Manhattan Rental Market Report | MNS is Real Impact Real Estate

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MANHATTAN
RENTAL MARKET REPORT

August 2016

Introduction

Manhattan rents remained stable over the last month, decreasing by only 0.4%, and over the last year, increasing by 1.4%.

A Quick Look

Manhattan rents remained stable over the last month, decreasing by only 0.4%, and over the last year, increasing by 1.4%. Inventory increased over the last month, from 10,203 units to 10,943 units, which is a 7.3% increase. Style of units is split nearly in half between non doorman and doorman, with 52.4% and 47.6% market share, respectively.
The Financial District saw very large price changes this month. The 17.8% increase in the price of studio non doorman apartments was the largest increase of the whole month. The 7.8% decrease in the price of one bedroom non doorman apartments was the largest decrease. These large changes in Financial District prices can be explained by a lack of inventory; studio non doorman inventory, for instance, decreased 60% from 5 units to 2 units. This will naturally lead to large changes. Inventory of one bedroom non doorman apartments increased by 70%.
The Financial District saw very large price changes this month. The 17.8% increase in the price of studio non doorman apartments was the largest increase of the whole month. The 7.8% decrease in the price of one bedroom non doorman apartments was the largest decrease. These large changes in Financial District prices can be explained by a lack of inventory; studio non doorman inventory, for instance, decreased 60% from 5 units to 2 units. This will naturally lead to large changes. Inventory of one bedroom non doorman apartments increased by 70%.
The second largest price increases were in Midtown East, where studio non doorman unit prices increased by 7.28%, and in Harlem, where studio doorman prices increased by an average of 7.26%. The former can be explained by a more than doubling in studio non doorman inventory, and the latter is due to an inventory increase of 23%, as well as a luxury unit entering the market at 1214 Fifth Avenue.
The largest change over the last year, discluding any SoHo swing caused by very low inventory, was in the price of studio non doorman apartments in the Financial District. Prices increased 45.7%, from, an average of $2,625 to $3,825. This can be attributed to changes in inventory and developments garnering higher rents.

A Quick Look

Notable Trends: Manhattan Highs and Lows (Average Prices)
Doorman Buildings (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -3.7% Doorman One-Bedroom -6.6% Doorman Two-Bedroom -7.4%
Chelsea
Non-Doorman Studios -2.6% Non-Doorman Two-Bedroom -2.0% Doorman Studios -1.4% Doorman One-Bedroom -3.5% Doorman Two-Bedroom -1.9%
East Village
Non-Doorman One-Bedroom -0.8% Non-Doorman Two-Bedroom -0.7% Doorman Studios -2.9% Doorman Two-Bedroom -2.0%
Financial District
Non-Doorman One-Bedroom -7.8%
Gramercy
Non-Doorman Studios -4.6% Doorman One-Bedroom -1.1% Doorman Studios -2.8%
Greenwich Village
Non-Doorman One-Bedroom -5.0% Doorman One-Bedroom -3.1% Doorman Two-Bedroom -1.6%
Harlem
Non-Doorman One-Bedroom -3.0% Doorman One-Bedroom -2.4% Doorman Two-Bedroom -2.2%
Lower East Side
Non-Doorman Studios -1.1% Non-Doorman One-Bedroom -1.6% Doorman Two-Bedroom -2.1%
Midtown East
Non-Doorman Two-Bedroom -1.2% Doorman One-Bedroom -3.8% Doorman Two-Bedroom -3.5%
Midtown West
Non-Doorman Studios -5.5% Non-Doorman One-Bedroom -4.8% Doorman Two-Bedroom -0.2%
Murray Hill
Non-Doorman Studios -1.8% Non-Doorman Two-Bedroom -0.7% Doorman One-Bedroom -1.3%
SoHo
Non-Doorman Studios -5.6% Non-Doorman One-Bedroom -3.6% Doorman One-Bedroom -0.5%
Tribeca
Non-Doorman Studios -1.5% Non-Doorman One-Bedroom -3.8% Non-Doorman Two-Bedroom -0.0% Doorman One-Bedroom -2.0%
Upper East Side
Non-Doorman One-Bedroom-3.1% Non-Doorman Two-Bedroom-0.6%
Upper West Side
Non-Doorman One-Bedroom-1.2% Doorman Studios-1.5% Doorman Two-Bedroom-1.8%

