MANHATTAN RENTAL MARKET REPORT JANUARY 2019
TABLE OF CONTENTS 03 INTRODUCTION 04 A QUICK LOOK 07 MEAN MANHATTAN RENTAL PRICES 11 MANHATTAN PRICE TRENDS 12 NEIGHBORHOOD PRICE TRENDS 12 BATTERY PARK CITY 13 CHELSEA 14 EAST VILLAGE 15 FINANCIAL DISTRICT 16 GRAMERCY PARK 17 GREENWICH VILLAGE 18 HARLEM 19 LOWER EAST SIDE 20 MIDTOWN EAST 21 MIDTOWN WEST 22 MURRAY HILL 23 SOHO 24 TRIBECA 25 UPPER EAST SIDE 27 THE REPORT EXPLAINED PAGE 2
INTRODUCTION OVER THE LAST MONTH, THE AVERAGE RENT IN MANHATTAN DECREASED BY 0.24%, FROM $3,943.46 TO $3,933.95. PAGE 3
A QUICK LOOK THROUGH JANUARY, THE AVERAGE RENTAL PRICE IN MANHATTAN DECREASED BY 0.24%, FROM $3,943.46 TO $3,933.95. THE AVERAGE RENTAL PRICE FOR A NON- DOORMAN STUDIO UNIT INCREASED BY 0.8%, FROM $2,599 TO $2,619. THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN ONE-BEDROOM UNIT ALSO INCREASED BY 0.8%, FROM $3,169 TO $3,195. THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN TWO-BEDROOM UNIT DECREASED BY 0.7%, FROM $4,115 TO $4,087. THE AVERAGE RENTAL PRICE FOR A DOORMAN STUDIO UNIT DECREASED BY 0.48%, FROM $3,068 TO $3,053. THE AVERAGE RENTAL PRICE FOR A DOORMAN ONE-BEDROOM UNIT INCREASED BY 0.1%, FROM $4,284 TO $4,287. THE AVERAGE RENTAL PRICE FOR A DOORMAN TWO-BEDROOM UNIT DECREASED BY 1.1%, FROM $6,024 TO $5,956. THIS PAST MONTH, NON-DOORMAN UNITS REPRESENTED 44.5% OF THE RENTAL MARKET, WHILE DOORMAN UNITS COMPRISED THE REMAINING 55.5%. YEAR-OVER-YEAR, NON-DOORMAN STUDIO RENTAL PRICES ARE UP 7.11% WHILE DOORMAN STUDIO RENTAL PRICES ARE DOWN 0.85%. IN THAT SAME SPAN, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN ONE-BEDROOM UNIT DECREASED BY 0.11%, WHILE THE AVERAGE DOORMAN ONE-BEDROOM UNIT SAW ITS AVERAGE RENTAL PRICE INCREASE BY 3.5%. NON-DOORMAN TWO-BEDROOM RENTAL PRICES ARE DOWN 3.71% FROM THIS TIME LAST YEAR WHILE DOORMAN TWO-BEDROOM PRICES ARE DOWN 0.97%. A QUICK LOOK NOTABLE TRENDS: MANHATTAN HIGHS AND LOWS TYPE MOST EXPENSIVE LEAST EXPENSIVE NON-DOORMAN STUDIOS TRIBECA $ 5,750 HARLEM $ 1,863 NON-DOORMAN ONE BEDROOMS TRIBECA $ 5,019 HARLEM $ 2,195 NON-DOORMAN TWO BEDROOMS TRIBECA $ 6,726 HARLEM $ 2,824 TYPE MOST EXPENSIVE LEAST EXPENSIVE DOORMAN STUDIOS TRIBECA $ 3,883 HARLEM $ 2,337 DOORMAN ONE BEDROOMS SOHO $ 6,000 HARLEM $ 2,945 DOORMAN TWO BEDROOMS SOHO $ 7,323 HARLEM $ 3,729 PAGE 4
WHERE PRICES DECREASED (MONTHLY) BATTERY PARK CITY DOORMAN STUDIOS -0.5% DOORMAN ONE-BEDROOM -0.9% CHELSEA DOORMAN STUDIOS -3.7% DOORMAN ONE-BEDROOM -0.4% DOORMAN TWO-BEDROOM -3.9% NON-DOORMAN STUDIOS -1.8% NON-DOORMAN ONE-BEDROOM -0.5% MIDTOWN WEST DOORMAN STUDIOS -1.6% DOORMAN ONE-BEDROOM -1.7% NON-DOORMAN STUDIOS -3.6% NON-DOORMAN TWO-BEDROOM -0.1% MURRAY HILL DOORMAN STUDIOS -0.7% DOORMAN ONE-BEDROOM -0.6% NON-DOORMAN TWO-BEDROOM -1.3% EAST VILLAGE DOORMAN ONE-BEDROOM -5.2% DOORMAN