manhattan rental market report april 2013 mnsmns.com eea 2127212500 189 8 avee, e york, 10011 grae a...

mns.com

Manhattan Rental Market ReportApril 2013

mns.com Chelsea 212.721.2500

189 8th Avenue, New York, NY 10011Gramercy Park 212.475.9000115 East 23rd Street, New York, NY 10010

Williamsburg 718.222.1545165 Bedford Avenue, Brooklyn, NY 11211

page 2

Manhattan Rental Market Report APRIL 2013

TABLE OF CONTENTS

10 Neighborhood Price Trends

23 The Report Explained

03 Introduction04 A Quick Look07 Mean Manhattan Rental Prices09 Manhattan Price Trends

10 Battery Park City11 Chelsea12 East Village13 Financial District14 Gramercy Park 15 Greenwich Village16 Harlem17 Lower East Side18 Midtown East19 Midtown West20 Murray Hill21 SoHo22 TriBeCa23 Upper East Side24 Upper West Side




page 3


The average Manhattan rent increased by a measly 23 basis points - from $3,791 in March to $3,800 during April. Tracking 15 total neighborhoods within Manhattan, precisely 1/3 experienced negative rental growth from the previous month; including Gramercy (-0.18%), Midtown West (-0.83%), Murray Hill (-0.25%), SoHo (-2.59%), and TriBeCa (-0.55%). As mentioned in the March 2013 Manhattan Rental Report, Midtown West has experienced significant growth from the beginning of the year. As all good things eventually come to an end, the -0.83% decline in April finally concluded its positive momentum.

Rental averages in April failed to provide any trends within the unit sectors analyzed in the report. As doorman studios and doorman one-bedroom units both rose by 0.97% and 0.37% respectively, doorman two-bedroom units decreased by -0.07%. Completely reversible, non-doorman studios and non-doorman one-bedroom units decreased by -0.49% and -0.91% respectively, and two-bedroom non-doorman units increased by 1.03%. Overall, units within buildings offering doorman services increased by 0.11% while units without doorman services increased by 0.52%.

INTRODUCTIONAccording to the most recent Manhattan Rental Report, overall rents in Manhattan have remained comparatively stable.




page 4


Where we are from 2012: Overall rent averages have increased by 5.00% from April 2012 - from $3,619 to $3,800. Greenwich Village (9.9%), TriBeCa (8.7%), Harlem (8.3%), and the Upper East Side (7.7%) represent the yearly leaders on the island. More specifically, non-doorman studios in Midtown East and non-doorman two-bedroom units in SoHo have appreciated 26.3% and 23.8% respectively. However, Murray Hill represents the only neighborhood with a negative growth of 1.8% during the previous 12 months.

A QUICK LOOK

3.7% ($89) 7.7% ($357)8.5% ($217)Studios - Midtown East 2-Beds – Greenwich Village1-Beds – Upper West Side

Type April 2012 April 2013 Change

Non-Doorman Studios $2,208 $2,395 8.5%

Non-Doorman One Bedrooms $2,942 $3,138 6.7%

Non-Doorman Two Bedrooms $4,231 $4,382 3.6%

Type April 2012 April 2013 Change

Doorman Studios $2,629 $2,797 6.4%

Doorman One Bedrooms $3,722 $3,915 5.2%

Doorman Two Bedrooms $5,831 $6,029 3.4%

Greatest Changes Since March

Year-Over-Year Changes - Manhattan Rents: April 2012 vs. April 2013

DoormanNon-Doorman

7.3% ($208) 3.9% ($258)4.0% ($94)Studios - East Village 2-Beds – Greenwich Village1-Beds – Harlem




page 5


A QUICK LOOKType Most Expensive Least Expensive

Non-Doorman Studios TribBeCa $4,495 Harlem $1,483

Non-Doorman One Bedrooms TribBeCa $5,638 Harlem $1,889

Non-Doorman Two Bedrooms TribBeCa $8,333 Harlem $2,426

Chelsea Non-Doorman Studios -2.40%Doorman Studios -1.90%Doorman Two-Bedroom -0.20% East Village Non-Doorman Two-Bedroom -3.70%Doorman Two-Bedroom -2.90% Financial District Doorman Studios -1.30% Gramercy Non-Doorman Studios -2.50%Doorman Studios -0.70%Non-Doorman Two-Bedroom -1.80%Doorman Two-Bedroom -1.60% Greenwich Village Non-Doorman One-Bedroom -0.20%Doorman One-Bedroom -0.30% Harlem Non-Doorman Studios -1.90%Doorman Two-Bedroom -1.30%

