MANHATTAN

RENTAL MARKET REPORT

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 2

CONTENTS

INTRODUCTION ............................................................................................................................................................................................................... 4

A QUICK LOOK ................................................................................................................................................................................................................. 5

NOTABLE PRICE TRENDS .................................................................................................................................................................... 6

PRICE DECREASE ................................................................................................................................................................................ 7

PRICE INCREASE ................................................................................................................................................................................ 8

MEAN MANHATTAN RENTAL PRICES................................................................................................................................................................................... 9

NEIGHBORHOOD PRICE TRENDS ......................................................................................................................................................................................14

BATTERY PARK CITY ...........................................................................................................................................................................15

CHELSEA .......................................................................................................................................................................................... 16

EAST VILLAGE.................................................................................................................................................................................... 17

FINANCIAL DISTRICT.......................................................................................................................................................................... 18

GRAMERCY PARK .............................................................................................................................................................................. 19

GREENWICH VILLAGE.........................................................................................................................................................................20

HARLEM............................................................................................................................................................................................ 21

LOWER EAST SIDE..............................................................................................................................................................................22

MIDTOWN EAST................................................................................................................................................................................. 23

MIDTOWN WEST................................................................................................................................................................................ 24

MURRAY HILL.................................................................................................................................................................................... 25

SOHO............................................................................................................................................................................................... 26

TRIBECA........................................................................................................................................................................................... 27

UPPER EAST SIDE.............................................................................................................................................................................. 28

UPPER WEST SIDE..............................................................................................................................................................................29

THE REPORT EXPLAINED..................................................................................................................................................................................................30

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 3

AVERAGE
RENT
THE AVERAGE RENT IN MANHATTAN
HAS DECREASED THIS MONTH.

↓3.0% $4,108 $3,985

CHANGE APRIL 2020 MAY 2020

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 4

A QUICK
LOOK

Over the last month, the average rental price in Manhattan decreased by 3.00%, from $4,108 to $3,985. The average rental price for a non-doorman studio
unit fell by 5.87%, from $2,579 to $2,427. The average rental price for a non-doorman one-bedroom unit fell by 3.64%, from $3,338 to $3,217. The average
rental price for a non-doorman two-bedroom unit fell by 1.09%, from $4,329 to $4,282. The average rental price for a doorman studio unit fell by 2.81%, from
$3,300 to $3,208. The average rental price for a doorman one-bedroom unit fell by 3.08%, from $4,499 to $4,361. The average rental price for a doorman
two-bedroom unit fell by 3.52%, from $6,334 to $6,111. This past month, non-doorman units represented 49.6% of the rental market while doorman units
comprised the remaining 50.4%.

Year-over-year, the average rental price for a non-doorman studio decreased by 11.20%, while the average rental price for a doorman studio unit fell by
1.49%. In that same span, the average rental price for a non-doorman one-bedroom unit decreased by 0.78%, while doorman one-bedroom units saw their
average rental price decrease by 2.71%. The average rental price for a non-doorman two-bedroom unit increased by 0.56%. The average rental price for a
doorman two-bedroom decreased by 4.85%. Overall, the average rental price in Manhattan is down 3.08% from this time last year.