TWO-BEDROOM -5.1% FINANCIAL DISTRICT NON-DOORMAN STUDIOS -5.0% NON-DOORMAN TWO-BEDROOM -4.3% GRAMERCY DOORMAN STUDIOS -5.0% DOORMAN TWO-BEDROOM -6.3% SOHO NON-DOORMAN STUDIOS -6.5% DOORMAN TWO-BEDROOM -11.4% NON-DOORMAN ONE-BEDROOM -3.3% TRIBECA DOORMAN STUDIOS -3.9% DOORMAN TWO-BEDROOM -7.2% DOORMAN ONE-BEDROOM -0.4% NON-DOORMAN ONE-BEDROOM -1.9% NON-DOORMAN TWO-BEDROOM -8.5% GREENWICH VILLAGE DOORMAN STUDIOS -4.0% DOORMAN TWO-BEDROOM -2.2% NON-DOORMAN TWO-BEDROOM -1.2% HARLEM DOORMAN TWO-BEDROOM -5.5% NON-DOORMAN STUDIOS -0.4% UPPER EAST SIDE NON-DOORMAN STUDIOS -0.7% NON-DOORMAN TWO-BEDROOM -0.4% UPPER WEST SIDE DOORMAN ONE-BEDROOM -3.3% NON-DOORMAN TWO-BEDROOM -1.3% MIDTOWN EAST DOORMAN STUDIOS -0.6% DOORMAN ONE-BEDROOM -2.7% NON-DOORMAN ONE-BEDROOM -0.8% PAGE 5
A QUICK LOOK WHERE PRICES INCREASED (MONTHLY) BATTERY PARK CITY DOORMAN TWO-BEDROOM 4.3% CHELSEA NON-DOORMAN TWO-BEDROOM 2.4% EAST VILLAGE DOORMAN STUDIOS 7.2% NON-DOORMAN STUDIOS 0.1% NON-DOORMAN ONE-BEDROOM 3.9% NON-DOORMAN TWO-BEDROOM 1.7% FINANCIAL DISTRICT DOORMAN STUDIOS 0.3% DOORMAN ONE-BEDROOM 2.0% DOORMAN TWO-BEDROOM 1.0% NON-DOORMAN ONE-BEDROOM 1.1% MIDTOWN EAST DOORMAN TWO-BEDROOM 3.2% NON-DOORMAN STUDIOS 4.0% NON-DOORMAN TWO-BEDROOM 2.0% MIDTOWN WEST DOORMAN TWO-BEDROOM 4.3% NON-DOORMAN ONE-BEDROOM 1.9% MURRAY HILL DOORMAN TWO-BEDROOM 1.8% NON-DOORMAN STUDIOS 5.3% NON-DOORMAN ONE-BEDROOM 1.0% SOHO DOORMAN ONE-BEDROOM 5.9% NON-DOORMAN TWO-BEDROOM 3.8% GRAMERCY DOORMAN ONE-BEDROOM 1.1% NON-DOORMAN STUDIOS 1.2% NON-DOORMAN ONE-BEDROOM 5.2% NON-DOORMAN TWO-BEDROOM 3.1% GREENWICH VILLAGE DOORMAN ONE-BEDROOM 2.2% NON-DOORMAN STUDIOS 4.0% NON-DOORMAN ONE-BEDROOM 1.1% HARLEM DOORMAN STUDIOS 3.0% DOORMAN ONE-BEDROOM 1.1% NON-DOORMAN ONE-BEDROOM 0.9% NON-DOORMAN TWO-BEDROOM 0.0% TRIBECA NON-DOORMAN STUDIOS 6.5% UPPER EAST SIDE DOORMAN STUDIOS 0.4% DOORMAN ONE-BEDROOM 0.7% DOORMAN TWO-BEDROOM 1.4% NON-DOORMAN ONE-BEDROOM 1.2% UPPER WEST SIDE DOORMAN STUDIOS 1.0% DOORMAN TWO-BEDROOM 2.8% NON-DOORMAN STUDIOS 0.6% NON-DOORMAN ONE-BEDROOM 1.2% LOWER EAST SIDE DOORMAN STUDIOS 4.7% DOORMAN ONE-BEDROOM 1.5% DOORMAN TWO-BEDROOM 12.5% NON-DOORMAN STUDIOS 2.3% NON-DOORMAN ONE-BEDROOM 5.2% NON-DOORMAN TWO-BEDROOM 1.8% PAGE 6
A QUICK LOOK STUDIOS DOORMAN NON-DOORMAN AVERAGE UNIT PRICES BY NEIGHBORHOOD AVERAGE PRICE MANHATTAN STUDIOS GREATEST CHANGES SINCE DECEMBER $1,863 $2,337 $3,053 7.2%($207.19) STUDIOS-EAST VILLAGE $2,619 5.27%($117.5) STUDIOS-MURRAY HILL $2,146 $2,837 $2,056 $2,792 $2,374 $2,102 $2,969 $2,616 $2,349 $2,943 $2,382 $3,301 $2,634 $2,915 $2,819 $3,536 $2,283 $3,069 $2,719 - $5,750 $3,883 $2,218 $3,389 N/A $3,072 $2,967 $3,081 PAGE 7
