Manhattan Rental Market Report July 2015 mns.com
Manhattan Rental Market Report July 2015
TABLE OF CONTENTS 03 04 07 11 12
Introduction A Quick Look Mean Manhattan Rental Prices Manhattan Price Trends Neighborhood Price Trends 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
Battery Park City Chelsea East Village Financial District Gramercy Park Greenwich Village Harlem Lower East Side Midtown East Midtown West Murray Hill SoHo TriBeCa Upper East Side Upper West Side
27 The Report Explained
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Manhattan Rental Market Report July 2015
INTRODUCTION Average rent across Manhattan remained stable with a -0.54% change since last month, from $3,985 in June 2015 to $3,963 in July 2015.
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Manhattan Rental Market Report July 2015
A QUICK LOOK Rent Prices in Manhattan remained stable with a slight movement of -0.54% - from $3,985 in June 2015 to $3,963 in July 2015. Listing inventory increased by 2.68% from 8,437 units in June 2015 to 8,663 units in July 2015. The ratio of NonDoorman units to Doorman units in all of Manhattan changed from 44.5% (NDM) and 55.5% (DM) in June 2015 to 43.1% (NDM) and 56.9% (DM). The largest percentage increases in rent prices were seen in One Bedroom Doorman units in SoHo and Two Bedroom Non Doorman units in TriBeCa, contributed to a mixture of higher priced units entering the market and a relatively small sample size. The largest percentage decreases were seen in Studio Non Doorman units in TriBeCa, Studio Doorman units in Greenwich Village, Two Bedroom Non Doorman units in Financial District and One Bedroom Doorman units in Harlem. It should be noted that the following neighborhoods consisted of a sample size of less than 15 units at the time the sample was taken: Studio – FIDI (NDM), TriBeCa (NDM), Lower East Side (DM), SoHo (DM); One Bedroom – FIDI (NDM), TriBeCa (NDM), SoHo (DM); Two Bedroom - FIDI (NDM), Soho (DM). The largest annual shifts in rent prices were seen in Harlem and TriBeCa. Harlem experienced 17.9% growth from $2,339 in July 2014 to $2,757 in July 2015, the result of several new construction buildings arising over the course of the year. TriBeCa fell by 9.3% from $6,085 in July 2014 to $5,521 in July 2015, largely the result of being one of, if not the smallest market in terms of inventory across the borough. Low sample sizes are known to make average pricing fluctuate dramatically as low/higher priced units leave/enter the market. The largest inventory fluctuations (amongst material sample sizes were seen in Harlem, where inventory increased by 18.2% and SoHo, where inventory decreased by 10.9%.
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Manhattan Rental Market Report July 2015
A QUICK LOOK Notable Trends: Manhattan Highs and Lows (Average Prices)
Type
Most Expensive
Least Expensive
Non-Doorman Studios
TriBeCa $3,850
Harlem $1,681
Non-Doorman One Bedrooms
TriBeCa $5,233
Harlem $2,145
Non-Doorman Two Bedrooms
TriBeCa $7,599
Harlem $2,693
Type
Most Expensive
Least Expensive
Doorman Studios
TriBeCa $4,165
Harlem $2,440
Doorman One Bedrooms
SoHo $7,099
Harlem $3,055
Doorman Two Bedrooms
SoHo $8,238
Harlem $4,526
Where Prices Decreased (monthly)
Battery Park City Doorman Studios -2.8% Chelsea Non-Doorman Studios -2.2% Non-Doorman One-Bedroom -2.7% Doorman One-Bedroom -0.7% Non-Doorman Two-Bedroom -0.2% East Village Doorman One-Bedroom -7.1% Doorman Two-Bedroom -6.5% Non-Doorman Two-Bedroom -3.6% Financial District Non-Doorman Studios -3.1% Non-Doorman Two-Bedroom -16.1% Doorman Two-Bedroom -0.6% Gramercy Non-Doorman Studios -3.7% Doorman Studios -1.2% Doorman One-Bedroom -1.5% Non-Doorman Two-Bedroom -6.5% Doorman Two-Bedroom -0.9% Greenwich Village Doorman Studios -8.4% Non-Doorman One-Bedroom -1.3% Doorman One-Bedroom -0.5% Doorman Two-Bedroom -3.4%
