MANHATTAN RENTAL MARKET REPORT
MANHATTAN RENTAL MARKET REPORT ARCHIVE
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TABLE OF CONTENTS
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introduction
THE AVERAGE RENT IN MANHATTAN HAS DECREASED THIS MONTH.
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CHANGE
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$4,792SEPTEMBER 2023
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$4,713OCTOBER 2023
A QUICK LOOK
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
| 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
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
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 Price change
MANHATTAN RENTS: OCTOBER 2022 VS. OCTOBER 2023
| 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 PRICE TRENDS
BATTERY PARK CITY PRICE TRENDS
THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY SLIGHTLY INCREASED BY JUST 0.79%.
CHELSEA PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE DECREASED BY 1.43%, AND NON-DOORMAN RENTS DECREASED BY 6.06%.
EAST VILLAGE PRICE TRENDS
DOORMAN RENTS SLIGHTLY INCREASED THIS PAST MONTH BY JUST 0.12%, WHILE NON-DOORMAN RENTS DECREASED BY 3.64%.
FINANCIAL DISTRICT PRICE TRENDS
THE AVERAGE RENTAL DOORMAN PRICE SLIGHTLY DECREASED THIS PAST MONTH BY JUST 0.32%, AND NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.70%.
GRAMERCY PARK PRICE TRENDS
THIS PAST MONTH, THE AVERAGE DOORMAN RENTS DECREASED BY 4.34%, AND NON-DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.77%.
GREENWICH VILLAGE PRICE TRENDS
NON-DOORMAN RENTS DECREASED BY 3.50% THIS PAST MONTH, AND DOORMAN RENTS DECREASED BY 2.06%.
HARLEM PRICE TRENDS
MONTH-OVER-MONTH, NON-DOORMAN RENTS DECREASED BY 3.43%, AND DOORMAN RENTS DECREASED BY 2.19%.
LOWER EAST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.38% SINCE LAST MONTH, WHILE DOORMAN RENTS DECREASED BY 5.41%.
MIDTOWN EAST PRICE TRENDS
FOR THE MONTH OF OCTOBER, DOORMAN RENTS DECREASED BY 1.40%, AND NON-DOORMAN RENTS DECREASED BY 1.51%.
MIDTOWN WEST PRICE TRENDS
THIS PAST MONTH, THE AVERAGE DOORMAN RENTS SLIGHTLY DECREASED BY JUST 0.19%, AND NON-DOORMAN RENTS DECREASED BY 3.74%.
MURRAY HILL PRICE TRENDS
FOR THE MONTH OF OCTOBER, AVERAGE RENTAL PRICES FOR DOORMAN RENTS DECREASED BY 2.17%, WHILE NON-DOORMAN RENTS INCREASED BY 1.93%.
SOHO PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 13.03%, AND NON-DOORMAN RENTS DECREASED BY 1.45%.
TRIBECA PRICE TRENDS
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT DECREASED BY 3.12%, WHILE NON-DOORMAN RENTS INCREASED BY 2.14%.
UPPER EAST SIDE PRICE TRENDS
MONTH-OVER-MONTH, AVERAGE DOORMAN RENTAL PRICES HAVE DECREASED BY 1.20%, WHILE NON-DOORMAN RENTS INCREASED BY 1.08%.
UPPER WEST SIDE PRICE TRENDS
AVERAGE NON-DOORMAN RENTS THIS MONTH HAVE DECREASED BY 1.92%, WHILE NON-DOORMAN RENTS SLIGHTLY INCREASED BY JUST 0.07%.
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.