A QUICK LOOK 1 BEDS DOORMAN NON-DOORMAN AVERAGE UNIT PRICES BY NEIGHBORHOOD AVERAGE PRICE MANHATTAN 1 BEDS GREATEST CHANGES SINCE DECEMBER $2,195 $2,945 $4,287 5.20%(-$253.5) 1 BEDS-EAST VILLAGE $3,195 5.23%($133.8) 1 BEDS-LES $2,807 $3,776 $2,624 $3,981 $2,719 $2,607 $3,780 $3,949 $2,809 $3,818 $3,209 $4,492 $2,983 $4,262 $3,773 $5,347 $3,028 $4,620 $4,003 $6,000 $5,019 $4,927 $2,690 $4,300 N/A $4,006 $4,269 $4,100 PAGE 8
A QUICK LOOK 2 BEDS DOORMAN NON-DOORMAN AVERAGE UNIT PRICES BY NEIGHBORHOOD AVERAGE PRICE MANHATTAN 2 BEDS GREATEST CHANGES SINCE DECEMBER $2,824 $3,729 $5,956 12.46%($638.7) 2 BEDS-LES $4,087 3.81%($198.5) 2 BEDS-SOHO $3,741 $6,035 $3,210 $6,378 $3,289 $3,194 $5,749 $5,616 $3,627 $5,347 $4,352 $6,525 $3,738 $5,668 $4,981 $6,836 $3,756 $5,136 $5,407 $7,323 $6,726 $6,790 $3,557 $5,765 N/A $6,898 $4,811 $5,543 PAGE 9
A QUICK LOOK -4.2% YEAR OVER YEAR PRICE CHANGE BY NEIGHBORHOOD -1.1% 2.3% > 4.0% CHANGE 1.6% - 3.9% CHANGE 0.5% - 1.5% CHANGE < 0.5% CHANGE -1.4% 2.4% 2.0% -1.3% -0.2% 3.9% -1.3% -2.4% 3.3% 5.4% 3.2% 2.1% YEAR OVER YEAR PRICE CHANGE MANHATTAN RENTS: JANUARY 2018 VS. JANUARY 2019 TYPE JAN 2018 JAN 2019 CHANGE NON-DOORMAN STUDIOS $ 2,445 $ 2,619 7.1% NON-DOORMAN ONE BEDROOMS $ 3,199 $ 3,195 0.1% NON-DOORMAN TWO BEDROOMS $ 4,244 $ 4,087 3.7% TYPE JAN 2018 JAN 2019 CHANGE DOORMAN STUDIOS $ 3,079 $ 3,053 0.9% DOORMAN ONE BEDROOMS $ 4,142 $ 4,287 3.5% DOORMAN TWO BEDROOMS $ 6,014 $ 5,956 1.0% PAGE 10
MANHATTAN PRICE TRENDS 3,200 2,900 2,600 2,300 MANHATTAN STUDIO PRICE TRENDS OVER 13 MONTHS 3,079 3,057 3,111 3,131 3,132 3,085 3,123 3,116 3,118 3,086 3,039 3,068 3,053 2,445 2,577 2,586 2,577 2,547 2,541 2,532 2,619 2,589 2,618 2,576 2,599 2,619 4,500 MANHATTAN ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 2,500 4,142 4,126 4,132 4,317 4,253 4,292 4,349 4,343 4,327 4,345 4,306 4,284 4,287 3,199 3,136 3,177 3,203 3,264 3,335 3,246 3,236 3,259 3,227 3,177 3,169 3,195 MANHATTAN TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 6,500 5,900 5,300 4,700 4,100 6,014 6,079 6,230 6,079 6,024 6,066 6,236 6,194 6,111 6,073 5,999 6,024 5,956 4,244 4,207 4,254 4,247 4,194 4,254 4,285 4,302 4,221 4,166 4,167 4,115 4,087 PAGE 11
BATTERY PARK CITY FOR THE THIRD MONTH IN A ROW, THE AVERAGE RENTAL PRICE IN BATTERY PARK CITY HAS INCREASED. THIS TIME IMPROVING BY 1.72%. BATTERY PARK CITY STUDIO PRICE TRENDS OVER 13 MONTHS 3,900 3,600 3,300 2,700 2,400 2,855 3,190 3,108 3,031 3,261 3,233 3,353 3,347 3,336 3,307 3,165 3,087 3,072 - - - - - - - - - - - - - BATTERY PARK CITY ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 4,450 4,200 3,950 3,700 3,450 3,200 3,993 3,919 3,951 3,832 4,006 3,899 3,982 4,123 4,014 4,076 4,058 4,042 4,006 - - - - - - - - - - - - - BATTERY PARK CITY TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 8,500 7,800 7,100 6,400 5,700 5,000 6,693 6,394 6,654 6,711 6,513 6,601 6,804 6,390 6,874 7,036 7,000 6,611 6,896 - - - - - - - - - - - - - PAGE 12