Harlem Doorman Studios -2.1% Doorman One-Bedroom -11.0% Non-Doorman One-Bedroom -0.5% Doorman Two-Bedroom -3.9% Lower East Side Doorman Studios -3.0% Doorman One-Bedroom -5.4% Non-Doorman One-Bedroom -1.4% Doorman Two-Bedroom -5.5% Non-Doorman Two-Bedroom -4.7% Midtown East Non-Doorman Studios -0.1% Doorman Studios -1.3% Doorman Two-Bedroom -1.0% Midtown West Non-Doorman One-Bedroom -0.1% Non-Doorman Two-Bedroom -0.1% Murray Hill Non-Doorman Studios -0.2% Non-Doorman One-Bedroom -0.4% Non-Doorman Two-Bedroom -3.2% Doorman Two-Bedroom -0.4% SoHo Non-Doorman Studios -5.0% Non-Doorman Two-Bedroom -2.1%
Tribeca Non-Doorman Studios -8.3% Non-Doorman One-Bedroom -0.1% Upper East Side Doorman Two-Bedroom -3.8% Non-Doorman Two-Bedroom -1.4% Upper West Side Non-Doorman Studios -3.6%
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Manhattan Rental Market Report July 2015
A QUICK LOOK Where Prices Increased (monthly)
Battery Park City Doorman One-Bedroom 2.4% Doorman Two-Bedroom 0.6% Chelsea Doorman Studios 2.2% Doorman Two-Bedroom 1.1% East Village Doorman Studios 2.2% Non-Doorman Studios 3.8% Non-Doorman One-Bedroom 1.9% Financial District Doorman Studios 0.3% Doorman One-Bedroom 1.1% Non-Doorman One-Bedroom 1.8% Gramercy Non-Doorman One-Bedroom 2.6% Greenwich Village Non-Doorman Studios 1.5% Non-Doorman Two-Bedroom 3.0% Harlem Non-Doorman Studios 0.3% Non-Doorman Two-Bedroom 0.2%
Lower East Side Non-Doorman Studios 0.4% Midtown East Doorman One-Bedroom 1.4% Non-Doorman One-Bedroom 2.3% Non-Doorman Two-Bedroom 0.9% Midtown West Doorman Studios 0.0% Non-Doorman Studios 2.8% Doorman One-Bedroom 0.8% Doorman Two-Bedroom 6.1% Murray Hill Doorman Studios 0.3% Doorman One-Bedroom 1.5% SoHo Doorman Studios 0.3% Non-Doorman One-Bedroom 4.5% Doorman One-Bedroom 10.4% Doorman Two-Bedroom 0.6% Tribeca Doorman Studios 4.6% Doorman One-Bedroom 0.1% Non-Doorman Two-Bedroom 11.2% Doorman Two-Bedroom 0.5%
Upper East Side Doorman Studios 0.5% Non-Doorman Studios 2.6% Non-Doorman One-Bedroom 5.1% Doorman One-Bedroom 3.1% Upper West Side Doorman Studios 0.0% Doorman One-Bedroom 1.6% Non-Doorman One-Bedroom 0.5% Doorman Two-Bedroom 2.4% Non-Doorman Two-Bedroom 2.8%
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Manhattan Rental Market Report July 2015
A QUICK LOOK STUDIOS Doorman
Non-Doorman
Average Unit Prices By Neighborhood
Average Price Greatest Changes Manhattan Studios Since June
3,034
$
$1,681 $2,440
Harlem
2,396
8.3% (-$350)
Days on Market High
Days on Market Low
31 1DAYS 58 DAYS
15 08 DAYS DAYS
$ $2,122
$2,756
Upper West Side
Upper East Side
$2,178
Midtown East $2,245 $3,021
$2,636
Midtown West
Murray Hill
$2,224 $2,689
$3,460 $2,606 $3,013
$3,000 $2,980
$3,850
SoHo
TriBeCa
$2,871
East Village
Greenwich Village
Battery Park City
$2,317
Gramercy Park
$2,442
Chelsea
Studios -TriBeCa
$2,142
Central Park
$2,844
8.4% (-$276) Studios - Greenwich Village
Lower East Side
$2,136 $3,120
$2,173
Lower East Side, Harlem, TriBeCa and Greenwich Village
SoHo
$3,354
Market Inventory High
Market Inventory Low
TriBeCa
$4,165
N/A $3,016
Battery Park City
Financial District
$2,350 $3,065
224
166
03
02
FiDi
Upper West Side
SoHo
TriBeCa
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Manhattan Rental Market Report July 2015
A QUICK LOOK 1BEDS Doorman
Non-Doorman
Average Unit Prices By Neighborhood
Average Price Manhattan 1 Beds
4,359
$
$2,145 $3,055
Harlem
3,187
$ $2,849
Upper West Side
$4,033
Murray Hill
$4,795 $3,547 $4,854
$3,999
$2,732 $4,019
44 55 DAYS DAYS
15 16 DAYS DAYS
SoHo
TriBeCa
TriBeCa
Gramercy
$4,149
$3,979
$5,233
Days on Market Low
$3,332
East Village
Greenwich Village
SoHo
Days on Market High $2,895
Gramercy Park
$3,483
$7,099
5.1% ($130) 1 Beds - Upper East Side
Upper East Side
Midtown West
Chelsea