Where Prices Increased(monthly)

Chelsea
Non-Doorman One-Bedroom 0.3%
East Village
Non-Doorman Studios 3.1% Doorman One-Bedroom 0.8%
Financial District
Non-Doorman Studios 17.8% Non-Doorman Two-Bedroom 0.2% Doorman Studios 0.6% Doorman One-Bedroom 6.2% Doorman Two-Bedroom 1.2%
Gramercy
Non-Doorman Two-Bedroom 0.5% Doorman One-Bedroom 1.6% Doorman Two-Bedroom 6.1%
Greenwich Village
Non-Doorman Studios 3.1% Non-Doorman Two-Bedroom 0.9% Doorman Studios 0.3%
Harlem
Non-Doorman Studios 3.9% Non-Doorman Two-Bedroom 1.1% Doorman Studios 7.3%
Lower East Side
Non-Doorman Two-Bedroom 6.0% Doorman Studios0.7% Doorman One-Bedroom1.7%
Midtown East
Non-Doorman Studios 7.3% Non-Doorman One-Bedroom 4.5% Doorman Studios 1.9%
Midtown West
Non-Doorman Two-Bedroom 1.2% Doorman Studios 2.8% Doorman One-Bedroom 0.3%
Murray Hill
Non-Doorman One-Bedroom 1.3% Doorman Studios 3.1% Doorman Two-Bedroom 0.8%
SoHo
Non-Doorman Studios 5.6% Non-Doorman Two-Bedroom 0.2% Doorman Studios 0.0% Doorman Two-Bedroom 5.8%
Tribeca
Doorman Studios 6.5% Doorman Two-Bedroom 0.8%
Upper East Side
Non-Doorman Studios 0.1% Doorman Studios 2.0% Doorman One-Bedroom 1.0% Doorman Two-Bedroom 1.7%
Upper West Side
Non-Doorman Studios 3.0% Non-Doorman Two-Bedroom 0.8% Doorman One-Bedroom 1.1%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look 2 bed

Year Over Year Price Change

Manhattan Rents: August 2015 vs. August 2016
Type August 2015 August 2016 Change
Non-Doorman Studios $2,412 $2,647 9.7%
Non-Doorman One Bedrooms $3,157 $3,289 4.2%
Non-Doorman Two Bedrooms $4,276 $4,423 3.4%
Type july 2015 July 2016 Change
Doorman Studios $3,021 $3,232 7.0%
Doorman One Bedrooms $4,294 $4,228 1.5%
Doorman Two Bedrooms $6,431 $6,182 3.9%

• One bedroom and two bedrooms prices decreased the most this month, by 6.6% and 7.4%, respectively. Both drops were the largest of each of their unit type; one bedroom doorman units and two bedroom doorman units.
• Since last year, prices in Battery Park City have decreased 4.5%.

battery park city studio apartment price trends battery park one bedroom prices battery park city two bedroom apartment price trends

• Prices have remained relatively stable over the last year, decreasing an average of only 0.3%. Over the last month, price changes were also fairly minimal, the greatest being a 3.5% decrease in the price of one bedroom doorman units, and the smallest being a 0.3% increase in the price of one bedroom non doorman units.

chelsea studio apartment price trends chelsea one bedroom apartment price trends chelsea two bedroom apartment price trends

• Price changes were small this month, averaging a 0.8% decrease over the last month. Prices have remained stable since last August as well­, rising only 0.4%.

east village studio apartment price trends east village one bedroom apartment prices east village two bedroom apartment price trends

• Although prices only increased an average of 2.3% this month, price changes varied greatly between unit type. The largest change of any neighborhood occurred in the Financial District this month- an increase of 17.8% in the price of studio non doorman units. The greatest change in the price of one bedroom non doorman units was also in the Financial District this month- a decrease of 7.8%. Prices in the Financial District have increased an average of 8.0% over the last twelve months.