CHELSEA THE AVERAGE NON-DOORMAN RENTAL PRICE IN CHELSEA INCREASED BY 0.44% DURING JANUARY. AFTER LAST MONTH S INCREASE, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN CHELSEA CORRECTED BY 2.78%. CHELSEA STUDIO PRICE TRENDS OVER 13 MONTHS 3,600 3,300 2,700 2,400 2,100 3,285 3,320 3,388 3,297 3,414 3,428 3,459 3,436 3,390 3,391 3,282 3,428 3,301 2,473 2,463 2,489 2,503 2,527 2,543 2,607 2,556 2,465 2,555 2,520 2,426 2,382 CHELSEA ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 5,500 5,000 4,500 2,500 4,421 4,526 4,644 4,565 4,746 4,741 4,905 4,903 4,793 4,718 4,428 4,511 4,492 3,202 3,330 3,488 3,374 3,275 3,285 3,363 3,363 3,478 3,354 3,276 3,225 3,209 CHELSEA TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 8,000 7,000 6,000 5,000 6,643 6,853 6,938 6,732 6,610 6,685 6,801 6,753 6,869 6,772 6,798 6,788 6,525 4,548 4,498 4,538 4,664 4,897 4,890 4,877 4,636 4,678 4,578 4,494 4,248 4,352 PAGE 13
EAST VILLAGE THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE EAST VILLAGE INCREASED BY 2.02%. BREAKING A THREE-MONTH STREAK, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE EAST VILLAGE FELL BY 2.45%. EAST VILLAGE STUDIO PRICE TRENDS OVER 13 MONTHS 3,400 2,600 2,200 1,800 3,198 3,187 3,198 3,269 3,321 3,249 3,246 3,040 3,051 3,091 2,844 2,862 3,069 2,227 2,251 2,258 2,271 2,297 2,258 2,321 2,263 2,278 2,168 2,219 2,280 2,283 EAST VILLAGE ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 5,600 5,000 4,400 3,800 3,200 2,600 4,420 4,404 4,229 4,313 4,295 4,533 4,228 4,004 3,970 4,107 4,455 4,874 4,620 2,784 2,853 2,890 2,975 2,969 2,895 2,929 2,949 2,982 2,925 2,861 2,915 3,028 EAST VILLAGE TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 7,000 6,000 5,000 5,812 5,680 6,087 5,817 5,935 6,085 5,856 5,478 5,421 5,374 5,541 5,413 5,136 3,736 3,808 3,860 3,925 3,821 3,790 3,914 3,842 3,775 3,788 3,676 3,692 3,756 PAGE 14
FINANCIAL DISTRICT FOR THE SECOND MONTH IN A ROW, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL, THIS TIME DROPPING BY 2.62%. THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE FINANCIAL DISTRICT INCREASED BY 1.16% DURING DECEMBER. FINANCIAL DISTRICT STUDIO PRICE TRENDS OVER 13 MONTHS 3,600 3,200 2,800 2,400 2,978 2,978 2,959 2,708 3,049 3,080 3,126 3,179 3,213 3,173 3,064 3,072 3,081 3,261 3,304 2,948 3,001 2,285 2,882 3,067 3,306 3,349 2,912 2,941 3,122 2,967 FINANCIAL DISTRICT ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 5,300 4,900 4,500 4,100 3,700 3,300 4,103 3,996 4,033 3,926 4,048 4,154 4,119 4,178 4,121 4,174 4,036 4,019 4,100 3,750 3,826 4,125 4,099 4,340 4,849 4,450 4,185 4,380 4,316 4,240 4,224 4,269 FINANCIAL DISTRICT TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 7,000 6,300 5,600 4,900 4,200 5,013 5,317 5,326 5,143 5,486 5,457 5,639 5,409 5,444 5,412 5,431 5,487 5,543 5,150 4,891 4,994 4,619 4,854 5,357 5,106 5,364 5,712 5,609 5,715 5,025 4,811 PAGE 15