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 5

NOTABLE
TRENDS

TYPE MOST EXPENSIVE LEAST EXPENSIVE

Non-doorman studios SoHo $3,090 Harlem $1,909

Non-doorman one bedrooms Tribeca $4,214 Harlem $2,379

Non-doorman two bedrooms Tribeca $7,768 Harlem $2,904

TYPE MOST EXPENSIVE LEAST EXPENSIVE

Doorman studios SoHo $4,601 Harlem $2,610

Doorman one bedrooms SoHo $5,949 Harlem $3,070

Doorman two bedrooms SoHo $7,435 Harlem $4,353

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 6

WHERE PRICES
DECREASED

BATTERY PARK CITY Doorman One-Bedroom -5.8% MURRAY HILL

Doorman One-Bedroom -1.6% Non-Doorman Studios -2.4% Doorman Studios -0.4%
Non-Doorman One-Bedroom -2.3% Non-Doorman Studios -1.1%
CHELSEA Non-Doorman Two-Bedroom -8.3% Non-Doorman One-Bedroom -0.5%
Doorman Studios -3.8% Non-Doorman Two-Bedroom -1.8%
Doorman One-Bedroom -4.2% HARLEM
Doorman Two-Bedroom -0.2% Doorman One-Bedroom -6.0% SOHO
Non-Doorman Studios -7.8% Non-Doorman Studios -0.6% Doorman Studio -2.4%
Non-Doorman One-Bedroom -4.2% Non-Doorman One-Bedroom -3.3% Doorman One-Bedroom -1.4%
Non-Doorman Two-Bedroom -1.9% Non-Doorman Two-Bedroom -0.4% Doorman Two-Bedroom -16.6%
Non-Doorman One-Bedroom -12.5%
EAST VILLAGE LOWER EAST SIDE
Doorman One-Bedroom -2.5% Doorman Studios -4.9% TRIBECA
Non-Doorman Studios -4.4% Doorman One-Bedroom -2.7% Doorman Studios -2.6%
Non-Doorman One-Bedroom -3.1% Doorman Two-Bedroom -6.2% Doorman One-Bedroom -3.6%
Non-Doorman Two-Bedroom -1.0% Non-Doorman Studios -5.2% Doorman Two-Bedroom -0.8%
Non-Doorman One-Bedroom -2.9% Non-Doorman Studios -26.1%
FINANCIAL DISTRICT Non-Doorman Two-Bedroom -5.0%
Doorman Studios -4.3% UPPER EAST SIDE
Doorman One-Bedroom -1.8% MIDTOWN EAST Doorman Studios -2.0%
Doorman Two-Bedroom -5.1% Doorman Studios -0.6% Doorman One-Bedroom -0.6%
Non-Doorman Studios -10.0% Doorman One-Bedroom -2.5% Doorman Two-Bedroom -4.6%
Non-Doorman One-Bedroom -4.5% Doorman Two-Bedroom -9.3% Non-Doorman Studios -1.3%
Non-Doorman Two-Bedroom -1.6% Non-Doorman Studios -3.1% Non-Doorman One-Bedroom -0.1%
Non-Doorman One-Bedroom -2.5% Non-Doorman Two-Bedroom -5.6%
GRAMERCY Non-Doorman Two-Bedroom -2.2%
Doorman Studios -4.0% UPPER WEST SIDE
Doorman One-Bedroom -8.0% MIDTOWN WEST Doorman Studios -6.6%
Doorman Two-Bedroom -3.0% Doorman Studios -4.5% Doorman One-Bedroom -3.8%
Non-Doorman Studios -8.1% Doorman One-Bedroom -3.0% Non-Doorman Studios -3.4%
Non-Doorman One-Bedroom -6.3% Doorman Two-Bedroom -2.8% Non-Doorman One-Bedroom -4.9%
Non-Doorman Studios -1.1% Non-Doorman Two-Bedroom -1.5%
GREENWICH VILLAGE Non-Doorman One-Bedroom -0.6%
Doorman Studios -7.3% Non-Doorman Two-Bedroom -4.2%
Doorman Two-Bedroom -7.3%

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 7

WHERE PRICES
INCREASED

BATTERY PARK CITY HARLEM TRIBECA

Doorman Studios 1.2% Doorman Studios 1.8% Non-Doorman One-Bedroom 0.7%
Doorman Two-Bedroom 3.3% Doorman Two-Bedroom 2.9% Non-Doorman Two-Bedroom 3.7%

EAST VILLAGE MURRAY HILL UPPER WEST SIDE

Doorman Studios 0.1% Doorman One-Bedroom 2.1% Doorman Two-Bedroom 0.2%
Doorman Two-Bedroom 3.9% Doorman Two-Bedroom 2.1%

GRAMERCY SOHO
Non-Doorman Two-Bedroom 1.9% Non-Doorman Studios 2.6%
Non-Doorman Two-Bedroom 8.8%