1 Beds - Harlem
$3,886
Midtown East $2,694
11% (-$379)
$2,683
Central Park
$3,988
Greatest Changes Since June
Lower East Side
$2,596 $3,830
$2,830 $4,332
Market Inventory High
Market Inventory Low
TriBeCa
$5,290
N/A $3,960
Battery Park City
Financial District
$3,618 $4,095
458
327
10
12
Midtown West
Upper West Side
SoHo
TriBeCa & FiDi
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Manhattan Rental Market Report July 2015
A QUICK LOOK 2 BEDS Doorman
Non-Doorman
Average Unit Prices By Neighborhood
Average Price Manhattan 2 Beds
6,315
$
$2,693 $4,526
Harlem
4,234
$ $3,723
Murray Hill
$5,566
$3,999 $5,471
$7,184 $5,117 $6,488
$7,599
14 10 DAYS DAYS
Murray Hill
Lower East Side
Gramercy
$6,764
East Village
Greenwich Village
SoHo
65 48 DAYS DAYS SoHo
$4,888 $8,238
Days on Market Low
$3,637
Gramercy Park
$4,963
Days on Market High $3,794
Midtown West
Chelsea
2 Beds - FiDi
Upper East Side
Midtown East $6,287
16.1% ($967)
$6,019
Upper West Side
$3,586
6.5% ($468) 2 Beds - East Village
$3,216
Central Park
$6,301
Greatest Changes Since June
Lower East Side
$3,437 $5,792
$3,598 $6,745
Market Inventory High
Market Inventory Low
TriBeCa
$6,992
N/A $6,646
Battery Park City
Financial District
$5,026 $5,699
224
233
05
11
Upper West Side
Harlem
SoHo
Financial District
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Manhattan Rental Market Report July 2015
A QUICK LOOK > 4.0% Change
Year Over Year Price Change By Neighborhood
17.9%
Harlem
1.6% - 3.9% Change 0.5% - 1.5% Change < 0.5% Change
Upper West Side
Central Park
3.1%
Midtown West
Upper East Side
0.9%
3.3%
-8.1%
Midtown East
0.3% Chelsea
Murray Hill 3.1%
6.4%
2.6%
-0.2%
Greenwich Village SoHo
Gramercy Park
14.2% 5.7%
TriBeCa
Battery Park City
East Village
Lower East Side
-9.3%
4.9%
Financial District
1.3%
Year Over Year Price Change Manhattan Rents: July 2014 vs. July 2015 Type
July 2014
Non-Doorman Studios
$
Non-Doorman One Bedrooms
$
Non-Doorman Two Bedrooms
July 2015
2,782
$
3,179
$
$
4,212
$
Type
July 2014
July 2015
Doorman Studios
$
Doorman One Bedrooms
$
Doorman Two Bedrooms
$
Change
2,396
13.9%
3,187
0.2%
4,234
0.5%
2,884
$
4,044
$
5,948
$
Change
3,034
5.2%
4,359
7.8%
6,315
6.2% page 10
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Manhattan Rental Market Report July 2015
MANHATTAN PRICE TRENDS Manhattan Studio Price Trends Over 13 Months Non--Doorman
Doorman
3,300 2,975 2,650 2,325 2,000
July 2,884 2,782
Aug 2,930 2,630
Sep 2,932 2,352
Oct 2,946 2,277
Nov 2,937 2,331
Dec 2,970 2,366
Jan 3,005 2,557
Feb 3,041 2,455
Mar 3,203 2,482
Apr 3,167 2,456
May 3,074 2,385
Jun 3,048 2,437
July 3,034 2,396
Dec 4,045 3,051
Jan 4,088 3,115
Feb 4,103 3,193
Mar 4,183 3,181
Apr 4,233 3,081
May 4,259 3,041
Jun 4,353 3,160
July 4,359 3,187
Dec 6,033 4,133
Jan 6,210 4,313
Feb 5,978 4,395
Mar 6,074 4,432
Apr 6,184 4,271
May 6,293 4,241
Jun 6,375 4,288
July 6,315 4,234
Manhattan One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
4,400 3,975 3,550 3,125 2,700
July 4,044 3,179
Aug 4,135 3,165
Sep 4,151 2,983
Oct 4,043 3,026
Nov 3,978 3,287
Manhattan Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
7,000 6,075 5,150 4,225 3,300
July 5,948 4,212
Aug 5,808 4,182
Sep 5,748 4,139
Oct 5,900 4,157
Nov 5,827 4,269
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Manhattan Rental Market Report July 2015
BATTERY PARK CITY • The monthly average remained stable with only a 0.3% change in prices since the previous month. • The annual average rent increased by 4.9% since July 2014. Battery Park City Studio Price Trends Over 13 Months Non--Doorman
Doorman
3,200 2,900 2,600 2,300 2,000
July 3,015 -
Aug 2,923 -
Sep 2,942 -
Oct 3,024 -
Nov 2,975 -
Dec 2,967 -
Jan 3,136 -
Feb 3,157 -
Mar 3,113 -
Apr 3,044 -
May 3,081 -
Jun 3,103 -
July 3,016 -
Jan 3,709 -
Feb 3,838 -
Mar 3,835 -
Apr 3,889 -
May 4,013 -
Jun 3,868 -