GRAMERCY PARK THE AVERAGE PRICE FOR A DOORMAN UNIT IN GRAMERCY IS DOWN 3.64% SINCE LAST MONTH, WHILE NON-DOORMAN UNITS ARE UP 3.21%. GRAMERCY PARK STUDIO PRICE TRENDS OVER 13 MONTHS 3,200 2,900 2,600 2,300 2,833 2,789 2,923 2,995 3,001 3,023 2,971 3,166 3,149 3,053 3,042 3,069 2,915 2,409 2,415 2,451 2,446 2,407 2,601 2,441 2,426 2,368 2,517 2,529 2,602 2,634 GRAMERCY PARK ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 5,000 4,500 2,500 4,088 4,127 3,931 3,976 4,126 4,221 4,200 4,221 4,231 4,220 4,294 4,217 4,262 3,541 3,097 3,098 3,121 3,232 2,917 2,972 2,906 2,883 3,068 2,914 2,835 2,983 GRAMERCY PARK TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 7,000 6,000 5,000 5,484 5,785 5,689 5,876 5,589 5,989 6,265 6,520 6,439 6,234 6,218 6,046 5,668 3,869 3,807 3,717 3,777 3,804 3,961 3,905 3,856 3,799 3,407 3,695 3,626 3,738 PAGE 16
GREENWICH VILLAGE SINCE LAST MONTH, NON-DOORMAN UNITS ARE UP 0.78%, WHILE DOORMAN UNITS ARE DOWN 1.18% GREENWICH VILLAGE STUDIO PRICE TRENDS OVER 13 MONTHS 3,900 3,600 3,300 2,700 2,400 3,366 3,377 3,311 3,328 3,495 3,456 3,424 3,620 3,692 3,658 3,732 3,685 3,536 2,631 2,731 2,753 2,771 2,675 2,703 2,694 2,729 2,770 2,782 2,702 2,710 2,819 GREENWICH VILLAGE ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 6,000 5,400 4,800 4,200 3,600 4,863 4,849 4,926 5,115 5,312 4,993 5,065 5,227 5,254 5,210 5,358 5,232 5,347 3,747 3,754 3,687 3,704 3,734 3,781 3,861 3,871 3,808 3,808 3,860 3,732 3,773 GREENWICH VILLAGE TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 8,500 7,500 6,500 5,500 4,500 6,759 6,787 7,203 7,322 6,825 6,743 6,865 7,715 7,312 6,772 7,018 6,990 6,836 4,905 4,931 4,722 4,784 4,885 5,000 4,937 5,097 4,605 4,629 4,843 5,042 4,981 PAGE 17
HARLEM SINCE LAST MONTH, NON-DOORMAN RENTS REMAINED RELATIVELY STABLE, INCREASING BY JUST 0.15%, WHEREAS DOORMAN UNITS DECREASED BY 1.26%. HARLEM STUDIO PRICE TRENDS OVER 13 MONTHS 2,700 2,400 2,100 1,800 1,500 2,492 2,392 2,470 2,495 2,506 2,522 2,490 2,498 2,249 2,257 2,318 2,268 2,337 1,846 1,877 1,812 1,847 1,910 1,917 1,927 1,913 1,895 1,865 1,880 1,871 1,863 HARLEM ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 3,600 3,200 2,800 2,400 1,600 2,973 2,978 3,053 3,148 3,163 3,104 3,203 3,130 2,954 2,985 2,919 2,913 2,945 2,281 2,306 2,269 2,226 2,295 2,303 2,274 2,248 2,235 2,162 2,157 2,177 2,195 HARLEM TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 5,500 4,800 4,100 3,400 2,700 4,142 3,987 4,159 4,320 4,233 4,210 4,523 4,354 4,085 3,924 3,791 3,946 3,729 2,850 2,868 2,850 2,733 2,818 2,819 2,860 2,793 2,810 2,749 2,716 2,825 2,824 PAGE 18