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 8

MANHATTAN
AVERAGE PRICE

$3,208 $2,427
DOORMAN NON-DOORMAN

$1,909
Harlem
$2,610

Upper $2,188 $2,182

Upper East Side
West Side $2,773 $2,931

Midtown $2,216 $2,211

Midtown East
West $2,931 $2,827

$2,465 $2,360
Chelsea Murray Hill
$3,325 $2,882

Greenwich $2,829 $2,509

Gramercy Park
Village $3,614 $3,033

$3,090 $2,276
Soho East Village
$4,601 $3,372

$2,595 $2,339
Tribeca Lower East Side
$3,381 $3,399

Battery - $2,808
Park City $3,083 Financial District
Finacial District
$3,352

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 9

MANHATTAN
AVERAGE PRICE

$4,361 $3,217
DOORMAN NON-DOORMAN

$2,379
Harlem
$3,070

Upper $2,887 $2,750

Upper East Side
West Side $4,023 $4,088

Midtown $2,712 $2,720

Midtown East
West $3,831 $4,042

$3,414 $3,000
Chelsea Murray Hill
$4,607 $3,793

Greenwich $3,750 $3,200

Gramercy Park
Village $5,320 $4,099

$3,933 $3,013
Soho East Village
$5,949 $4,415

$4,214 $2,934
Tribeca Lower East Side
$5,436 $4,450

Battery - $4,130
Park City $4,191 FinancialDistrict
Finacial District
$4,097

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 10

MANHATTAN
AVERAGE PRICE

$6,111 $4,282
DOORMAN NON-DOORMAN

$2,904
Harlem
$4,353

Upper $4,355 $3,381

Upper East Side
West Side $6,349 $6,426

Midtown $3,487 $3,361

Midtown East
West $5,608 $5,786

$4,898 $3,634
Chelsea Murray Hill
$6,522 $5,352

Greenwich $4,734 $4,205

Gramercy Park
Village $6,927 $5,865

$4,949 $3,763
Soho East Village
$7,435 $5,738

$7,768 $3,685
Tribeca Lower East Side
$6,787 $5,752

Battery - $4,821
Park City $5,696 FinancialDistrict
Finacial District
$7,074

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 11

A QUICK
LOOK
CHANGE BY NEIGHBORHOOD

BATTERY PARK CITY ↑ 1.0% GREENWICH VILLAGE ↓ 1.4% MURRAY HILL ↓ 0.2%

CHELSEA ↓ 6.7% HARLEM ↑ 3.1% SOHO ↓ 2.1%

EAST VILLAGE ↓ 7.0% LOWER EAST SIDE ↓ 1.5% TRIBECA ↓ 13.0%

FINANCIAL DISTRICT ↓ 4.2% MIDTOWN EAST ↓ 3.8% UPPER EAST SIDE ↓ 0.7%

GRAMERCY ↓ 2.4% MIDTOWN WEST ↓ 2.4% UPPER WEST SIDE ↑ 1.7%

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 12

PRICE
CHANGES
MANHATTAN RENTS:
MAY 2019 VS. MAY 2020

TYPE MAY 2019 MAY 2020 CHANGE

Non-doorman studios $2,733 $2,427 ↓11.2%

Non-doorman one bedrooms $3,242 $3,217 ↓0.8%

Non-doorman two bedrooms $4,258 $4,282 ↑0.6%

TYPE MAY 2019 MAY 2020 CHANGE

Doorman studios $3,256 $3,208 ↓1.5%

Doorman one bedrooms $4,482 $4,361 ↓2.7%

Doorman two bedrooms $6,423 $ 6, 1 1 1 ↓4.9%

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 13

PRICE TRENDS:
MANHATTAN

DOORMAN
MANHATTAN STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
3500

3200

2900

2600

2300

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,256 3,278 3,263 3,287 3,334 3,343 3,342 3,353 3,328 3,217 3,203 3,300 3,208
2,733 2,687 2,663 2,537 2,525 2,434 2,505 2,524 2,445 2,598 2,667 2,579 2,427

MANHATTAN ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

5000

4500

4000

3500

3000

2500
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
4,482 4,485 4,576 4,587 4,587 4,597 4,463 4,494 4,514 4,519 4,556 4,499 4,361
3,242 3,284 3,347 3,316 3,364 3,338 3,317 3,375 3,398 3,423 3,404 3,338 3,217

MANHATTAN TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

7000

6200

5400

4600

3800

3000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
6,423 6,381 6,483 6,523 6,540 6,462 6,364 6,342 6,388 6,471 6,430 6,334 6,111
4,258 4,261 4,402 4,419 4,403 4,415 4,365 4,358 4,317 4,366 4,394 4,329 4,282

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 14

PRICE TRENDS:
BATTERY PARK CITY
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN
BATTERY PARK CITY INCREASED BY 1.76%.
THANKS TO A SURGE IN AVAILABILITIES AT THE HIGHER-END
OF THE MARKET, THE AVERAGE RENTAL PRICE IN BATTERY
PARK CITY INCREASED BY 1.41%, MAKING IT ONE OF THE FEW
NEIGHBORHOODS THAT EXPERIENCED SOME GROWTH THIS
PAST MONTH.

