MANHATTAN RENTAL MARKET REPORT

Brooklyn infographics

MANHATTAN RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN MANHATTAN HAS INCREASED THIS MONTH.

  • 1.82%
    CHANGE
  • $3,997
    AUGUST 2021
  • $4,069
    SEPTEMBER 2021

A QUICK LOOK

manhattan

Over the last month, the average rental price in Manhattan increased by 1.82%, from $3,996.52 to $4,069.24. The average rental price for a non-doorman studio unit increased by 0.45%, from $2,318 to $2,329. The average rental price for a non-doorman one-bedroom unit increased by 1.01%, from $3,104 to $3,135. The average rental price for a non-doorman two-bedroom unit increased by 1.13%, from $4,084 to $4,130. The average rental price for a doorman studio unit increased by 0.42%, from $3,196 to $3,210. The average rental price for a one-bedroom doorman unit increased by 2.53%, from $4,459 to $4,572. The average rental price for a doorman two-bedroom unit increased by 0.92%, from $6,543 to $6,603. This past month, non-doorman units represented 51.5% of the rental market while doorman units comprised the remaining 48.5%.

Year-over-year, the average rental price for a non-doorman studio is up by 4.48%, while the average rental price for a doorman studio is up by 13.19%. In that same span, the average rental price for a non-doorman one-bedroom unit increased by 8.28%, while doorman one-bedroom units saw their average rental price increase by 15.60%. The average rental price for a non-doorman two-bedroom unit increased by 10.55%. The average rental price for a doorman two-bedroom increased by 15.15%. Overall, the average rental price in Manhattan is up 12.65% from this time last year.

NOTABLE TRENDS

manhattan
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Non-doorman studios Tribeca $3,570 Harlem $1,813
Non-doorman one bedrooms Tribeca $6,250 Harlem $2,145
Non-doorman two bedrooms Tribeca $7,858 Harlem $2,567
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Doorman studios Chelsea $4,065 Harlem $2,074
Doorman one bedrooms SoHo $6,518 Harlem $2,970
Doorman two bedrooms SoHo $9,075 Harlem $3,445