LOWER EAST SIDE AFTER A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT INCREASED BY 3.02%. THANKS TO A NUMBER OF A HIGHER-END UNITS BECOMING AVAILABLE THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE LOWER EAST SIDE INCREASED BY 6.77%. LOWER EAST SIDE STUDIO PRICE TRENDS OVER 13 MONTHS 2,500 1,500 3,505 3,549 3,418 3,404 3,206 3,277 3,384 3,226 3,099 3,112 3,011 3,237 3,389 2,149 2,193 2,097 2,175 2,181 2,210 2,226 2,295 2,314 2,215 2,133 2,168 2,218 LOWER EAST SIDE ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 6,000 5,000 1,000 3,967 3,815 3,735 3,913 4,043 4,135 4,274 4,160 4,291 4,716 4,358 4,236 4,300 2,636 2,498 2,598 2,698 2,791 2,847 2,767 2,719 2,770 2,762 2,586 2,556 2,690 LOWER EAST SIDE TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 7,000 6,000 5,000 5,750 6,090 5,834 5,170 5,101 5,311 5,441 5,282 4,766 4,909 4,973 5,126 5,765 3,223 3,207 3,524 3,479 3,459 3,452 3,612 3,415 3,691 3,753 3,566 3,493 3,557 PAGE 19
MIDTOWN EAST THROUGH JANUARY, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT INCREASED BY 1.66%. THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN EAST INCREASED BY 0.41% THIS PAST MONTH. MIDTOWN EAST STUDIO PRICE TRENDS OVER 13 MONTHS 3,200 2,900 2,600 2,300 1,700 2,526 2,531 2,433 2,566 2,536 2,601 2,683 2,700 2,719 2,616 2,548 2,631 2,616 2,143 2,207 2,198 2,181 2,195 2,240 2,224 2,248 2,277 2,262 2,251 2,282 2,374 MIDTOWN EAST ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 4,500 2,500 3,681 3,730 3,847 3,889 3,887 3,957 3,996 3,989 3,963 3,987 4,016 4,058 3,949 2,816 2,792 2,710 2,732 2,721 2,702 2,741 2,758 2,792 2,744 2,726 2,740 2,719 MIDTOWN EAST TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 7,000 6,000 5,000 5,603 5,695 5,626 5,761 5,857 5,980 5,937 5,802 5,795 5,671 5,359 5,442 5,616 3,305 3,520 3,439 3,422 3,469 3,499 3,581 3,608 3,516 3,435 3,423 3,223 3,289 PAGE 20
MIDTOWN WEST THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MIDTOWN WEST FELL BY 0.41% THIS PAST MONTH. THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MIDTOWN WEST INCREASED BY 0.97%. MIDTOWN WEST STUDIO PRICE TRENDS OVER 13 MONTHS 3,400 3,100 2,800 2,500 2,200 1,900 2,788 2,803 2,801 2,885 2,939 3,014 3,049 3,045 2,962 2,934 2,969 3,017 2,969 2,200 2,233 2,288 2,272 2,197 2,203 2,271 2,367 2,327 2,326 2,298 2,181 2,102 MIDTOWN WEST ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 4,500 2,500 3,857 3,817 3,873 3,905 3,927 3,978 4,024 4,025 3,960 3,839 3,897 3,847 3,780 2,752 2,689 2,548 2,615 2,651 2,760 2,641 2,705 2,527 2,564 2,577 2,558 2,607 MIDTOWN WEST TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 7,000 6,000 5,000 5,714 5,749 5,841 5,870 5,890 5,916 5,763 5,713 5,584 5,535 5,507 5,514 5,749 3,368 3,360 3,372 3,474 3,492 3,472 3,590 3,614 3,331 3,156 3,121 3,196 3,194 PAGE 21
