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MANHATTAN
RENTAL MARKET REPORT

June 2014

Introduction

Rents in Manhattan fell compared to the previous month, decreasing 1.18% from $3,861 in May 2014 to $3,816 in June 2014. The listing inventory throughout the entire borough increased 4% from the previous month, up to 8,272 from 7,921 in May. The largest monthly change was seen in TriBeCa, where an influx of lower priced Non-Doorman units in all unit size categories brought down average rents. The highest positive year-over-year change was again seen in Harlem, marking the fifth consecutive month of this trend.

A Quick Look

RRent prices in Manhattan fell by approximately 1.2% from $3,861 in May to $3,816 in June. Rent prices also fell 0.7% from $3,842 to $3,816 compared to June of 2013. Listing inventory increased 4% compared to May 2014 from 7,921 units to 8,272 units. The overall ratio of Non-Doorman units to Doorman units stayed the same in all neighborhoods compared to May at 43% and 57% except for in TriBeCa where the percentage of Non-Doorman units rose from 16% to 51% within the past month.

The market appears to have slowed down a bit compared to May 2014. The largest percentage increases in rent prices were seen in Non-Doorman Studio units in Harlem and the Lower East Side. The largest percentage decreases were seen in Doorman Two Bedroom units in the Lower East Side and Non-Doorman Studio units on TriBeCa.

The largest annual shift in rent prices were seen in Harlem and Gramercy. Rents rose 7.1% in Harlem compared to June 2013 from $2,255 to $2,414. Rents fell by 7% in Gramercy from $3,861 to $3,591.

The largest rate of increase in listing inventory was in Upper West Side once again where 131 new units came to market, a 9.6% increase in inventory from last month. Similarly, TriBeCa’s market received 40 new listings, a 28.6% increase compared to last month.

A Quick Look

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

Where Prices Decreased(monthly)

Chelsea
Doorman Studios -0.2%, Doorman One-Bedroom -2.4%, Doorman Two-Bedroom -0.7%, Non-Doorman Studios -2.9%, Non-Doorman Two-Bedroom -0.5%
East Village
Doorman Studios -0.2%, Doorman One-Bedroom -1.1%, Doorman Two-Bedroom -2.3%, Non-Doorman One-Bedroom -0.2%
Gramercy
Doorman Studios -0.2%, Non-Doorman One-Bedroom -4.0%
Greenwich Village
Doorman Studios -5.7%, Doorman Two-Bedroom -4.2%, Non-Doorman Studios -5.2%, Non-Doorman Two-Bedroom -1.2%
Harlem
Doorman Studios -2.9%, Doorman One-Bedroom -1.1%, Doorman Two-Bedroom -3.4%, Non-Doorman One-Bedroom -1.0%, Non-Doorman Two-Bedroom -3.6%
Lower East Side
Doorman One-Bedroom -5.6%, Doorman Two-Bedroom -13.7%, Non-Doorman Two-Bedroom -1.0%
Midtown East
Doorman Studios -0.4%, Doorman Two-Bedroom -1.2%, Non-Doorman Studios -2.1%, Non-Doorman One-Bedroom -1.5%
Midtown West
Doorman One-Bedroom -1.7%, Non-Doorman Studios -1.8%, Non-Doorman Two-Bedroom -5.1%
Murray Hill
Doorman One-Bedroom -1.3%, Doorman Two-Bedroom -2.8%, Non-Doorman Studios -0.4%, Non-Doorman Two-Bedroom -0.1%
SoHo
Doorman Two-Bedroom -2.2%, Non-Doorman Studios -7.1%, Non-Doorman One-Bedroom -3.8%, Non-Doorman Two-Bedroom -1.5%
Tribeca
Non-Doorman Studios -15.8%, Non-Doorman One-Bedroom -11.2%, Non-Doorman Two-Bedroom -7.4%
Upper East Side
Doorman Two-Bedroom -1.0%, Non-Doorman Studios -4.2%, Non-Doorman One-Bedroom -2.1%, Non-Doorman Two-Bedroom -5.4%
Upper West Side
Doorman Studios -4.4%, Doorman One-Bedroom -0.9%, Doorman Two-Bedroom -4.1%, Non-Doorman Studios -2.4%, Non-Doorman One-Bedroom -0.7%, Non-Doorman Two-Bedroom -1.7%