DOORMAN
BATTERY PARK CITY STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
3900

3600

3300

3000

2700

2400
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,188 3,149 3,381 3,409 3,283 3,390 3,306 3,195 3,312 3,058 3,049 3,312 3,352
- - - - - - - - - - - - -

BATTERY PARK CITY ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

5000

4600

4200

3800

3400

3000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
4,100 4,087 4,298 4,246 4,240 4,324 4,256 4,297 4,052 3,985 4,100 4,164 4,097
- - - - - - - - - - - - -

BATTERY PARK CITY TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

8500

7800

7100

6400

5700

5000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
7,098 7,183 7,168 6,951 6,685 6,846 7,026 6,903 6,859 7,363 6,925 6,846 7,074
- - - - - - - - - - - - -

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 15

PRICE TRENDS:
CHELSEA
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A
NON-DOORMAN UNIT IN CHELSEA FELL BY 4.03%.
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A
DOORMAN UNIT FELL BY 2.35%.

DOORMAN
CHELSEA STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
3900

3600

3300

3000

2700

2400

2100
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,510 3,542 3,683 3,596 3,612 3,464 3,521 3,466 3,471 3,441 3,485 3,456 3,325
2,601 2,652 2,577 2,500 2,571 2,579 2,565 2,587 2,649 2,653 2,688 2,673 2,465

CHELSEA ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

5500

5000

4500

4000

3500

3000

2500
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
5,112 5,171 5,129 5,019 4,931 4,952 4,848 4,871 4,922 4,837 4,960 4,809 4,607
3,503 3,387 3,511 3,556 3,592 3,597 3,715 3,632 3,544 3,614 3,636 3,562 3,414

CHELSEA TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

8000

7000

6000

5000

4000

3000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
7,114 7,056 7,220 7,064 7,078 7,053 6,876 6,861 6,990 6,797 6,965 6,536 6,522
5,196 5,012 5,490 5,343 5,211 4,870 4,875 5,071 4,813 4,827 5,024 4,995 4,898

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 16

PRICE TRENDS:
EAST VILLAGE
THE AVERAGE RENTAL PRICE FOR A NON-DOORMAN UNIT IN THE
EAST VILLAGE FELL BY 2.58% OVER THE LAST MONTH.
THE EMERGING DOORMAN RENTAL MARKET IN THE EAST
VILLAGE SAW AN UPTICK IN THE NUMBER OF LISTINGS AT THE
HIGHER-END OF THE MARKET. THIS CAUSED AVERAGE PRICING
IN THE AREA TO INCREASE BY 0.80% THROUGH MAY.

DOORMAN
EAST VILLAGE STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
4000

3500

3000

2500

2000

1500
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,460 3,309 3,366 3,486 3,124 3,207 3,555 3,371 3,543 3,445 3,350 3,369 3,372
2,387 2,412 2,334 2,327 2,384 2,390 2,464 2,465 2,450 2,486 2,501 2,381 2,276

EAST VILLAGE ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

5000

4400

3800

3200

2600

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
4,779 4,601 4,639 4,568 4,487 4,721 4,517 4,389 4,412 4,435 4,758 4,526 4,415
3,014 2,988 3,214 3,090 3,129 3,136 3,127 3,031 3,075 3,167 3,154 3,110 3,013

EAST VILLAGE TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

9000

7600

6200

4800

3400

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
6,693 6,214 6,552 7,907 7,180 6,677 6,784 7,189 6,400 6,012 5,877 5,522 5,738
3,950 3,985 4,064 3,984 3,976 4,157 4,084 4,094 3,979 3,864 3,914 3,801 3,763

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 17

PRICE TRENDS:
FINANCIAL DISTRICT
IN LINE WITH THE REST OF THE MARKET, THE AVERAGE RENTAL
PRICE FOR A NON-DOORMAN UNIT IN THE FINANCIAL DISTRICT
EXPERIENCED A DROP THROUGH MAY, FALLING BY 4.75%.
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A
DOORMAN UNIT IN THE FINANCIAL DISTRICT FELL BY 3.85%.