MURRAY HILL THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN MURRAY HILL INCREASED BY 1.15% THIS PAST MONTH. FOLLOWING A SLIGHT DROP LAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN MURRAY HILL INCREASED BY 0.44%. MURRAY HILL STUDIO PRICE TRENDS OVER 13 MONTHS 3,150 2,900 2,650 2,400 2,150 1,900 2,655 2,703 2,734 2,777 2,786 2,801 2,876 2,915 2,901 2,897 3,005 2,963 2,943 2,359 2,223 2,261 2,275 2,286 2,303 2,329 2,362 2,326 2,310 2,210 2,231 2,349 MURRAY HILL ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 4,500 2,500 3,670 3,699 3,786 3,796 3,886 3,893 4,002 3,926 3,928 3,892 3,878 3,839 3,818 2,771 2,726 2,769 2,755 2,829 2,911 2,904 2,743 2,829 2,835 2,772 2,781 2,809 MURRAY HILL TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 6,500 5,700 4,900 4,100 3,300 2,500 5,298 5,411 5,400 5,338 5,453 5,566 5,571 5,492 5,365 5,266 5,188 5,253 5,347 3,729 3,754 3,709 3,798 3,796 3,697 3,839 3,960 3,951 3,914 3,610 3,673 3,627 PAGE 22
SOHO AFTER AN INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN SOHO EXPERIENCED A CORRECTION OF 1.02%. THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN SOHO FELL BY 4.38% THIS PAST MONTH. DUE TO LIMITED INVENTORY, LARGE SWINGS IN PRICING WITHIN THE DOORMAN RENTAL SUBMARKET IN SOHO CAN BE EXPECTED. SOHO STUDIO PRICE TRENDS OVER 13 MONTHS 5,000 4,398 3,858 4,510 4,543 3,970 3,431 3,061 3,060 3,151 3,119 3,018 2,558 2,600 3,181 3,025 3,146 3,082 2,908 2,719 SOHO ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 8,000 6,800 5,600 4,400 3,200 5,530 5,563 5,281 7,180 5,167 6,074 6,352 6,065 6,179 6,171 6,090 5,665 6,000 4,061 4,260 3,945 3,756 3,412 3,826 3,894 4,058 4,049 3,999 3,997 4,138 4,003 SOHO TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 10,000 8,600 7,200 5,800 4,400 8,519 8,649 9,050 7,434 7,150 7,249 8,048 7,444 7,775 8,852 7,667 8,269 7,323 5,720 5,402 5,817 5,441 5,193 5,105 5,382 5,454 4,599 4,880 4,850 5,208 5,407 PAGE 23
TRIBECA THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN TRIBECA FELL BY 2.06% DURING JANUARY. DUE TO AN INFLUX OF LOWER-PRICED INVENTORY, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN TRIBECA FELL BY 4.34% DURING JANUARY. TRIBECA STUDIO PRICE TRENDS OVER 13 MONTHS 6,500 5,600 4,700 3,800 2,900 3,760 3,778 3,971 3,926 4,016 3,991 3,720 3,723 4,193 4,058 3,894 4,038 3,883 3,245 4,918 5,291 5,219 5,361 4,827 4,310 4,667 4,529 5,400 5,067 5,400 5,750 T R IB E C A O NE- BEDROOM PRICE TRENDS OVER 13 MONTHS 7,000 6,200 5,400 4,600 3,800 4,903 4,718 4,859 5,116 5,113 4,872 4,887 5,154 5,144 5,178 5,034 4,948 4,927 5,077 4,428 4,987 5,532 5,997 6,093 5,114 5,336 5,447 5,302 5,197 5,115 5,019 TRIBECA TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 9,000 8,100 7,200 6,300 5,400 4,500 6,630 6,524 7,217 6,889 6,887 6,366 7,410 7,119 7,148 7,072 7,255 7,320 6,790 7,788 7,903 7,983 8,062 7,089 7,173 7,066 7,288 7,414 7,556 7,721 7,349 6,726 PAGE 24
