Two-Bedroom -7.4%

TRIBECA

Non-Doorman One-Bedroom -3.6%

Non-Doorman Two-Bedroom -6.6%

Doorman Studios -8.6%

Doorman One-Bedroom -2.0%

Doorman Two-Bedroom -0.9%

UPPER EAST SIDE

Non-Doorman One-Bedroom -0.9%

Doorman Studios -3.3%

Doorman Two-Bedroom -1.9%

UPPER WEST SIDE

Non-Doorman Studios -2.2%

Non-Doorman One-Bedroom -2.2%

Doorman Studios -6.6%

Doorman One-Bedroom -3.5%

Doorman Two-Bedroom -1.1%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 4.2%

Doorman Two-Bedroom 0.2%

CHELSEA

Doorman One-Bedroom 0.3%

EAST VILLAGE

Doorman Two-Bedroom 1.4%

FINANCIAL DISTRICT

Non-Doorman Two-Bedroom 1.7%

Doorman Two-Bedroom 0.7%

GRAMERCY

Non-Doorman Studios 4.9%

GREENWICH VILLAGE

Doorman Studios 1.9%

HARLEM

Doorman Studios 2.5%

LOWER EAST SIDE

Doorman Two-Bedroom 3.1%

MIDTOWN EAST

Non-Doorman One-Bedroom 1.8%

Doorman Studios 3.0%

MIDTOWN WEST

Doorman Two-Bedroom 0.0%

MURRAY HILL

Non-Doorman Studios 2.1%

Non-Doorman Two-Bedroom 4.0%

SOHO

Non-Doorman Studios 5.1%

Non-Doorman One-Bedroom 1.3%

Doorman Studio -

Doorman One-Bedroom 3.3%

Doorman Two-Bedroom 5.1%

TRIBECA

Non-Doorman Studios -

UPPER EAST SIDE

Non-Doorman Studios 1.7%

Non-Doorman Two-Bedroom 2.2%

Doorman One-Bedroom 1.4%

UPPER WEST SIDE

Non-Doorman Two-Bedroom 3.3%

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
7.1%
2.3%
4.6%
10.8%
1.5%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
2.0%
0.5%
1.7%
0.4%
1.0%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
2.2%
3.0%
0.9%
0.1%
1.3%

YEAR OVER YEAR Price change

MANHATTAN RENTS: OCTOBER 2022 VS. OCTOBER 2023

price changes
TYPE OCTOBER 2022 OCTOBER 2023 CHANGE
Non-doorman studios $2,696 $2,787 3.38%
Non-doorman one bedrooms $3,835 $3,520 8.22%
Non-doorman two bedrooms $4,666 $4,715 1.06%
TYPE OCTOBER 2022 OCTOBER 2023 CHANGE
Doorman studios $3,699 $3,817 3.19%
Doorman one bedrooms $5,116 $5,227 2.16%
Doorman two bedrooms $7,072 $7,379 4.34%
MANHATTAN

THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY SLIGHTLY INCREASED BY JUST 0.79%.

BATTERY PARK CITY

MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE DECREASED BY 1.43%, AND NON-DOORMAN RENTS DECREASED BY 6.06%.

CHELSEA

DOORMAN RENTS SLIGHTLY INCREASED THIS PAST MONTH BY JUST 0.12%, WHILE NON-DOORMAN RENTS DECREASED BY 3.64%.

EAST VILLAGE

THE AVERAGE RENTAL DOORMAN PRICE SLIGHTLY DECREASED THIS PAST MONTH BY JUST 0.32%, AND NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.70%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE DOORMAN RENTS DECREASED BY 4.34%, AND NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.77%.

GRAMERCY PARK

NON-DOORMAN RENTS DECREASED BY 3.50% THIS PAST MONTH, AND DOORMAN RENTS DECREASED BY 2.06%.

GREENWICH VILLAGE

MONTH-OVER-MONTH, NON-DOORMAN RENTS DECREASED BY 3.43%, AND DOORMAN RENTS DECREASED BY 2.19%.

HARLEM

AVERAGE NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.38% SINCE LAST MONTH, WHILE DOORMAN RENTS DECREASED BY 5.41%.

LOWER EAST SIDE

FOR THE MONTH OF OCTOBER, DOORMAN RENTS DECREASED BY 1.40%, AND NON-DOORMAN RENTS DECREASED BY 1.51%.

MIDTOWN EAST

THIS PAST MONTH, THE AVERAGE DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.19%, AND NON-DOORMAN RENTS DECREASED BY 3.74%.

MIDTOWN WEST

FOR THE MONTH OF OCTOBER, AVERAGE RENTAL PRICES FOR DOORMAN RENTS DECREASED BY 2.17%, WHILE NON-DOORMAN RENTS INCREASED BY 1.93%.

MURRAY HILL

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 13.03%, AND NON-DOORMAN RENTS DECREASED BY 1.45%.

SOHO

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 3.12%, WHILE NON-DOORMAN RENTS INCREASED BY 2.14%.

TRIBECA

MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE DECREASED BY 1.20%, WHILE NON-DOORMAN RENTS INCREASED BY 1.08%.

UPPER EAST SIDE

AVERAGE NON-DOORMAN RENTS THIS MONTH HAVE DECREASED BY 1.92%, WHILE NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.07%.

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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