REPORTS

GUIDES

MANHATTAN
RENTAL MARKET REPORT

December 2014

Introduction

Average rent across Manhattan increased by 2.1% compared to this time last year, from $3,756 in December 2013 to $3,836 in December 2014.

A Quick Look

Rent prices in Manhattan increased by approximately 0.29% from $3,824 in November 2014 to $3,836 in December 2014. Listing inventory decreased less than 1% compared to November 2014 from 7,576 rental units to 7,538 rental units in December 2014. The ratio of Non-Doorman Units to Doorman units in all of Manhattan changed from 40.5% (NDM) and 59.5% (DM) in November 2014 to 42.1% (NDM) and 57.9% (DM) in December 2014.

With minimal changes in rental prices and inventory levels, the Manhattan market is relatively stable this month, normal for this time of year. The largest percentage increases in monthly rent prices were seen amongst all sized doorman units in East Village, driving an overall monthly change of 13.6%. The largest percentage decreases were seen in 1 bedroom non doorman units in Soho and Tribeca, where prices decreased 15.6% and 24.4%, respectively. It should, however, be noted that the overall inventory sample of units in both neighborhoods were the lowest in Manhattan.

The largest annual shifts in rent prices were seen in the Harlem and Gramercy. Rent increased by 16.2% in Harlem compared to December 2013, from $2,313 to $3,465, and decreased by 6% in Gramercy from $3,861 to $3,629.

The largest increase in inventory levels was seen in Chelsea at 14.3% where an additional 76 units were added to the market. The greatest decrease was in Gramercy where listing inventory fell 20%.

A Quick Look

Non-Doorman Buildings (Average Prices)
Doorman Buildings (Average Prices)

Where Prices Decreased(monthly)

Battery Park City
Doorman Studios -0.3%
Chelsea
Non-Doorman One-Bedroom -2.0%
East Village
Non-Doorman Studios -4.2%, Non-Doorman One-Bedroom -6.1%, Non-Doorman Two-Bedroom -8.9%
Financial District
Non-Doorman One-Bedroom -11.7%, Doorman One-Bedroom -1.5%, Non-Doorman Two-Bedroom -1.6%
Gramercy
Non-Doorman Studios -1.5%, Non-Doorman One-Bedroom -4.4%, Doorman One-Bedroom -1.4%, Non-Doorman Two-Bedroom -9.1%, Doorman Two-Bedroom -14.69%
Greenwich Village
Doorman Studios -2.2%, Doorman One-Bedroom -0.8%, Non-Doorman One-Bedroom -3.3%, Non-Doorman Two-Bedroom -6.0%
Harlem
Non-Doorman Studios -2.5%, Doorman Studios -8.5%, Doorman One-Bedroom -6.4%, Non-Doorman Two-Bedroom -4.2%
Lower East Side
Non-Doorman Studios-18.3%, Doorman Studios -11.7%, Non-Doorman One-Bedroom -5.2%, Non-Doorman Two-Bedroom -2.7%
Midtown East
Doorman Studios -0.2%, Non-Doorman Studios -2.9%
Midtown West
Non-Doorman Studios -1.0%, Doorman One-Bedroom -0.1%, Non-Doorman One-Bedroom -0.2%, Doorman Two-Bedroom -3.6%
Murray Hill
Non-Doorman Studios -2.1%, Non-Doorman Two-Bedroom -14.4%, Doorman Two-Bedroom -0.7%
SoHo
Doorman One-Bedroom -7.5%, Non-Doorman One-Bedroom -15.6%, Non-Doorman Two-Bedroom -5.1%
Tribeca
Non-Doorman One-Bedroom -24.4%
Upper East Side
Non-Doorman Studios -0.7%, Doorman Studios -0.5%, Non-Doorman One-Bedroom -2.2%
Upper West Side
Non-Doorman Studios -1.5%, Non-Doorman One-Bedroom -1.6%, Non-Doorman Two-Bedroom -1.2%, Doorman Two-Bedroom -0.6%

Where Prices Increased(monthly)

