MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.

  • 1.74%
    CHANGE
  • $3,446
    MARCH 2021
  • $3,506
    APRIL 2021

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan increased by 1.74%, from $3,446.34 to $3,506.17. The average rental price for a non-doorman studio unit increased by 0.79%, from $2,059 to $2,075. The average rental price for a non-doorman one-bedroom unit increased by 2.21%, from $2,672 to $2,731. The average rental price for a non-doorman two-bedroom unit increased by 1.12%, from $3,513 to $3,552. The average rental price for a doorman studio unit increased by 1.78%, from $2,693 to $2,741. The average rental price for a one-bedroom doorman unit increased by 1.12%, from $3,783 to $3,825. The average rental price for a doorman two-bedroom unit increased by 2.18%, from $5,693 to $5,818. This past month, non-doorman units represented 51.9% of the rental market while doorman units comprised the remaining 48.1%.

Year-over-year, the average rental price for a non-doorman studio decreased by 19.53%, while the average rental price for a doorman studio unit fell by 16.94%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 18.18%, while doorman one-bedroom units saw their average rental price decrease by 14.99%. The average rental price for a non-doorman two-bedroom unit decreased by 17.95%. The average rental price for a doorman two-bedroom decreased by 8.16%. Overall, the average rental price in Manhattan is down 14.66% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $3,229 Harlem $1,697
Non-doorman one bedrooms Tribeca $4,773 Harlem $2,031
Non-doorman two bedrooms Tribeca $7,441 Harlem $2,460
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios SoHo $4,299 Harlem $2,134
Doorman one bedrooms SoHo $5,417 Harlem $2,664
Doorman two bedrooms SoHo $8,566 Harlem $3,541

WHERE PRICES DECREASED

price_down_icon

CHELSEA

Non-Doorman Two-Bedroom -0.6%

EAST VILLAGE

Non-Doorman One-Bedroom -0.8%

FINANCIAL DISTRICT

Non-Doorman Studios -4.5%

GRAMERCY

Non-Doorman Two-Bedroom -0.3%

GREENWICH VILLAGE

Doorman Studios -0.1%

Doorman Two-Bedroom -4.8%

HARLEM

Non-Doorman Studios -0.02%

LOWER EAST SIDE

Doorman Studios -1.9%

Doorman One-Bedroom -2.0%

MIDTOWN EAST

Doorman One-Bedroom -1.2%

Doorman Two-Bedroom -0.3%

SOHO

Doorman Studio -0.3%

Doorman One-Bedroom -5.3%

Non-Doorman One-Bedroom -7.8%

Non-Doorman Two-Bedroom -8.7%

TRIBECA

Doorman One-Bedroom -0.6%

Non-Doorman Studios -3.0%

UPPER EAST SIDE

Doorman One-Bedroom -1.4%

Doorman Two-Bedroom -0.9%

Non-Doorman One-Bedroom -0.7%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 5.0%