July 3,960 -
Jan 6,480 -
Feb 6,462 -
Mar 6,736 -
Apr 6,499 -
May 6,370 -
Jun 6,607 -
July 6,646 -
Battery Park City One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
4,400
3,600
2,800
2,000
July 3,461 -
Aug 3,637 -
Sep 3,713 -
Oct 3,618 -
Nov 3,628 -
Dec 3,810 -
Battery Park City Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
8,000 7,000 6,000 5,000 4,000
July 6,514 -
Aug 6,579 -
Sep 6,203 -
Oct 6,247 -
Nov 5,993 -
Dec 6,351 -
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Manhattan Rental Market Report July 2015
CHELSEA • With a monthly price change of -0.2%, Chelsea prices didn’t fluctuate as much as other neighborhoods. • Reasonable changes, however, where noticed in the yearly numbers, with an increase of 6.4% since July 2014 illustrating sturdy growth. Chelsea Studio Price Trends Over 13 Months Non--Doorman
Doorman
3,500 3,200 2,900 2,600 2,300 2,000 1,700
July 3,144 2,686
Aug 3,163 2,607
Sep 3,175 2,718
Oct 3,198 2,606
Nov 3,074 2,664
Dec 3,138 2,798
Jan 3,188 2,656
Feb 3,208 2,754
Mar 3,367 2,921
Apr 3,222 2,509
May 3,251 2,573
Jun 3,387 2,498
July 3,460 2,442
Dec 4,318 3,224
Jan 4,360 3,350
Feb 4,390 3,392
Mar 4,629 3,345
Apr 4,646 3,400
May 4,710 3,350
Jun 4,830 3,579
July 4,795 3,483
Dec 6,382 4,495
Jan 6,708 4,627
Feb 6,710 4,901
Mar 7,059 4,771
Apr 7,231 4,686
May 7,314 4,946
Jun 7,103 4,972
July 7,184 4,963
Chelsea One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
5,000 4,500 4,000 3,500 3,000 2,500
July 4,341 3,447
Aug 4,425 3,352
Sep 4,493 3,253
Oct 4,549 3,114
Nov 4,209 3,291
Chelsea Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
7,800 7,000 6,200 5,400 4,600 3,800
July 6,574 4,554
Aug 6,614 4,725
Sep 6,556 4,565
Oct 6,534 4,383
Nov 6,379 4,415
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Manhattan Rental Market Report July 2015
EAST VILLAGE • One and Two Bedroom Doorman units saw decreases of 7.1% and 6.5%, respectively. These movements can be seen as a result of inventory increasing by 30% since last month, causing prices to slightly dilute. East Village Studio Price Trends Over 13 Months Non--Doorman
Doorman
4,000 3,500 3,000 2,500 2,000 1,500
July 3,363 2,339
Aug 3,437 2,146
Sep 3,299 2,197
Oct 3,505 2,251
Nov 2,563 2,380
Dec 3,393 2,279
Jan 3,353 2,380
Feb 3,354 2,212
Mar 3,355 2,354
Apr 3,315 2,217
May 3,247 2,197
Jun 3,354 2,173
July 3,427 2,255
Dec 4,289 2,740
Jan 4,561 2,678
Feb 4,690 2,673
Mar 4,552 2,650
Apr 4,750 2,679
May 4,341 2,767
Jun 4,665 2,776
July 4,332 2,830
Dec 5,543 3,603
Jan 5,778 3,527
Feb 6,048 3,590
Mar 5,714 3,727
Apr 6,427 3,584
May 6,839 3,595
Jun 7,212 3,732
July 6,745 3,598
East Village One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
5,000 4,400 3,800 3,200 2,600 2,000
July 4,372 2,749
Aug 4,555 2,808
Sep 4,584 2,718
Oct 4,450 2,733
Nov 3,370 2,917
East Village Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
7,500 6,700 5,900 5,100 4,300 3,500 2,700
July 6,108 3,667
Aug 5,706 3,703
Sep 5,894 3,662
Oct 5,778 3,789
Nov 4,054 3,956
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Manhattan Rental Market Report July 2015
FINANCIAL DISTRICT
• Two Bedroom Non Doorman Units saw prices decrease 16.1% since last month. This large change can be attributed to the consistently low sample size amongst Non-Doorman Units, making average pricing fluctuate dramatically as low/higher priced units leave/enter the market. • Despite this large movement, overall monthly and annual changes saw moderate movements of -3.9% and 1.3%, respectively. Financial District Studio Price Trends Over 13 Months Non--Doorman
Doorman
3,600 3,300 3,000 2,700 2,400 2,100 1,800
July 3,000 2,537
Aug 2,982 2,624
Sep 3,068 2,670
Oct 3,030 2,519
Nov 3,009 2,975
Dec 3,019 2,979
Jan 3,116 3,099
Feb 3,039 2,463
Mar 3,023 2,600
Apr 3,014 3,350
May 3,031 2,725
Jun 3,056 2,425
July 3,065 2,350