UPPER EAST SIDE THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE UPPER EAST SIDE REMAINED STABLE, INCREASING BY JUST 0.03% DURING JANUARY. THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN THE UPPER EAST SIDE INCREASED BY 0.96%. UPPER EAST STUDIO PRICE TRENDS OVER 13 MONTHS 3,200 2,900 2,600 2,300 1,700 2,809 2,695 2,709 2,699 2,717 2,746 2,757 2,821 2,864 2,824 2,797 2,782 2,792 2,086 2,057 2,083 2,116 2,143 2,132 2,133 2,152 2,122 2,081 2,082 2,070 2,056 UPPER EAST ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 4,500 2,500 3,867 3,961 3,992 4,020 4,002 3,881 4,080 4,123 4,095 3,967 3,931 3,954 3,981 2,548 2,557 2,560 2,593 2,662 2,667 2,647 2,632 2,604 2,604 2,571 2,594 2,624 UPPER EAST TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 8,000 6,800 5,600 4,400 3,200 6,005 6,087 6,148 6,413 6,617 6,576 6,441 6,449 6,341 6,259 6,240 6,290 6,378 3,252 3,200 3,308 3,345 3,340 3,394 3,420 3,407 3,327 3,275 3,316 3,223 3,210 PAGE 25
UPPER WEST SIDE FOLLOWING A SIZEABLE INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A NON- DOORMAN UNIT IN THE UPPER WEST SIDE FELL BY JUST 0.02%. THE AVERAGE RENTAL PRICE FOR A DOORMAN UNIT INCREASED BY 0.50% DURING JANUARY. UPPER WEST SIDE STUDIO PRICE TRENDS OVER 13 MONTHS 3,100 2,700 2,300 1,900 1,500 2,738 2,711 2,739 2,753 2,763 2,765 2,872 2,906 2,832 2,829 2,876 2,808 2,937 2,140 2,147 2,117 2,173 2,181 2,193 2,294 2,201 2,203 2,111 2,148 2,134 2,146 UPPER WEST SIDE ONE- BEDROOM PRICE TRENDS OVER 13 MONTHS 4,500 2,500 3,794 3,793 3,834 3,887 4,069 3,947 3,922 3,912 4,013 3,937 3,844 3,904 3,776 2,822 2,793 2,810 2,822 2,793 2,854 2,888 2,834 2,838 2,739 2,739 2,772 2,807 UPPER WEST SIDE TWO- BEDROOM PRICE TRENDS OVER 13 MONTHS 8,000 6,800 5,600 4,400 3,200 6,142 6,184 6,277 6,371 6,219 6,262 6,180 6,445 6,454 6,010 5,995 5,873 6,035 3,939 3,756 3,723 3,941 3,799 3,939 3,898 3,891 3,888 3,593 3,598 3,790 3,741 PAGE 26
THE REPORT EXPLAINED THE MANHATTAN RENTAL MARKET REPORT TM 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 TM I S CONTACT US NOW: 718.222.0211 BASED ON DATA CROSS-SECTIONED FROM OVER 10,000 CURRENTLY AVAILABLE LISTINGS NOTE: ALL MARKET DATA IS COLLECTED AND COMPILED LOCATED BELOW 135TH 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 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. 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). 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 AUTHOR: MNS HAS BEEN HELPING MANHATTAN HTTP://WWW./MANHATTAN_RENTAL_MARKET_ LANDLORDS AND RENTERS NAVIGATE THE RENTAL REPORT MARKET SINCE 1999. FROM LARGE COMPANIES TO INDIVIDUALS, MNS TAILORS SERVICES TO MEET YOUR NEEDS. CONTACT US TODAY TO SEE HOW WE CAN HELP. PAGE 27