DOORMAN
FINANCIAL DISTRICT STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
4500

4000

3500

3000

2500

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,283 3,201 3,243 3,235 3,290 3,271 3,328 3,306 3,331 3,284 3,273 3,221 3,083
3,299 3,290 4,035 2,698 2,728 2,395 3,123 2,920 2,982 3,060 3,437 3,122 2,808

FINANCIAL DISTRICT ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

5300

4900

4500

4100

3700

3300
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
4,206 4,171 4,244 4,195 4,255 4,201 4,175 4,172 4,159 4,258 4,301 4,270 4,191
4,143 4,182 4,323 3,991 4,063 3,653 3,837 3,996 4,064 4,336 4,365 4,326 4,130

FINANCIAL DISTRICT TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

7000

6300

5600

4900

4200

3500
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
5,727 5,797 6,128 5,925 5,743 5,484 5,515 5,273 5,419 5,782 6,081 5,999 5,696
5,268 5,104 5,145 5,169 4,569 4,618 4,423 4,659 4,780 5,113 4,667 4,899 4,821

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 18

PRICE TRENDS:
GRAMERCY PARK
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A
NON-DOORMAN UNIT IN GRAMERCY PARK FELL BY 3.47%.
THROUGH MAY, THE AVERAGE RENTAL PRICE FOR A DOORMAN
UNIT IN GRAMERCY PARK FELL BY 4.88%.

DOORMAN
GRAMERCY PARK STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
4000

3500

3000

2500

2000

1500
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,494 3,222 3,198 3,250 3,312 3,367 3,153 3,318 3,332 3,172 3,299 3,158 3,033
2,483 2,462 2,492 2,535 2,557 2,539 2,622 2,372 2,553 2,565 2,514 2,730 2,509

GRAMERCY PARK ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

5000

4500

4000

3500

3000

2500
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
4,480 4,459 4,477 4,711 4,642 4,619 4,431 4,393 4,555 4,596 4,558 4,458 4,099
3,187 3,148 3,269 3,165 3,237 3,060 3,077 3,395 3,490 3,472 3,450 3,413 3,200

GRAMERCY PARK TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

8000

6800

5600

4400

3200

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
5,877 6,304 6,376 6,504 6,980 6,355 6,132 5,967 5,940 5,989 6,117 6,048 5,865
3,952 3,925 3,656 3,841 3,863 4,203 4,241 4,216 4,171 3,784 4,029 4,128 4,205

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 19

PRICE TRENDS:
GREENWICH VILLAGE
DESPITE A 1.88% INCREASE IN AVERAGE PRICING AMONG
NON-DOORMAN TWO-BEDROOM UNITS, THE AVERAGE RENTAL
PRICE FOR A NON-DOORMAN UNIT IN GREENWICH VILLAGE
FELL BY 3.47%.
REACTING TO LAST MONTH’S SIZEABLE INCREASE IN LUXURY
INVENTORY, THE AVERAGE RENTAL PRICE FOR A DOORMAN
UNIT IN GREENWICH VILLAGE EXPERIENCED A CORRECTION
OF 4.88% THROUGH MAY.
DOORMAN
GREENWICH VILLAGE STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
4400

4000

3600

3200

2800

2400
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,626 3,531 3,604 3,637 3,629 3,697 3,658 3,710 3,938 3,758 3,663 3,899 3,614
2,773 2,683 2,671 2,693 2,714 2,705 2,698 2,690 2,713 2,899 2,992 2,898 2,829

GREENWICH VILLAGE ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

6000

5400

4800

4200

3600

3000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
5,357 5,558 5,633 5,540 5,395 5,246 5,267 5,008 5,309 5,119 5,432 5,648 5,320
3,944 3,880 3,906 3,901 3,857 3,894 3,992 3,998 4,047 4,015 3,949 3,839 3,750

GREENWICH VILLAGE TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

8500

7500

6500

5500

4500

3500
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
7,044 6,960 7,036 7,123 7,440 7,494 7,253 6,634 6,616 6,925 6,994 7,475 6,927
4,813 5,025 5,163 4,971 5,257 5,275 5,461 5,361 5,488 5,251 5,280 5,165 4,734

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 20

PRICE TRENDS:
HARLEM
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A
NON-DOORMAN UNIT IN HARLEM FELL BY 1.45%.
THANKS TO AN INCREASE IN LUXURY INVENTORY, THE
AVERAGE RENTAL PRICE FOR A DOORMAN UNIT IN HARLEM
REMAINED RELATIVELY STABLE THROUGH MAY, FALLING BY
JUST 0.26%.