Jan 3,859 4,064
Feb 3,896 4,050
Mar 3,943 3,581
Apr 3,945 3,618
May 4,069 3,638
Jun 4,049 3,553
July 4,095 3,618
Jan 5,773 6,020
Feb 5,806 5,691
Mar 5,753 6,385
Apr 5,771 6,210
May 5,685 5,931
Jun 5,734 5,993
July 5,699 5,026
Financial District One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
4,200 3,800 3,400 3,000 2,600
July 4,000 3,632
Aug 3,987 3,548
Sep 4,023 3,481
Oct 3,942 3,676
Nov 3,826 3,965
Dec 3,769 3,499
Financial District Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
6,700 6,100 5,500 4,900 4,300 3,700
July 5,509 4,864
Aug 5,586 4,547
Sep 5,598 5,173
Oct 5,517 5,639
Nov 5,187 5,297
Dec 5,360 5,214
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Manhattan Rental Market Report July 2015
GRAMERCY PARK • Studio and Two Bedroom Non Doorman unit averages fell by 3.7% and 6.5%, respectively, since last month. However, with 1 bedrooms increasing 2.6%, the overall monthly change in prices balanced out at -1.8%. • With annual averages increasing 3.1% since last year, Gramercy is overall seeing steady growth. Gramercy Park Studio Price Trends Over 13 Months Non--Doorman
Doorman
3,400 3,100 2,800 2,500 2,200 1,900
July 2,980 2,618
Aug 2,989 2,426
Sep 3,092 2,392
Oct 3,095 2,369
Nov 3,038 2,406
Dec 3,041 2,370
Jan 2,860 2,372
Feb 2,896 2,462
Mar 2,831 2,480
Apr 2,898 2,341
May 2,872 2,379
Jun 2,906 2,407
July 2,871 2,317
Jan 4,385 2,897
Feb 4,324 2,921
Mar 4,309 2,983
Apr 4,270 2,753
May 4,249 2,748
Jun 4,212 3,249
July 4,149 3,332
Jan 6,327 4,293
Feb 6,402 4,830
Mar 5,950 4,877
Apr 6,329 3,783
May 6,240 3,862
Jun 6,826 3,888
July 6,764 3,637
Gramercy Park One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
4,900 4,300 3,700 3,100 2,500
July 3,961 2,868
Aug 4,020 3,016
Sep 4,070 2,911
Oct 4,016 2,853
Nov 4,083 3,100
Dec 4,024 2,964
Gramercy Park Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
7,500 6,500 5,500 4,500 3,500
July 5,828 4,121
Aug 5,335 4,030
Sep 5,333 3,932
Oct 6,257 3,942
Nov 6,416 4,291
Dec 5,474 3,901
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Manhattan Rental Market Report July 2015
GREENWICH VILLAGE
• This neighborhood remained stable with a decrease of 1.5% in monthly average rents and 0.2% decrease in annual average rents. • However, Studio Doorman Units experienced a noticeable fall of 8.4% since the previous month, contributed to an increase in lower priced units entering the market. Greenwich Village Studio Price Trends Over 13 Months Non--Doorman
Doorman
3,700 3,300 2,900 2,500 2,100 1,700
July 2,944 2,760
Aug 2,980 2,483
Sep 2,996 2,492
Oct 3,053 2,462
Nov 2,907 2,704
Dec 2,844 3,229
Jan 2,924 2,851
Feb 3,031 2,614
Mar 2,979 2,847
Apr 3,006 2,513
May 3,114 2,447
Jun 3,288 2,568
July 3,013 2,606
Jan 4,609 3,516
Feb 4,599 3,785
Mar 4,332 4,084
Apr 4,814 3,697
May 4,724 3,453
Jun 4,877 3,593
July 4,854 3,547
Jan 7,196 4,547
Feb 5,868 5,218
Mar 5,716 5,109
Apr 6,887 5,289
May 6,993 4,999
Jun 6,717 4,966
July 6,488 5,117
Greenwich Village One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
5,500 4,900 4,300 3,700 3,100 2,500
July 4,861 3,612
Aug 4,976 3,720
Sep 5,018 3,532
Oct 4,901 3,431
Nov 4,720 3,688
Dec 4,682 3,567
Greenwich Village Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
7,800 6,600 5,400 4,200 3,000
July 6,448 5,053
Aug 6,894 4,965
Sep 6,816 4,803
Oct 6,179 5,370
Nov 5,970 5,112
Dec 6,152 4,806
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Manhattan Rental Market Report July 2015
HARLEM • A large decrease of 11% in One Bedroom Doorman unit rents was largely attributed to a 65% increase in One Bedroom Doorman inventory, together with an influx of lower priced units. • However, the yearly change in prices remained strong with a 17.9% difference since July 2014, indicating a very strong growth in the Harlem market, as we see several new construction buildings hit the market during the course of the year. Harlem Studio Price Trends Over 13 Months Non--Doorman