Battery Park City
Doorman One-Bedroom 5.0%, Doorman Two-Bedroom 6.0%
Chelsea
Non-Doorman Studios 5.0%, Doorman Studios 2.1%, Doorman One-Bedroom 2.6%, Doorman Two-Bedroom 0.0%, Non-Doorman Two-Bedroom 1.8%
East Village
Doorman Studios 32.4%, Doorman One-Bedroom 27.3%, Doorman Two-Bedroom 36.8%
Financial District
Non-Doorman Studios 0.1%, Doorman Studios 0.3%, Doorman Two-Bedroom 3.3%
Gramercy
Doorman Studios 0.1%, Greenwich Village
Non-Doorman Studios 19.4%, Doorman Two-Bedroom 3.1%
Harlem
Non-Doorman One-Bedroom 0.9%, Doorman Two-Bedroom 0.2%
Lower East Side
Doorman One-Bedroom 6.2%, Doorman Two-Bedroom 15.3%
Midtown East
Non-Doorman One-Bedroom 4.3%, Doorman One-Bedroom 7.6%, Doorman Two-Bedroom 2.0%, Non-Doorman Two-Bedroom 3.2%
Midtown West
Doorman Studios 1.8%, Non-Doorman Two-Bedroom 0.2%
Murray Hill
Doorman Studios 2.5%, Non-Doorman One-Bedroom 1.1%, Doorman One-Bedroom 1.6%
SoHo
Non-Doorman Studios 21.3%, Doorman Two-Bedroom 10.1%
Tribeca
Non-Doorman Studios 3.8%, Doorman Studios 4.8%, Doorman One-Bedroom 0.0%, Doorman Two-Bedroom 5.5%, Non-Doorman Two-Bedroom 1.9%
Upper East Side
Doorman One-Bedroom 1.8%, Non-Doorman Two-Bedroom 0.5%, Doorman Two-Bedroom 0.5%
Upper West Side
Doorman Studios 0.3%, Doorman One-Bedroom 0.1%
manhattan quick look studios manhattan quick look 1 bed manhattan quick look 2 bed manhattan quick look 2 bed

Year-Over-Year Changes

Manhattan Non-Doorman Rents: December 2013 vs. December 2014
  December '13 December '14 Change
Studios $2,390 $2,366 -1.0%
One Bedroom $3,126 $3,051 -2.4%
Two Bedroom $4,091 $4,133 1.0%
Manhattan Doorman Rents: December 2013 vs. December 2014
  December '13 December '14 Change
Studios $2,794 $2,970 6.3%
One-bedrooms $3,984 $4,045 1.5%
Two-bedrooms $5,922 $6,033 1.9%

• Overall average monthly and annual rental prices experienced a 4.2% and 0.8% increase respectively

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

• The Chelsea neighborhood experienced a slow and stable growth of 1.3% in overall monthly averages.

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

• The immense growth of 13.6% in monthly average rent was the result of a 32.4%, 27.3% and 36.8% increase in all doorman apartments. Non-doorman apartments saw decreases ranging from 4.2% to 8.9%.

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

• Although non-doorman one bedroom monthly average rent dropped by 11.7%, smaller fluctuations across the other unit classes resulted in an overall change of -1.7%. Annual average rent increased by 3%.

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

• Both monthly average and annual prices fell by 6.7% and 6.0%, respectively, due to significant decreases in doorman (-14.7%) and non-doorman two bedroom units (-9.1%).

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

• Non-doorman studio rent increased by 19.4% this month, as several higher priced units entered the market.

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

• Although overall monthly average rents fell by 3.4%, the annual prices increased a significant 16.2%, due to various luxury listings entering the market throughout the year, such as 1 Morningside Dr, 1214 Fifth Ave, 272 Manhattan Ave, 2270 FDB, and the Adeline at 23 West 116th Street.

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

• Studio rent for doorman and non-doorman units decreased substantially by 11.7% and 18.3%, respectively, since last month; however, the annual prices grew a more conservative 6%.

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

• Overall monthly average and annual prices increased by 2.6% and 2.4% respectively.

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

• This neighborhood remained stable without any drastic rent fluctuations, with prices changing an average of -0.9% since last month.

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

• A monthly overall average decrease of 2.5% was led by a 14.4% decrease in Two Bedroom Non-Doorman Units and balanced by fluctuations between 2.1% and 2.5% across the other unit classes.

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

• Drastic rent fluctuations occurred across all unit classes with the largest increase seen in studio doorman units (21.3%) and largest decrease in 1 bedroom non-doorman units (-15.6%). These changes balanced the overall monthly average at 2%. It is important to note the Soho has the least amount of inventory this month compared to the other Manhattan neighborhoods.

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

• Although one bedroom non-doorman units decreased by 24.4%, the sample size was relatively small and can be misleading toward an overall monthly average of -2.3%.

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

• Both monthly and annual rent prices remained stable with monthly prices growing by only 0.1% and annual prices increasing by 1%.

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

• This neighborhood remained stable with both monthly and annual prices decreasing by only 0.7%.

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.

CONTACT US NOW: 212.475.9000

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)

Manhattan rental
market report archive

Tools

  • Determine if it's better to rent or to buy by filling in a few numbers and percentages.

  • Check out samples of leases and riders you will find throughout the Manhattan rental market.

  • A list of maps and transit options available in New York City and beyond.

  • Print out our moving checklist so you can be sure to have all your ducks in a row before you move.

  • Know the pertinent steps to buying an apartment in Manhattan. The guidance you receive can make or break your deal. Know before you go.

  • We know real estate terms and abbreviations can get confusing, so we’ve put together a list of terms and definitions for you.