Where Prices Increased(monthly)

Battery Park City
Doorman Studios 2.3%, Doorman One-Bedroom 1.1%, Doorman Two-Bedroom 2.2%
Chelsea
Non-Doorman One-Bedroom 5.0%
East Village
Non-Doorman Studios 2.4%, Non-Doorman Two-Bedroom 0.6%
Financial District
Doorman Studios 1.4%, Doorman One-Bedroom 2.6%, Doorman Two-Bedroom 1.1%, Non-Doorman Studios 1.9%, Non-Doorman One-Bedroom 1.2%, Non-Doorman Two-Bedroom 3.2%
Gramercy
Doorman One-Bedroom 0.8%, Doorman Two-Bedroom 2.2%, Non-Doorman Studios 5.2%, Non-Doorman Two-Bedroom 5.5%
Greenwich Village
Doorman One-Bedroom 1.3%, Non-Doorman One-Bedroom 0.8%
Harlem
Non-Doorman Studios 9.4%
Lower East Side
Doorman Studios 5.0%, Non-Doorman Studios 9.0%, Non-Doorman One-Bedroom 3.5%
Midtown East
Doorman One-Bedroom 0.2%, Non-Doorman Two-Bedroom 2.0%
Midtown West
Doorman Studios 2.4%, Doorman Two-Bedroom 1.8%, Non-Doorman One-Bedroom 0.9%
Murray Hill
Doorman Studios 0.1%, Non-Doorman One-Bedroom 2.0%
SoHo
Doorman Studios 2.0%, Doorman One-Bedroom 6.9%
Tribeca
Doorman Studios 1.1%, Doorman One-Bedroom 4.2%, Doorman Two-Bedroom 5.0%
Upper East Side
Doorman Studios 1.4%, Doorman One-Bedroom 0.0%
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: June 2013 vs. June 2014
  June '13 June '14 Change
Studios $2,393 $2,449 2.4%
One Bedroom $3,124 $3,141 0.5%
Two Bedroom $4,374 $4,186 -4.3%
Manhattan Doorman Rents: June 2013 vs. June 2014
  June '13 June '14 Change
Studios $2,795 $2,859 2.3%
One-bedrooms $3,987 $4,076 2.2%
Two-bedrooms $6,200 $6,970 -3.7%

• Average rent prices for all unit types all increased slightly, Studios rising 2.3% from $2,831 to $2,896, One Bedrooms rising 1.1% from $3,558 to $3,596, and Two Bedrooms rising 2.2% from $6,359 to $6,496.

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

• Rents for apartment units in Chelsea stayed the same compared to May 2014, dropping only 0.4% from $4,304 to $4,287.

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

• Rent prices remained stable from last month, decreasing 0.6% from $3,630 to $3,611.

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

• Average Doorman One Bedroom rent prices rose 2.6% from $3,850 in May 2014 to $3,949 in June 2014.

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

• Gramercy had the largest downward annual shift in average pricing among all Manhattan neighborhoods at 7% from $3,861 to $3,591.

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

• Rents for Non Doorman Studio units fell 5.2% from $2,722 to $2,579.

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

• Harlem once again saw the highest yearly increase out of all neighborhoods in the borough at 7.1% from $2,255 to $2,414 and Non Doorman Studio unit rents increased 9.4% from $1,637 to $1,790.

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

• Non Doorman Studio unit rents rose 9% from the past month from $2,332 to $2,542 and Doorman Two Bedroom unit rents fell 13.7% from $5,838 to $5,041.

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

• Average rents in Midtown East remained relatively stable with an overall decrease of 0.4% from $3,584 to $3,569. 373 units.

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

• Average rent prices in Midtown West stayed the same compared to May, falling only 0.4% from $3,551 to $3,536.

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

• Average Doorman Studio unit rent prices decreased 0.8% from $3,512 to $3,485.

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

• Average rents for Non-Doorman Studio units fell 7.1% from $2,548 to $2,367.

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

• TriBeCa saw the largest shift in ratio between Non Doorman and Doorman units. The ratio of Non-Doorman units increased from 16% to 51% and the ratio of Doorman units decreased from 84% to 49%.

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

• Upper East Side rents dropped 1.7% from $3,409 to $3,351.

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

• Upper West Side had 131 new units enter the market and rents dropped 2.6% from $3,596 to $3,504.

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)

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