DOORMAN
HARLEM STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
3500

3000

2500

2000

1500

1000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
2,341 2,297 2,385 2,435 2,524 2,548 2,525 2,591 2,635 2,615 2,527 2,563 2,610
1,900 1,917 2,026 1,993 1,929 1,903 1,927 1,896 1,867 1,895 1,971 1,922 1,909

HARLEM ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

3600

3200

2800

2400

2000

1600
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,174 3,182 3,269 3,293 3,353 3,183 3,031 3,043 3,135 3,004 3,157 3,266 3,070
2,304 2,315 2,380 2,403 2,374 2,330 2,388 2,372 2,395 2,395 2,386 2,461 2,379

HARLEM TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

5500

4800

4100

3400

2700

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
4,076 4,259 4,351 4,084 4,238 4,263 4,485 4,188 4,270 4,279 4,302 4,230 4,353
2,908 2,895 2,910 2,928 2,861 2,883 2,855 2,947 2,916 2,921 2,952 2,916 2,904

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 21

PRICE TRENDS:
LOWER EAST SIDE
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A
NON-DOORMAN UNIT IN THE LOWER EAST SIDE FELL BY 4.40%.
THROUGH MAY, THE AVERAGE RENTAL PRICE FOR A DOORMAN
UNIT IN THE LOWER EAST SIDE FELL BY 4.77%.

DOORMAN
LOWER EAST SIDE STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
4000

3500

3000

2500

2000

1500
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,506 3,597 3,658 3,289 3,274 3,310 3,169 3,292 3,338 3,144 3,435 3,576 3,399
2,236 2,236 2,195 2,249 2,167 2,196 2,203 2,185 2,209 2,347 2,623 2,469 2,339

LOWER EAST SIDE ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

6000

5000

4000

3000

2000

1000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
4,492 4,284 4,365 4,471 4,397 4,370 4,092 4,119 4,181 4,299 4,564 4,573 4,450
2,723 2,802 2,781 2,760 2,861 2,793 2,808 2,986 2,971 3,108 3,215 3,023 2,934

LOWER EAST SIDE TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

7000

6000

5000

4000

3000

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
6,341 6,245 6,520 6,587 6,712 6,824 6,484 6,921 6,674 6,595 6,525 6,135 5,752
3,603 3,481 3,618 3,646 3,712 3,792 3,718 3,795 3,835 3,756 3,979 3,878 3,685

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 22

PRICE TRENDS:
MIDTOWN EAST
THE AVERAGE RENTAL PRICE IN MIDTOWN EAST FELL BY 2.55%
THROUGH MAY.
REACTING TO CURRENT CONDITIONS, THE AVERAGE RENTAL
PRICE FOR A MIDTOWN EAST UNIT FELL BY 5.33%.

DOORMAN
MIDTOWN EAST STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
3200

2900

2600

2300

2000

1700
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
2,903 2,797 2,803 2,815 2,883 2,846 2,721 2,796 2,821 2,854 2,865 2,844 2,827
2,370 2,382 2,342 2,334 2,216 2,275 2,242 2,266 2,281 2,280 2,223 2,281 2,211

MIDTOWN EAST ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

4500

4000

3500

3000

2500

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
4,265 4,207 4,207 4,150 4,156 4,222 4,136 4,058 4,062 4,113 4,148 4,144 4,042
2,847 2,925 2,782 2,844 2,776 2,790 2,710 2,794 2,728 2,727 2,736 2,790 2,720

MIDTOWN EAST TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

7000

6000

5000

4000

3000

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
5,837 5,865 6,188 6,298 6,428 6,195 6,236 6,200 6,250 6,097 6,420 6,378 5,786
3,556 3,602 3,767 3,738 3,634 3,597 3,501 3,315 3,305 3,423 3,479 3,438 3,361

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 23

PRICE TRENDS:
MIDTOWN WEST
OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE FOR A
NON-DOORMAN UNIT IN MIDTOWN WEST FELL BY 2.26%.
THROUGH MAY, THE AVERAGE RENTAL PRICE FOR A DOORMAN
UNIT IN MIDTOWN WEST FELL BY 3.26%.