financial district nyc studio apartment prices financial district one bedroom apartments financial district two bedroom apartment price trends

• Prices in Gramercy this month increased an average of 0.9%. The largest change this month was in the price of two bedroom doorman units- an increase of 6.1%. Prices have increased 0.3% over the last year.

gramercy studio apartment trends gramercy one bedroom apartment price trends gramercy two bedroom apartment price trends

• Prices have increased by 2.9% over the last year, and have decreased by 1.2% this month. If this monthly change is broken down by unit type, changes are not severe. The largest change was a 5.0% decrease in the price of one bedroom non doorman units.

greenwich village studio apartment prices greenwich village one bedroom apartment prices greenwich village two bedroom apartment prices

• The largest price change this month was the 7.3% increase in the price of studio doorman units, and the smallest price change was the 1.1% increase in the price of two bedroom non doorman units. The average change this month was +0.2% and -0.4% over the last twelve months.

harlem studio apartment price trends harlem one bedroom prices harlem two bedroom apartment price trends

• While the prices of two bedroom non doorman units increased by 6.0% over the last month, changes in all other types of units were no more than by 2.1% (increase or decrease), marking a relatively stable month. Prices have also been stable over the last year, decreasing by 1.7% on average.

lower east side studio apartment prices lower east side one bedroom apartment price trends lower east side two bedroom apartment price trends

• he prices of studio non doorman units increased by 7.3% this month, followed by a 4.5% increase in the price of one bedroom non doorman units. On average prices decreased by 0.2% this month.
• Prices have remained relatively stable in Midtown East, decreasing by only 0.3% over the last year.

midtown east studio apartment price trends midtown east one bedroom price trends midtown east two bedroom price trends

• Prices in Midtown West have decreased by 2.5% over the last year and by 0.7% over the last month. The largest changes this month were the 5.5% and 4.8% decreases in the prices of studio non doorman units and one bedroom non doorman units, respectively.

midtown west studio apartment price trends midtown west one bedroom price trends midtown west two bedroom apartment price trends

• Prices in Murray Hill have decreased by 2.0% over the last year and have increased by 0.2% over the last month. Changes in the prices of different types of units were minimal, with a maximum change of +3.1% in the price of studio doorman units.

murray hill studio apartment price trends murray hill one bedroom apartment price trends murray hill two bedroom apartment price trends

• Prices have increased 14.8% over the last year, and by 1.5% over the last month. The largest price increases this month were by 5.6% and 5.8%, in the price of studio non doorman units and two bedroom doorman units, respectively. These large changes can be attributed in part to low inventory.

soho studio apartment prices soho one bedroom apartment price trends soho two bedroom apartment prices

• Prices have increased 2.8% over the last year. Changes in two bedroom prices were very minimal- non doorman unit prices fell 0.003%, and doorman unit prices rose 0.8%. Over the last month, prices have deceased an average of 0.3%.

tribeca studio apartment prices tribeca one bedroom apartment price trends tribeca two bedroom apartment prices

• Prices have remained stable over the last month, changing by no more than 3.1% (the price of one bedroom non doorman units fell 3.1%). Studio non doorman prices, for instance, increased by only 0.1%, and two bedroom non doorman prices have decreased by only 0.6%. Since last August, prices on the Upper East Side have decreased by 2.7%.

upper east side studio apartment price trends upper east side one bedroom price trends upper east side two bedroom price trends

• Over the last year, Upper West Side Prices have increased by 1.5%. Over the last month, prices have decreased by an average of 0.2%. Studio non doorman prices changed the most over the last month, up 3.0% since July.

upper west side studio apartment price trends upper west side one bedroom price trends upper west side two bedroom price trends

The Report Explained

The 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 155th 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 and 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.

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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 -Brooklyn Rental Market Report- with a link back to its original location (http://www.mns.com/manhattan_rental_market_report)

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