WHERE PRICES DECREASED

price_down_icon

CHELSEA

Doorman One-Bedroom -1.7%

Doorman Two-Bedroom -1.5%

Non-Doorman Two-Bedroom -1.5%

EAST VILLAGE

Doorman Studios -0.8%

FINANCIAL DISTRICT

Non-Doorman Studios 3.0%

Non-Doorman One-Bedroom -

GRAMERCY

Doorman Studios -5.2%

Doorman Two-Bedroom -4.2%

GREENWICH VILLAGE

Doorman Two-Bedroom -1.2%

HARLEM

Doorman Studios -5.6%

Doorman Two-Bedroom -6.4%

Non-Doorman Two-Bedroom -0.4%

LOWER EAST SIDE

Non-Doorman Two-Bedroom -0.3%

MIDTOWN EAST

Doorman Studios -0.3%

MIDTOWN WEST

Non-Doorman One-Bedroom -1.0%

WHERE PRICES INCREASED

price_up_icon

BATTERY PARK CITY

Doorman Studios 1.4%

Doorman One-Bedroom 6.8%

Doorman Two-Bedroom 1.1%

CHELSEA

Doorman Studios 4.0%

Non-Doorman Studios 6.1%

Non-Doorman One-Bedroom 4.4%

EAST VILLAGE

Doorman One-Bedroom 3.6%

Doorman Two-Bedroom 5.2%

Non-Doorman Studios 2.4%

Non-Doorman One-Bedroom 2.0%

Non-Doorman Two-Bedroom 2.8%

FINANCIAL DISTRICT

Doorman Studios 4.2%

Doorman One-Bedroom 1.7%

Doorman Two-Bedroom 1.9%

Non-Doorman Two-Bedroom 3.7%

GRAMERCY

Doorman One-Bedroom 1.7%

Non-Doorman Studios 2.2%

Non-Doorman One-Bedroom 4.4%

Non-Doorman Two-Bedroom 1.7%

GREENWICH VILLAGE

Doorman Studios 1.3%

Doorman One-Bedroom 0.6%

Non-Doorman Studios 1.1%

Non-Doorman One-Bedroom 0.2%

Non-Doorman Two-Bedroom 2.1%

HARLEM

Doorman One-Bedroom 0.8%

Non-Doorman Studios 0.2%

Non-Doorman One-Bedroom 1.2%

LOWER EAST SIDE

Doorman Studios 1.0%

Doorman One-Bedroom 1.4%

Doorman Two-Bedroom 1.0%

Non-Doorman Studios 2.0%

Non-Doorman One-Bedroom 1.1%

MIDTOWN EAST

Doorman One-Bedroom 1.7%

Doorman Two-Bedroom 2.9%

Non-Doorman One-Bedroom 2.0%

Non-Doorman Studios 3.0%

Non-Doorman Two-Bedroom 1.6%

MIDTOWN WEST

Doorman Studios 0.4%

Doorman One-Bedroom 1.7%

Doorman Two-Bedroom 1.1%

Non-Doorman Studios 3.9%

Non-Doorman Two-Bedroom 3.1%

MURRAY HILL

Doorman Studios 1.2%

Doorman One-Bedroom 1.8%

Doorman Two-Bedroom 1.6%

Non-Doorman Studios 1.3%

Non-Doorman One-Bedroom 1.8%

Non-Doorman Two-Bedroom 4.0%

SOHO

Doorman Studio 0.0%

Doorman One-Bedroom 11.0%

Doorman Two-Bedroom 12.0%

Non-Doorman One-Bedroom 2.4%

TRIBECA

Doorman Studios 3.8%

Doorman One-Bedroom 0.7%

Non-Doorman Studios 0.00%

Non-Doorman One-Bedroom 7.8%

Non-Doorman Two-Bedroom 1.9%

UPPER EAST SIDE

Doorman Studios 0.5%

Doorman One-Bedroom 3.3%

Non-Doorman Studios 2.8%

Non-Doorman One-Bedroom 2.4%

Non-Doorman Two-Bedroom 2.7%

UPPER WEST SIDE

Doorman One-Bedroom 1.9%

Doorman Two-Bedroom 1.0%

Non-Doorman One-Bedroom 1.3%

Non-Doorman Two-Bedroom 1.0%

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
6.2%
21.3%
20.5%
28.7%
10.6%
Greenwich Village
Harlem
Lower East Side
Midtown East
Midtown West
7.8%
4.4%
14.8%
14.8%
17.1%
Murray Hill
SoHo
Tribeca
Upper East Side
Upper West Side
21.9%
1.6%
13.6%
11.3%
12.8%

YEAR OVER YEAR Price change

MANHATTAN RENTS: SEPTEMBER 2020 VS. SEPTEMBER 2021

price changes
TYPE SEPTEMBER 2020 SEPTEMBER 2021 CHANGE
Non-doorman studios $2,229 $2,329 4.5%
Non-doorman one bedrooms $2,896 $3,135 8.3%
Non-doorman two bedrooms $3,736 $4,130 10.5%
TYPE SEPTEMBER 2020 SEPTEMBER 2021 CHANGE
Doorman studios $2,836 $3,210 13.2%
Doorman one bedrooms $3,955 $4,572 15.6%
Doorman two bedrooms $5,734 $6,603 15.1%
MANHATTAN

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY INCREASED BY 0.53%.

BATTERY PARK CITY

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN CHELSEA INCREASED BY 2.01% THIS PAST MONTH.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA DECREASED BY 0.27%.

CHELSEA

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 2.46%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 3.28%.

EAST VILLAGE

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 7.51% THROUGH SEPTEMBER.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 2.37%.

FINANCIAL DISTRICT

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GRAMERCY PARK INCREASED BY 2.74%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GRAMERCY PARK DECREASED BY 2.56% THROUGH SEPTEMBER.

GRAMERCY PARK

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE INCREASED BY 1.22%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN GREENWICH VILLAGE DECREASED BY 0.04% THROUGH SEPTEMBER.

GREENWICH VILLAGE

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN HARLEM INCREASED BY 0.29%.

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM INCREASED BY 3.81%.

HARLEM

THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 0.74%.

THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 1.14%.

LOWER EAST SIDE

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 2.06%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 1.90%.

MIDTOWN EAST

OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 2.00%.

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 1.10%.

MIDTOWN WEST

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 2.61%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN RENTAL UNIT IN MURRAY HILL INCREASED BY 1.59%.

MURRAY HILL

THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO DECREASED BY 3.00% THROUGH SEPTEMBER.

THANKS MOSTLY DUE TO A CONSOLIDATION OF INVENTORY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO INCREASED BY 8.99% THROUGH SEPTEMBER.

SOHO

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN RENTAL UNIT IN TRIBECA INCREASED BY 3.51%.

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA DECREASED BY 0.53%.

TRIBECA

THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A NON-DOORMAN UNIT ON THE UPPER EAST SIDE INCREASED BY 2.60% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 0.38%.

UPPER EAST SIDE

THROUGH SEPTEMBER, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT ON THE UPPER WEST SIDE INCREASED BY 0.65% WHILE THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 0.39%.

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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