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Manhattan Rental Market Report

Updated: June 2009

Fri, 01 May 2009 18:00:00 +0000

Table of Contents

  1. Letter From Our Chief Operating Officer
  2. A Quick Look
  3. Mean Manhattan Rental Prices
  4. Manhattan Price Trends
  5. Neighborhood Price Trends
  6. The Report Explained


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Letter From Our Chief Operating Officer

On behalf of The Real Estate Group, I am pleased to present the June 2009 edition of our Manhattan Rental Market Report, the only research on the city's rental rates published on a monthly basis.

As we mentioned last month, the summer busy season appears to be bringing demand back to the market. And June, in fact, marks the first month where both non-doorman and doorman vacancies have declined since September of 2008.

That said, rents have not rebounded as of yet. Year-over-year comparisons show that prices are still lagging 2008 by as much as 12.30% in doorman one-bedroom units. On a month-to-month basis, however, rents are beginning to stabilize in most categories. The only category to post a decline this month was non-doorman two-bedroom units, which fell 2.56%.

Yet, while there has been some leveling off of asking rents over the past few months, demand does not appear to be enough to uplift rents as we've become accustomed to seeing in the summer months. Additionally we've noticed landlords, that had been previously testing the market by removing tenant concessions, have added these incentives back into the mix this month.

I continue to caution landlords to carefully monitor their properties this summer and avoid being caught with excess inventory come fall. While Manhattan's rental market may be showing some signs of improvement, these should not be interpreted as the road to recovery just yet.

Sincerely,


Daniel Baum, C.O.O.
The Real Estate Group

A Quick Look

May Average Rental Prices in Manhattan

  Non-Doorman Doorman
  Most Expensive Least Expensive Most Expensive Least Expensive
Studios TriBeCa, $3238 Harlem, $1381 SoHo, $3005 Harlem, $1358
One-bedrooms TriBeCa, $4075 Harlem, $1670 SoHo, $4194 Harlem, $1856
Two-bedrooms TriBeCa, $6885 Harlem, $2118 SoHo, $6276 Harlem, $2899

Greatest Changes Since May

  Non-Doorman Doorman
Studios Financial District 13.96% ($307) SoHo 9.59% ($263)
One-bedrooms Lower East Side -8.93% (-$217) Lower East Side 11.30% ($310)
Two-bedrooms Lower East Side -8.93% (-$323) Midtown East 10.35% ($509)

Year-over-year Changes

  Non-Doorman Doorman
  June '08 June '09 Change June '08 June '09 Change
Studios $2190 $1996 -8.85% $2642 $2347 -11.16%
One-bedrooms $2859 $2617 -8.45% $3786 $3320 -12.30%
Two-bedrooms $4069 $3610 -11.28% $5700 $5148 -9.68%

Notable Trends

Manhattan sees some uptick — Although still down significantly in year-over-year comparisons, rents appear to be stabilizing again this month. Most units hovered around a 1% uptick, with only non-doorman two-bedrooms down 2.56%.

Vacancies see some relief — For the first time since September of 2008, vacancies are down in both doorman and non-doorman units this month as summer seasonality is helping to rid the market of excess inventory. Non-doorman units saw a decrease of 4.36% – a much needed break for these landlords who have not seen a significant decline in nine months – and doorman vacancies also fell 1.98%.

Stopping the rain — Seasonality may be helping transactions this month, but its still just as rainy for the rental market as Manhattan has been this month. Prices are down by as much as 12.30% in year-over-year comparisons – doorman one-bedrooms – with non-doorman two-bedrooms and doorman studios also showing significant declines of 11.28% and 11.16%. So, while activity may be picking up, the rental market is still gloomy.

Where Prices Decreased

Harlem—Doorman studios (-1.75%), doorman one-bedrooms (-3.69%), doorman two-bedrooms (-1.95%)

Upper West Side—Non-doorman studios (-0.89%), non-doorman one-bedrooms (-2.80%), non-doorman two-bedrooms (-5.40%), doorman two-bedrooms (-3.95%)

Upper East Side—Doorman studios (-0.81%), doorman one-bedrooms (-1.56%), non-doorman two-bedrooms (-0.43%), doorman two-bedrooms (-1.23%)

Midtown West—Non-doorman two-bedrooms (-1.99%), non-doorman two-bedrooms (-0.79%)

Midtown East—Doorman studios (-0.17%), non-doorman one-bedrooms (-1.31%), non-doorman two-bedrooms (-7.56%)

Murray Hill—Non-doorman studios (-1.20%), doorman one-bedrooms (-2.89%), non-doorman two-bedrooms (-4.88%), doorman two-bedrooms (-0.59%)

Chelsea—Non-doorman studios (-7.40%), doorman studios (-4.40%), non-doorman one-bedrooms (-5.11%), doorman one-bedrooms (-0.74%), doorman two-bedrooms (-3.80%)

Gramercy Park—Doorman studios (-2.89%), doorman one-bedrooms (-0.51%)

Greenwich Village—Doorman studios (-2.19%), non-doorman one-bedrooms (-2.72%), non-doorman two-bedrooms (-4.19%), doorman two-bedrooms (-5.64%)

East Village—Non-doorman studios (-0.22%), non-doorman one-bedrooms (-0.79%), non-doorman two-bedrooms (-3.40%)

