Manhattan Rental Market Report | MNS is Real Impact Real Estate

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MANHATTAN
RENTAL MARKET REPORT

April 2016

Introduction

Average rent across Manhattan increased by 2.79% this month, from $3,850.26 in March 2016 to $3,957.56 in April 2016.

A Quick Look

Average rent across Manhattan increased by 2.79% this month, from $3,850.26 in March 2016 to $3,957.56 in April 2016. Inventory levels too increased by 13.23% from 8,607 in March 2016 to 9,746. The ratio of Non-Doorman units to Doorman units in all of Manhattan changed from 40.1% (NDM) and 59.9% (DM) to 42.7% (NDM) and 57.3% (DM). From an annual perspective, rents increased by 0.5% since April 2015, from $3,939 to $3,958.
It is important to note that the following neighborhoods consisted of a sample size of less than 20 units at the time the sample was taken: Studios – Financial District (NDM), Lower East Side (DM), SoHo (NDM) & (DM), TriBeCa (NDM); One Bedrooms – SoHo (DM), TriBeCa (NDM); Two Bedrooms – East Village (DM), Gramercy (DM), Lower East Side (DM), SoHo (DM), TribeCa (NDM).
Manhattan is beginning to see steady increases in both prices and inventory levels this month. With a 13.23% increase in inventory, many more leases have begun to turnaround. From a monthly average rent perspective, all neighborhoods saw increases, with the exception of Battery Park City and Gramercy Park which remained relatively unchanged at -0.1% and -0.03%, respectively.
The largest increases in rent were seen in both SoHo and TriBeCa, which increased by 8.9% and 8.8%, respectively. Not far behind was Harlem, which increased by 5.5% as both doorman prices and inventory levels increased. From an annual perspective, the largest increases in rental prices were seen in TriBeCa (4.9%) and the Upper West Side (4.2%). The largest decreases were seen in SoHo (-3.6%) and the Financial District (-5.2%).

A Quick Look

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

Where Prices Decreased(monthly)

Battery Park City
Doorman One-Bedroom -1.3% Doorman Two-Bedroom -0.1%
Chelsea
Doorman One-Bedroom -0.1% Doorman Two-Bedroom -0.5%
Financial District
Non-Doorman Studios -2.2% Doorman One-Bedroom -2.4% Doorman Two-Bedroom -0.6%
Gramercy
Doorman Two-Bedroom -4.8%
Greenwich Village
Non-Doorman Studios -2.2%
Lower East Side
Non-Doorman Studios -2.2%
Midtown East
Non-Doorman Studios -2.1% Doorman Two-Bedroom -0.4%
Midtown West
Non-Doorman One-Bedroom -1.3% Doorman Two-Bedroom -2.1%
SoHo
Non-Doorman Two-Bedroom -8.4%
Tribeca
Non-Doorman Two-Bedroom -1.3%
Upper West Side
Doorman Studios -0.3% Doorman One-Bedroom -1.9%

Where Prices Increased(monthly)