DOORMAN
MIDTOWN WEST STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
3400

3100

2800

2500

2200

1900
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,103 3,127 3,201 3,168 3,076 3,030 2,961 2,989 3,009 3,053 3,028 3,069 2,931
2,115 2,158 2,246 2,222 2,274 2,254 2,255 2,280 2,236 2,219 2,237 2,241 2,216

MIDTOWN WEST ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

4500

4000

3500

3000

2500

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
4,045 4,070 4,117 4,127 4,090 4,077 4,011 4,047 3,957 4,023 4,087 3,950 3,831
2,709 2,774 2,829 2,813 2,778 2,776 2,670 2,734 2,752 2,733 2,758 2,727 2,712

MIDTOWN WEST TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

7000

6000

5000

4000

3000

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
5,772 5,798 5,973 5,825 5,741 5,842 5,654 5,782 5,930 5,962 5,898 5,768 5,608
3,545 3,380 3,458 3,392 3,435 3,443 3,420 3,541 3,463 3,536 3,620 3,641 3,487

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 24

PRICE TRENDS:
MURRAY HILL
MURRAY HILL SAW ITS AVERAGE RENTAL PRICE FOR A
NON-DOORMAN UNIT IN MURRAY HILL FALL BY 1.18%.
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A DOOR-
MAN UNIT IN MURRAY HILL INCREASED BY 1.48%, MAKING IT
ONE OF THE ONLY SUBMARKETS THAT SAW PRICES INCREASE.

DOORMAN
MURRAY HILL STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
3150

2900

2650

2400

2150

1900
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
2,935 3,016 3,026 2,965 3,042 2,927 2,931 3,009 3,030 3,083 3,078 2,893 2,882
2,384 2,284 2,308 2,292 2,308 2,304 2,367 2,399 2,406 2,382 2,373 2,385 2,360

MURRAY HILL ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

4500

4000

3500

3000

2500

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,905 3,942 4,066 3,991 4,025 4,042 3,986 3,956 4,000 4,034 3,993 3,715 3,793
2,808 2,843 2,870 2,900 2,923 2,930 2,939 2,920 2,833 2,894 2,981 3,016 3,000

MURRAY HILL TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

6500

5700

4900

4100

3300

2500
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
5,550 5,806 6,069 5,873 5,968 5,586 5,565 5,572 5,587 5,841 5,856 5,243 5,352
3,489 3,575 3,653 3,788 3,891 3,929 3,685 3,576 3,626 3,650 3,791 3,699 3,634

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 25

PRICE TRENDS:
SOHO
BUOYED BY THE INCREASES OBSERVED IN THE STUDIO AND
TWO-BEDROOM SUBMARKETS, THE AVERAGE RENTAL PRICE
FOR A NON-DOORMAN UNIT IN SOHO FELL BY JUST 0.70%.
THIS PAST MONTH, THE AVERAGE RENTAL PRICE FOR A SOHO
UNIT FELL BY 8.57%.

DOORMAN
SOHO STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
5600

5000

4400

3800

3200

2600

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,906 4,452 3,716 4,277 4,767 5,081 5,100 5,317 4,250 3,400 - 4,715 4,601
2,817 2,804 2,878 2,847 2,729 2,506 2,490 2,561 2,947 2,864 3,260 3,012 3,090

SOHO ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

8000

6800

5600

4400

3200

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
6,064 6,263 6,668 6,758 6,958 7,253 6,408 7,233 7,343 7,043 5,964 6,036 5,949
3,956 3,938 4,002 4,110 4,181 4,173 4,061 4,085 4,059 3,985 4,416 4,494 3,933

SOHO TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

10000

8600

7200

5800

4400

3000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
9,061 8,498 8,325 8,546 8,536 8,439 7,474 7,080 7,778 8,737 8,289 8,919 7,435
4,696 5,156 5,973 5,998 5,395 5,435 5,284 5,189 4,899 5,128 5,092 4,551 4,949

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 26

PRICE TRENDS:
TRIBECA
THROUGH MAY, THE AVERAGE RENTAL PRICE FOR A
NON-DOORMAN UNIT IN TRIBECA FELL BY 3.99%.
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE FOR A
DOORMAN UNIT IN TRIBECA FELL BY 2.18%.