SoHo—Doorman one-bedrooms (-1.22%), non-doorman two-bedrooms (-1.92%), doorman two-bedrooms (-9.51%)

Lower East Side—Non-doorman studios (-5.35%), non-doorman one-bedrooms (-8.93%), non-doorman two-bedrooms (-8.93%)

TriBeCa—Non-doorman studios (-1.39%), doorman one-bedrooms (-1.04%), non-doorman two-bedrooms (-3.63%)

Financial District—Doorman studios (-0.49%), non-doorman two-bedrooms (-1.40%), doorman two-bedrooms (-0.78%)

Battery Park City—Doorman studios (-1.06%), doorman one-bedrooms (-4.32%)

Where Prices Increased

Harlem—Non-doorman studios (8.14%), non-doorman one-bedrooms (3.67%), non-doorman two-bedrooms (2.19%)

Upper West Side—Doorman studios (2.26%), doorman one-bedrooms (0.21%)

Upper East Side—Non-doorman studios (1.60%), non-doorman one-bedrooms (0.31%)

Midtown West—Non-doorman studios (2.31%), doorman studios (3.58%), non-doorman one-bedrooms (5.44%), doorman one-bedrooms (0.38%)

Midtown East—Non-doorman studios (2.00%), doorman one-bedrooms (7.82%), doorman two-bedrooms (10.35%)

Murray Hill—Doorman studios (1.46%), non-doorman one-bedrooms (1.14%)

Chelsea—Non-doorman two-bedrooms (5.35%)

Gramercy Park—Non-doorman studios (5.45%), non-doorman one-bedrooms (0.55%), non-doorman two-bedrooms (1.86%), doorman two-bedrooms (2.38%)

Greenwich Village—Non-doorman studios (0.72%), doorman one-bedrooms (2.03%)

East Village—Doorman studios (0.80%), doorman one-bedrooms (2.80%), doorman two-bedrooms (3.75%)

SoHo—Non-doorman studios (1.43%), doorman studios (9.59%), non-doorman one-bedrooms (7.30%)

Lower East Side—Doorman studios (1.53%), doorman one-bedrooms (11.30%), doorman two-bedrooms (10.33%)

TriBeCa—Doorman studios (2.22%), non-doorman one-bedrooms (4.46%), doorman two-bedrooms (8.12%)

Financial District—Non-doorman studios (13.69%), non-doorman one-bedrooms (3.87%), doorman one-bedrooms (1.29%)

Battery Park City—Doorman two-bedrooms (9.32%)

Tips for Renters

Mean Manhattan Rental Prices

The Mean Rental Price graphs illustrate average monthly rents for studios, one–bedrooms and two–bedrooms in doorman and non–doorman buildings in Manhattan for the month of June 2009. Graphs tracking citywide and neighborhood price changes over a rolling 13-month period follow.

citywide apartment prices in manhattan

studio apartment prices across manhattan

one bedroom apartment prices across manhattan

two bedroom apartment prices across manhattan

Manhattan Price Trends

manhattan studio apartment price trends

manhattan one bedroom apartment price trends

manhattan two bedroom price trends

Neighborhood Price Trends

Upper West Side

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upper west side studio apartment price trends

upper west side one bedroom price trends

upper west side two bedroom price trends

Upper East Side

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upper east side studio apartment price trends

upper east side one bedroom price trends

upper east side two bedroom price trends

Midtown West

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midtown west studio apartment price trends

midtown west one bedroom price trends

midtown west two bedroom apartment price trends

Midtown East

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midtown east studio apartment price trends

midtown east one bedroom price trends

midtown east two bedroom price trends

Murray Hill

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murray hill studio apartment price trends

murray hill one bedroom apartment price trends

murray hill two bedroom apartment price trends

Chelsea

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chelsea studio apartment price trends

chelsea one bedroom apartment price trends

chelsea two bedroom apartment price trends

Gramercy Park

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gramercy studio apartment trends

gramercy one bedroom apartment price trends

gramercy two bedroom apartment price trends

Greenwich Village

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greenwich village studio apartment prices

greenwich village one bedroom apartment prices

greenwich village two bedroom apartment prices

East Village

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east village studio apartment price trends

east village one bedroom apartment prices

east village two bedroom apartment price trends

SoHo

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soho studio apartment prices

soho one bedroom apartment price trends

soho two bedroom apartment prices

Lower East Side

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lower east side studio apartment prices

lower east side one bedroom apartment price trends

lower east side two bedroom apartment price trends

TriBeCa

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tribeca studio apartment prices

tribeca one bedroom apartment price trends

tribeca two bedroom apartment prices

Financial District

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financial district nyc studio apartment prices

financial district one bedroom apartments

financial district two bedroom apartment price trends

Battery Park City

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battery park city studio apartment price trends

battery park one bedroom prices

battery park city two bedroom apartment price trends

Harlem

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harlem studio apartment price trends

harlem one bedroom prices

harlem two bedroom apartment price trends

The Report Explained

The Manhattan Rental Market Report is the only report that 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 TREGNY 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).

Contact us now: 212.475.9000

Note: All market data is collected and compiled by The Real Estate Group’s marketing department and is overseen by C.O.O. Daniel Baum. The information presented here are 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 (http://www.tregny.com/manhattan_rental_market_report).