Battery Park City
Doorman Studios 1.1% Doorman One-Bedroom 1.3%
Chelsea
Non-Doorman Studios 3.0% Doorman Studios 0.2% Non-Doorman One-Bedroom 5.3% Non-Doorman Two-Bedroom 2.1%
East Village
Non-Doorman Studios 1.9% Non-Doorman One-Bedroom 0.1% Non-Doorman Two-Bedroom 1.4% Doorman Studios 0.3% Doorman One-Bedroom 4.5% Doorman Two-Bedroom 6.5%
Financial District
Doorman Studios 1.5% Non-Doorman One-Bedroom 2.4% Non-Doorman Two-Bedroom 4.4%
Gramercy
Non-Doorman Studios 1.6% Doorman Studios 1.2% Non-Doorman One-Bedroom 0.8% Doorman One-Bedroom 0.9% Non-Doorman Two-Bedroom 3.4%
Greenwich Village
Doorman Studios 4.2% Non-Doorman One-Bedroom 5.2% Doorman One-Bedroom 6.5% Doorman Two-Bedroom 0.2% Non-Doorman Two-Bedroom 2.9%
Harlem
Non-Doorman Studios 2.3% Doorman Studios 4.1% Non-Doorman One-Bedroom 1.1% Doorman One-Bedroom 9.2% Non-Doorman Two-Bedroom 4.2% Doorman Two-Bedroom 8.7%
Lower East Side
Doorman Studios 11.2% Doorman One-Bedroom 5.0% Non-Doorman One-Bedroom 4.0% Doorman Two-Bedroom 3.5% Non-Doorman Two-Bedroom 1.1%
Midtown East
Doorman Studios 1.0% Non-Doorman One-Bedroom 1.0% Doorman One-Bedroom 0.7% Non-Doorman Two-Bedroom 1.3%
Midtown West
Doorman Studios 0.0% Non-Doorman Studios 1.5% Doorman One-Bedroom 0.1% Non-Doorman Two-Bedroom 3.9%
Murray Hill
Non-Doorman Studios 3.5% Doorman Studios 5.7% Non-Doorman One-Bedroom 1.2% Doorman One-Bedroom 3.8% Non-Doorman Two-Bedroom 1.6% Doorman Two-Bedroom 0.2%
SoHo
Doorman Studios 4.3% Non-Doorman Studios 4.3% Doorman One-Bedroom 21.4% Non-Doorman One-Bedroom 30.4% Doorman Two-Bedroom 6.3%
Tribeca
Non-Doorman Studios 17.7% Doorman Studios 1.8% Non-Doorman One-Bedroom 30.2% Doorman One-Bedroom 3.6% Doorman Two-Bedroom 9.8%
Upper East Side
Non-Doorman Studios 1.7% Doorman Studios 0.9% Non-Doorman One-Bedroom 0.2% Doorman One-Bedroom 1.1% Non-Doorman Two-Bedroom 0.9% Doorman Two-Bedroom 1.9%
Upper West Side
Non-Doorman Studios 0.4% Non-Doorman One-Bedroom 2.3% Doorman Two-Bedroom 3.5% Non-Doorman Two-Bedroom 2.4%
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: April 2015 vs. April 2016
Type April '15 April '16 Change
Non-Doorman Studios $2,456 $2,442 0.6%
Non-Doorman One Bedrooms $3,081 $3,299 7.1%
Non-Doorman Two Bedrooms $4,271 $4,262 0.2%
Manhattan Doorman Rents: April 2015 vs. April 2016
Type April '15 April '16 Change
Doorman Studios $3,167 $3,008 5.0%
Doorman One Bedrooms $4,233 $4,254 0.5%
Doorman Two Bedrooms $6,184 $6,229 0.7%

• The monthly average rent remained stable, moving by only -0.2%, as the annual average rent increased by 2.6%.

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

• The Non-Doorman sector saw growth across all unit classes this month, moving between 2.1% and 5.3%, as the Doorman sector remained \ stable, moving between +/-0.5%

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

• The monthly average rent increased from 0.3% to 6.5% across all unit classes and amongst both NDM and DM units, with an overall increase of 3.1%.
• The annual average rent grew by 1.7%

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

• The overall average rent remained stable this month, moving by only 0.7%.

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

• Gramercy rents remained stable and relatively unchanged again this month with an overall average -0.03% price change, while the annual average rent increased by 2.5%.

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

• Overall average rents increased by 2.8% this month, led by a 5.2% and 6.5% increase in the rents of NDM and DM One Bedroom units, respectively.

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

• Picking up since last month, all unit classes saw increases, particularly amongst the doorman sector, which saw increases between 4.1% and 9.1%.
• Overall, the average rent increased by 5.5%

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

• The doorman sector saw large increases this month, particularly amongst Studio units, which increased by 11.2% as new listings from 229 Chrystie entered the market.

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

• Midtown East remained stable this month, moving by only 0.3%.

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

• Like Midtown East, Midtown West remained stable, moving by only 0.05% since last month.
• We also saw a 12% decrease in inventory levels.

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

• Average rent increased by 2.3% since last month, as all unit classes increased between 0.2% and 5.7%.
• Doorman Studio and One Bedrooms units saw the largest increases, at 5.7% and 3.8%, respectively

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

• SoHo saw a 10.2% increase in inventory this month, as the overall average rent increased by 8.9%.

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

• Like SoHo, TriBeCa inventory levels too increased at a rate of 18.2%, as the overall average rent increased by 8.8%

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

• All unit classes saw slight increases this month, with an overall average movement of 1.2%. • From an annual perspective, average rents increased by 3.2%

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

• With all unit classes moving between -1.9% and 3.5%, the overall average rent increased by 1.4% as the annual average rent increased by 4.2%

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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