New York City – and specifically Manhattan – sees a constant fluctuation in rental market pricing. There are many variables for this: new construction, gentrification, and transportation changes just to name a few. Here are some of the biggest Manhattan rental marketing trends we saw in October 2019.
Over the last year, the average rental price in Manhattan increased by 4.07%. Non-doorman units currently represent 48% of the Manhattan rental market, while doorman units comprise the remaining 52%. Overall, the largest decrease in average rental price comes from non-doorman studio apartments (2.48%), while studio apartments in doorman buildings have increased by 6.94%. All one- and two-bedroom apartments (both doorman and non-doorman buildings) have seen an increase in price, anywhere from 2-7% over the last year.
Most Expensive Doorman Apartments (studios, one-bedrooms, two-bedrooms): Tribeca
Least Expensive Doorman Apartments (studios, one-bedrooms, two-bedrooms): Harlem
Most Expensive Non-Doorman Apartments (studios, one-bedrooms, two-bedrooms): SoHo
Least Expensive Non-Doorman Apartments (studios, one-bedrooms, two-bedrooms): Harlem
Largest Neighborhood Price Decrease Overall (Doorman Apartments): East Village
Largest Neighborhood Price Decrease Overall (Non-Doorman Apartments): Financial District
Largest Neighborhood Price Increase Overall (Doorman Apartments): Tribeca/SoHo
Largest Neighborhood Price Increase Overall (Non-Doorman Apartments): Tribeca
Neighborhoods With the Largest Increase in Prices Year Over Year: East Village (+13.0%), Lower East Side (+10.5%), Gamercy (+7.5%)
Neighborhoods With the Largest Decrease in Prices Year Over Year: Financial District (-6.0%)
For additional information about Manhattan (or any other of the four boroughs’) rental market trends/pricing, feel free to get in touch with us! Our agents are happy to help discuss the nuances in NYC rental prices.
*Source: Manhattan Rental Market Report
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