Doorman
2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200
July 2,220 1,768
Aug 2,076 1,665
Sep 2,188 1,588
Oct 2,347 1,713
Nov 2,625 1,764
Dec 2,403 1,720
Jan 2,405 1,707
Feb 2,381 1,659
Mar 2,717 1,729
Apr 2,399 1,803
May 2,077 1,672
Jun 2,493 1,677
July 2,440 1,681
Dec 2,976 2,092
Jan 2,957 2,067
Feb 3,026 2,181
Mar 3,312 2,282
Apr 3,071 2,102
May 3,197 2,114
Jun 3,434 2,157
July 3,055 2,145
Dec 4,318 2,612
Jan 4,626 2,584
Feb 4,083 2,609
Mar 4,890 2,619
Apr 4,610 2,629
May 4,400 2,619
Jun 4,708 2,688
July 4,526 2,693
Harlem One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
3,900 3,400 2,900 2,400 1,900 1,400
July 2,405 1,921
Aug 2,656 1,895
Sep 2,514 1,900
Oct 2,656 1,947
Nov 3,180 2,074
Harlem Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
5,300 4,800 4,300 3,800 3,300 2,800 2,300 1,800
July 3,207 2,516
Aug 3,351 2,494
Sep 3,465 2,461
Oct 3,325 2,550
Nov 4,311 2,727
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Manhattan Rental Market Report July 2015
LOWER EAST SIDE • With all but Studio Non-Doorman Units decreasing in price since last month, the LES saw an overall monthly change of -3.9%. • Annual numbers still remained strong with a 5.7% growth since July 2014. Lower East Side Studio Price Trends Over 13 Months Non--Doorman
Doorman
4,000 3,500 3,000 2,500 2,000 1,500
July 2,744 2,207
Aug 3,554 2,195
Sep 3,643 2,067
Oct 3,527 2,063
Nov 3,676 2,601
Dec 3,245 2,124
Jan 2,993 2,178
Feb 3,108 2,213
Mar 3,060 2,201
Apr 3,115 2,082
May 3,050 2,076
Jun 3,215 2,128
July 3,120 2,136
Jan 3,913 2,615
Feb 3,756 2,518
Mar 3,624 2,569
Apr 3,644 2,478
May 3,918 2,593
Jun 4,048 2,634
July 3,830 2,596
Jan 6,549 3,549
Feb 4,770 3,344
Mar 5,195 3,444
Apr 5,633 3,484
May 5,756 3,454
Jun 6,129 3,608
July 5,792 3,437
Lower East Side One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
5,000 4,500 4,000 3,500 3,000 2,500 2,000
July 3,768 2,799
Aug 4,270 2,683
Sep 4,348 2,633
Oct 4,389 2,526
Nov 3,636 2,759
Dec 3,861 2,615
Lower East Side Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
7,500 6,500 5,500 4,500 3,500 2,500
July 4,803 3,456
Aug 4,638 3,599
Sep 4,569 3,558
Oct 4,920 3,446
Nov 4,899 3,599
Dec 5,649 3,500
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Manhattan Rental Market Report July 2015
MIDTOWN EAST • The overall Midtown East market remained stable this month at 0.3%, however annual prices saw a decrease of 8.1%. As we see apartments in new construction condo buildings like 301 E 50th street being purchased as investments and subsequently leased, we expect annual growth to improve. Midtown East Studio Price Trends Over 13 Months Non--Doorman
Doorman
3,100 2,700 2,300 1,900 1,500
July 2,764 2,561
Aug 2,880 2,812
Sep 2,544 2,539
Oct 2,546 2,015
Nov 2,764 2,334
Dec 2,759 2,266
Jan 2,839 2,315
Feb 2,644 2,360
Mar 2,778 2,370
Apr 2,721 2,267
May 2,755 2,121
Jun 2,672 2,180
July 2,636 2,178
Dec 3,741 2,818
Jan 3,782 2,615
Feb 3,769 2,518
Mar 3,730 3,068
Apr 3,754 2,831
May 3,859 2,796
Jun 3,945 2,828
July 3,999 2,895
Dec 5,492 3,799
Jan 5,526 4,056
Feb 5,595 3,825
Mar 5,543 4,060
Apr 5,410 3,840
May 5,717 3,623
Jun 5,620 3,759
July 5,566 3,794
Midtown East One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
4,200 3,700 3,200 2,700 2,200
July 3,774 3,092
Aug 3,815 3,158
Sep 3,796 2,966
Oct 3,793 2,748
Nov 3,477 2,702
Midtown East Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
7,000 6,000 5,000 4,000 3,000
July 6,229 4,515
Aug 6,106 4,952
Sep 5,921 4,053
Oct 5,829 3,529
Nov 5,382 3,681
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Manhattan Rental Market Report July 2015
MIDTOWN WEST • With consistent month to month growth, Midtown West saw increases of 2.1% since June 2015 and 3.13% since July 2014.