Doorman One-Bedroom 3.5%

Doorman Two-Bedroom 5.1%

CHELSEA

Doorman Studios 4.6%

Doorman One-Bedroom 2.9%

Doorman Two-Bedroom 3.6%

Non-Doorman Studios 4.9%

Non-Doorman One-Bedroom 2.1%

EAST VILLAGE

Doorman Studios 0.4%

Doorman One-Bedroom 6.7%

Doorman Two-Bedroom 3.9%

Non-Doorman Studios 2.2%

Non-Doorman Two-Bedroom 1.0%

FINANCIAL DISTRICT

Doorman Studios 1.4%

Doorman One-Bedroom 0.2%

Doorman Two-Bedroom 2.7%

Non-Doorman One-Bedroom 13.0%

Non-Doorman Two-Bedroom 1.6%

GRAMERCY

Doorman Studios 2.6%

Doorman One-Bedroom 3.0%

Doorman Two-Bedroom 0.7%

Non-Doorman Studios 2.2%

Non-Doorman One-Bedroom 6.7%

GREENWICH VILLAGE

Doorman One-Bedroom 3.5%

Non-Doorman Studios 1.6%

Non-Doorman One-Bedroom 1.8%

Non-Doorman Two-Bedroom 3.0%

HARLEM

Doorman Studios 2.0%

Doorman One-Bedroom 2.2%

Doorman Two-Bedroom 2.8%

Non-Doorman One-Bedroom 3.3%

Non-Doorman Two-Bedroom 0.8%

LOWER EAST SIDE

Doorman Two-Bedroom 1.6%

Non-Doorman Studios 3.8%

Non-Doorman One-Bedroom 1.6%

Non-Doorman Two-Bedroom 4.2%

MIDTOWN EAST

Doorman Studios 0.8%

Non-Doorman Studios 0.1%

Non-Doorman One-Bedroom 0.6%

Non-Doorman Two-Bedroom 2.8%

MIDTOWN WEST

Doorman Studios 4.1%

Doorman One-Bedroom 3.2%

Doorman Two-Bedroom 3.0%

Non-Doorman Studios 0.9%

Non-Doorman One-Bedroom 0.2%

Non-Doorman Two-Bedroom 0.2%

MURRAY HILL

Doorman Studios 1.1%

Doorman One-Bedroom 2.1%

Doorman Two-Bedroom 2.5%

Non-Doorman Studios 1.4%

Non-Doorman One-Bedroom 2.6%

Non-Doorman Two-Bedroom 3.1%

SOHO

Doorman Two-Bedroom 2.1%

Non-Doorman Studios 3.1%

TRIBECA

Doorman Studios 3.8%

Doorman Two-Bedroom 6.9%

Non-Doorman One-Bedroom 2.8%

Non-Doorman Two-Bedroom 6.2%

UPPER EAST SIDE

Doorman Studios 0.8%

Non-Doorman Studios 0.5%

Non-Doorman Two-Bedroom 0.9%

UPPER WEST SIDE

Doorman Studios 4.0%

Doorman One-Bedroom 4.1%

Doorman Two-Bedroom 4.6%

Non-Doorman Studios 1.0%

Non-Doorman One-Bedroom 3.7%

Non-Doorman Two-Bedroom 1.9%

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
10.7%
13.3%
12.7%
18.3%
18.4%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
18.6%
16.3%
16.5%
17.6%
16.6%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
18.3%
11.6%
2.9%
19.4%
14.5%

YEAR OVER YEAR Price change

MANHATTAN RENTS: APRIL 2020 VS. APRIL 2021

price changes
TYPE APRIL 2020 APRIL 2021 CHANGE
Non-doorman studios $2,579 $2,075 19.5%
Non-doorman one bedrooms $3,338 $2,731 18.2%
Non-doorman two bedrooms $4,329 $3,552 18.0%
TYPE APRIL 2020 APRIL 2021 CHANGE
Doorman studios $3,300 $2,741 16.9%
Doorman one bedrooms $4,499 $3,825 15.0%
Doorman two bedrooms $6,334 $5,818 8.2%
MANHATTAN

THROUGH APRIL, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 4.60%.

BATTERY PARK CITY

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA INCREASED BY 1.57% THIS PAST MONTH.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA INCREASED BY 3.58%.

CHELSEA

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 0.70%.

CONTINUING THE TREND THAT EMERGED LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY AN ADDITIONAL 3.98% THROUGH APRIL.

EAST VILLAGE

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 3.98% THROUGH APRIL.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 1.63%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 2.70%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 1.82% THROUGH APRIL.

GRAMERCY PARK

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 2.23%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE FELL BY 1.09% THROUGH APRIL.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM INCREASED BY 1.37%.

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM INCREASED BY 2.39%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 3.25%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE FELL BY 0.41%.

LOWER EAST SIDE

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 1.34%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST DECREASED BY 0.34%.

MIDTOWN EAST

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 0.41%.

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 3.31%.

MIDTOWN WEST

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 2.47%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 3.31%.

MURRAY HILL

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO DECREASED BY 5.90% THROUGH APRIL.

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO DECREASED BY 0.79%.

SOHO

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN TRIBECA INCREASED BY 3.08%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA INCREASED BY 3.87%.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE INCREASED BY 0.28% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 0.69%.

UPPER EAST SIDE

THROUGH APRIL, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE INCREASED BY 2.24% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 4.31%.

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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