DOORMAN
TRIBECA STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
7000

6000

5000

4000

3000

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
3,889 4,248 3,944 3,972 4,364 4,152 4,334 4,061 4,064 4,009 3,764 3,472 3,381
6,500 6,000 4,798 4,395 4,348 3,600 3,623 4,250 - 4,225 4,042 3,510 2,595

TRIBECA ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

7000

6200

5400

4600

3800

3000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
5,053 5,124 5,195 5,422 5,531 5,498 5,596 5,615 5,491 5,859 6,000 5,638 5,436
4,696 5,204 5,329 5,178 5,563 5,886 5,524 5,708 5,902 5,671 4,743 4,185 4,214

TRIBECA TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

9000

8100

7200

6300

5400

4500
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
7,110 6,569 6,388 6,361 6,460 6,788 7,023 7,425 7,725 7,544 7,011 6,842 6,787
7,437 7,233 7,269 7,324 8,042 7,649 7,711 7,635 7,494 7,860 7,583 7,488 7,768

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 27

PRICE TRENDS:
UPPER EAST SIDE
THIS PAST MONTH THE AVERAGE RENTAL PRICES FOR A
NON-DOORMAN AND DOORMAN UNIT IN THE UPPER EAST SIDE
FELL BY 2.72% AND 2.83%, RESPECTIVELY.

DOORMAN
UPPER EAST SIDE STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
3200

2900

2600

2300

2000

1700
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
2,876 2,846 2,877 2,882 2,928 2,938 2,914 2,907 2,925 2,947 3,034 2,989 2,931
2,109 2,118 2,129 2,152 2,159 2,152 2,169 2,145 2,144 2,191 2,214 2,210 2,182

UPPER EAST SIDE ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

4500

4000

3500

3000

2500

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
4,151 4,131 4,209 4,222 4,180 4,143 4,123 4,096 4,044 4,067 4,104 4,113 4,088
2,626 2,651 2,676 2,676 2,688 2,671 2,664 2,719 2,776 2,780 2,771 2,752 2,750

UPPER EAST SIDE TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

8000

6800

5600

4400

3200

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
6,833 6,788 6,630 6,409 6,555 6,654 6,660 6,823 6,897 6,731 6,810 6,734 6,426
3,316 3,314 3,316 3,417 3,452 3,551 3,579 3,457 3,564 3,660 3,646 3,583 3,381

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 28

PRICE TRENDS:
UPPER WEST SIDE
SIMILAR TO THE REST OF THE MARKET, THE UPPER WEST SIDE
SAW OVERALL PRICING FALL THROUGH MAY. NON-DOORMAN
AND DOORMAN PRICES FELL BY 3.02% AND 2.54%,
RESPECTIVELY.

DOORMAN
UPPER WEST SIDE STUDIO PRICE TRENDS OVER 13 MONTHS NON DOORMAN
3500

3100

2700

2300

1900

1500
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
2,818 2,839 2,855 2,893 2,909 2,917 2,947 2,963 2,922 2,996 3,000 2,968 2,773
2,193 2,215 2,252 2,280 2,262 2,279 2,319 2,314 2,343 2,308 2,268 2,265 2,118

UPPER WEST SIDE ONE-BEDROOM PRICE TRENDS OVER 13 MONTHS

4500

4000

3500

3000

2500

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
4,143 4,029 4,122 4,086 4,162 4,110 4,071 4,114 4,082 4,106 4,215 4,181 4,023
2,928 2,943 2,980 3,034 3,078 3,043 2,929 2,886 2,940 2,999 3,100 3,035 2,887

UPPER WEST SIDE TWO-BEDROOM PRICE TRENDS OVER 13 MONTHS

8000

6800

5600

4400

3200

2000
MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY
6,216 6,379 6,328 6,383 6,361 6,423 6,296 6,318 6,478 6,410 6,387 6,338 6,349
3,887 3,691 4,149 4,322 4,348 4,404 4,275 4,150 4,110 4,349 4,463 4,423 4,355

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 29

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: 718-222-0211

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
loation.

HTTP://WWW.MNS.COM/MANHATTAN_RENTAL_MARKET_REPORT

M.N.S REAL ESTATE NYC MNS.COM 718-222-0211 40 N 6TH ST BROOKLYN, NY 11249 30

WILLIAMSBURG
40 N 6th St
Brooklyn, NY 11249

MNS.COM 718-222-0211