Midtown West Studio Price Trends Over 13 Months Non--Doorman
Doorman
3,200 2,800 2,400 2,000 1,600
July 2,890 2,280
Aug 2,916 2,191
Sep 2,891 2,158
Oct 2,881 2,082
Nov 2,928 2,166
Dec 2,982 2,145
Jan 2,908 2,212
Feb 2,877 2,165
Mar 2,903 2,187
Apr 2,914 2,310
May 2,933 2,193
Jun 3,021 2,184
July 3,021 2,245
Midtown West One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
4,600 4,100 3,600 3,100 2,600 2,100
July 3,888 2,711
Aug 3,877 2,681
Sep 3,896 2,620
Oct 3,885 2,529
Nov 3,890 2,681
Dec 3,887 2,676
Jan 3,915 2,757
Feb 3,940 2,742
Mar 4,001 2,676
Apr 4,029 2,706
May 4,062 2,785
Jun 4,002 2,698
July 4,033 2,694
Jan 5,982 3,539
Feb 5,951 3,641
Mar 5,918 3,559
Apr 5,915 3,413
May 5,868 3,419
Jun 5,926 3,590
July 6,287 3,586
Midtown West Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
6,400 5,400 4,400 3,400 2,400
July 5,977 3,414
Aug 5,690 3,298
Sep 5,778 3,337
Oct 5,891 3,393
Nov 6,032 3,393
Dec 5,813 3,399
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Manhattan Rental Market Report July 2015
MURRAY HILL • One of the more stable neighborhoods, both monthly and rental prices remained relatively unchanged at -0.5% and 0.3%, respectively. Murray Hill Studio Price Trends Over 13 Months Non--Doorman
Doorman
3,400 3,000 2,600 2,200 1,800
July 2,684 2,356
Aug 2,717 2,455
Sep 2,795 2,352
Oct 2,741 2,190
Nov 2,808 2,383
Dec 2,879 2,334
Jan 3,071 2,272
Feb 2,600 2,324
Mar 2,583 2,262
Apr 2,711 2,444
May 2,656 2,349
Jun 2,680 2,228
July 2,689 2,224
Dec 3,605 2,813
Jan 3,586 3,004
Feb 3,630 2,965
Mar 3,655 2,987
Apr 3,678 2,866
May 3,811 2,750
Jun 3,961 2,743
July 4,019 2,732
Dec 5,377 3,511
Jan 5,440 4,090
Feb 5,594 4,014
Mar 5,207 4,448
Apr 5,070 4,006
May 5,367 4,006
Jun 5,491 4,132
July 5,471 3,999
Murray Hill One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
4,200 3,800 3,400 3,000 2,600 2,200
July 3,660 2,874
Aug 3,652 2,853
Sep 3,619 2,911
Oct 3,595 2,796
Nov 3,549 2,783
Murray Hill Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
6,700 5,900 5,100 4,300 3,500 2,700
July 5,149 4,351
Aug 5,252 3,791
Sep 5,367 4,002
Oct 5,421 3,453
Nov 5,414 4,100
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Manhattan Rental Market Report July 2015
SOHO • Although Studio and Two Bedroom Non Doorman units fell by 5.0% and 2.1%, respectively, all other unit classes saw growth, balancing the average monthly change out at 2.2%. • Most notably was a 10.4% growth in 1 bedroom doorman units, contributed to 3 listings at 55 Thompson st achieving in excess of $9,300/month. SoHo Studio Price Trends Over 13 Months Non--Doorman
Doorman
6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000
July 2,755 2,720
Aug 2,793 2,662
Sep 2,717 2,535
Oct 2,498 2,532
Nov
Dec
Jan 3,880
Feb 4,495 3,315
Mar 5,995 3,559
Apr 5,795 2,791
May 4,373 2,757
Jun 2,973 3,157
July 2,980 3,000
2,674
3,243
Dec 5,600 3,624
Jan 5,599 3,679
Feb 5,287 3,784
Mar 5,958 3,810
Apr 6,100 3,673
May 6,115 3,654
Jun 6,429 3,807
July 7,099 3,979
Dec 9,038 4,879
Jan 7,975 4,600
Feb 7,533 5,136
Mar 7,983 5,072
Apr 7,634 5,137
May 8,558 5,021
Jun 8,186 4,995
July 8,238 4,888
SoHo One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
7,000 6,200 5,400 4,600 3,800 3,000
July 5,674 3,345
Aug 5,820 3,431
Sep 5,878 3,623
Oct 4,754 3,734
Nov 6,051 4,294
SoHo Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
9,500 8,000 6,500 5,000 3,500
July 8,007 3,929
Aug 6,595 3,941
Sep 6,060 4,234
Oct 7,629 4,293
Nov 8,210 5,143
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Manhattan Rental Market Report July 2015
TRIBECA
• With Non-Doorman units attributing to only 15% of this month’s inventory, large price movements were more apparent, as was seen in Studios and Two Bedroom units this month. Despite these variances, overall monthly growth was steady at 2%. • Similarly, yearly changes in Non Doorman units are inflated due to consistently low sample sizes. TriBeCa Studio Price Trends Over 13 Months Non--Doorman
Doorman
8,700 7,700 6,700 5,700 4,700 3,700 2,700
July 3,681 7,900
Aug 3,259 6,450
Sep 3,371 3,050
Oct 3,458 3,088
Nov 3,502 3,700
Dec 3,671 3,840
Jan 3,912 3,700
Feb 3,574 3,700
Mar 3,851 2,900
Apr 3,888 3,486
May 4,012 3,595
Jun 3,983 4,200
July 4,165 3,850
Dec 4,699 4,898
Jan 4,728 5,039
Feb 4,834 5,807
Mar 5,105 5,050
Apr 5,211 5,004
May 4,912 4,480
Jun 5,283 5,235
July 5,290 5,233
Dec 7,644 7,154
Jan 6,815 7,792
Feb 6,901 7,713
Mar 7,234 6,778
Apr 7,128 6,929
May 6,779 7,042
Jun 6,958 6,831
July 6,992 7,599
TriBeCa One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
6,700 6,200 5,700 5,200 4,700 4,200 3,700
July 4,743 6,060
Aug 4,571 5,920
Sep 4,653 4,081
Oct 4,490 5,024
Nov 4,699 6,477
TriBeCa Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
8,400 7,550 6,700 5,850 5,000
July 6,784 7,340
Aug 6,743 7,666
Sep 6,637 7,174
Oct 6,705 7,473
Nov 7,244 7,020
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Manhattan Rental Market Report July 2015
UPPER EAST SIDE
• Another relatively stable neighborhood, the UES saw minimal growth at 0.2% since last month and 0.9% since July 2014.
Upper East Side Studio Price Trends Over 13 Months Non--Doorman
Doorman
3,000 2,700 2,400 2,100 1,800 1,500
July 2,530 2,057
Aug 2,611 2,041
Sep 2,625 2,048
Oct 2,538 1,912
Nov 2,596 2,019
Dec 2,583 2,004
Jan 2,705 2,052
Feb 2,559 2,073
Mar 2,684 2,200
Apr 2,674 2,083
May 2,795 2,100
Jun 2,751 2,087
July 2,765 2,142
Jan 3,661 2,568
Feb 3,800 2,601
Mar 3,916 2,653
Apr 3,836 2,542
May 3,934 2,549
Jun 3,768 2,553
July 3,886 2,683
Jan 5,949 3,338
Feb 5,798 3,394
Mar 5,842 3,384
Apr 6,082 3,207
May 6,175 3,124
Jun 6,254 3,261
July 6,019 3,216
Upper East Side One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
4,500 4,000 3,500 3,000 2,500 2,000
July 3,917 2,584
Aug 3,888 2,479
Sep 3,794 2,420
Oct 3,801 2,440
Nov 3,632 2,497
Dec 3,696 2,443
Upper East Side Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
6,500 5,500 4,500 3,500 2,500
July 6,059 3,386
Aug 6,072 3,171
Sep 6,001 3,237
Oct 5,996 3,206
Nov 5,947 3,163
Dec 5,978 3,180
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Manhattan Rental Market Report July 2015
UPPER WEST SIDE
• This neighborhood experienced a steady growth of 1.2% since June 2015 and 3.1% since July 2014.
Upper West Side Studio Price Trends Over 13 Months Non--Doorman
Doorman
3,100 2,800 2,500 2,200 1,900 1,600
July 2,542 2,157
Aug 2,672 2,058
Sep 2,636 2,118
Oct 2,744 2,083
Nov 2,651 2,195
Dec 2,659 2,161
Jan 2,653 2,126
Feb 2,695 2,063
Mar 2,812 2,145
Apr 2,792 2,188
May 2,868 2,208
Jun 2,842 2,202
July 2,844 2,122
Jan 3,698 2,765
Feb 3,773 2,769
Mar 3,842 2,796
Apr 3,851 2,784
May 3,965 2,894
Jun 3,924 2,835
July 3,988 2,849
Jan 6,024 3,818
Feb 6,146 3,620
Mar 6,366 3,819
Apr 6,131 3,601
May 6,333 3,739
Jun 6,154 3,621
July 6,301 3,723
Upper West Side One-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
4,200 3,800 3,400 3,000 2,600 2,200
July 3,834 2,807
Aug 3,884 2,761
Sep 3,867 2,713
Oct 3,808 2,818
Nov 3,723 2,788
Dec 3,726 2,743
Upper West Side Two-Bedroom Price Trends Over 13 Months Non--Doorman
Doorman
7,300 6,100 4,900 3,700 2,500
July 6,023 3,807
Aug 5,961 3,663
Sep 6,021 3,756
Oct 6,275 3,729
Nov 5,961 3,863
Dec 5,926 3,816
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Manhattan Rental Market Report July 2015
THE REPORT EXPLAINED 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 125th 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 & 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 “Manhattan Rental Market Report” with a link back to its original location http://www.mns.com/manhattan_rental_market_report
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