Lower East Side Non-Doorman Studios -2.60%Doorman Two-Bedroom -2.10% Midtown East Non-Doorman One-Bedroom -3.40%Doorman One-Bedroom -1.10%Doorman Two-Bedroom -2.30% Midtown West Non-Doorman Studios -0.40%Doorman Studios -2.30%Non-Doorman One-Bedroom -2.50%Non-Doorman Two-Bedroom -4.20% Murray Hill Non-Doorman One-Bedroom -1.50%Doorman One-Bedroom -1.60%Non-Doorman Two-Bedroom -2.10% SoHo Non-Doorman Studios -2.20%Doorman Studios -1.40%Non-Doorman One-Bedroom -1.90%Doorman One-Bedroom -5.70%Non-Doorman Two-Bedroom -0.10%Doorman Two-Bedroom -3.10%

Tribeca Non-Doorman Studios -2.30%Doorman Studios -1.80%Non-Doorman One-Bedroom -2.80%Doorman One-Bedroom -2.70%Doorman Two-Bedroom -0.40% Upper East Side Non-Doorman Two-Bedroom -1.50%

Where Prices Decreased

Notable Trends: Building (Average Prices)

Type Most Expensive Least Expensive

Doorman Studios TribBeCa $3,514 Harlem $1,778

Doorman One Bedrooms SoHo $5,424 Harlem $2,421

Doorman Two Bedrooms SoHo $8,400 Harlem $3,325




page 6


A QUICK LOOKBattery Park City Doorman Studios 0.70%Doorman One-Bedroom 1.40%Doorman Two-Bedroom 2.00% Chelsea Non-Doorman One-Bedroom 1.90%Doorman One-Bedroom 1.20%Non-Doorman Two-Bedroom 1.30% East Village Non-Doorman Studios 1.60%Doorman Studios 7.30%Non-Doorman One-Bedroom 0.70%Doorman One-Bedroom 0.60% Financial District Non-Doorman Studios 0.40%Non-Doorman One-Bedroom 1.50%Doorman One-Bedroom 1.00%Non-Doorman Two-Bedroom 0.80%Doorman Two-Bedroom 1.10% Gramercy Non-Doorman One-Bedroom 4.90%Doorman One-Bedroom 2.10%

Greenwich Village Non-Doorman Studios 0.50%Doorman Studios 4.10%Non-Doorman Two-Bedroom 7.70%Doorman Two-Bedroom 3.90% Harlem Doorman Studios 0.50%Non-Doorman One-Bedroom 0.60%Doorman One-Bedroom 4.00%Non-Doorman Two-Bedroom 3.60% Lower East Side Doorman Studios 1.80%Non-Doorman One-Bedroom 6.90%Doorman One-Bedroom 0.40%Non-Doorman Two-Bedroom 3.60% Midtown East Non-Doorman Studios 3.70%Doorman Studios 5.70%Non-Doorman Two-Bedroom 2.00% Midtown West Doorman One-Bedroom 0.60%Doorman Two-Bedroom 1.80%

Murray Hill Non-Doorman Studios 0.40%Doorman Studios 0.70%Doorman Two-Bedroom 1.90% Tribeca Non-Doorman Two-Bedroom 3.80% Upper East Side Non-Doorman Studios 2.00%Doorman Studios 4.60%Non-Doorman One-Bedroom 0.90%Doorman One-Bedroom 1.40%Doorman Two-Bedroom 1.00% Upper West Side Doorman Studios 0.70%Doorman One-Bedroom 8.50%Non-Doorman One-Bedroom 0.40%Doorman Two-Bedroom 2.10%Non-Doorman Two-Bedroom 1.50%

SoHo: Although limited inventory, the exclusive clientele capable of affording the rental rates in Soho should experience discounts as the average monthly rate decreased by 2.59% - representing an overall discount of $128. In addition, all six unit sectors analyzed in the report decreased from the previous month. Despite the rental decreases, the Average Joe would still not consider (or afford) signing a leasing in this particular neighborhood. Sorry!

Where Prices Increased

Tips For Renters




page 7


MEAN MANHATTANRENTAL PRICESThe Mean Rental Price graphs illustrate average monthly rents for studios, one-bedrooms and two-bedrooms in doorman and non-doorman buildings for the month of April 2013. Graphs tracking citywide and neighborhood price changes over a rolling 13-month period follow.

Non-Doorman Studio $2,395Non-Doorman One-Bedroom $3,138 Non-Doorman Two-Bedroom $4,382

Doorman Studio $2,797Doorman One-Bedroom $3,915 Doorman Two-Bedroom $6,029

April 2013 Mean Manhattan Rental Prices

Che

lsea

Batte

ry P

ark

City

East

Villa

geFin

anci

al D

istric

tG

ram

ercy

Par

kG

reen

wic

h Vi

llage

Harle

mLo

wer

Eas

t Sid

eM

idto

wn

East

Mid

tow

n W

est

Mur

ray

Hill

SoHo

TriBe

Ca

Uppe

r Eas

t Sid

eUp

per W

est S

ide

$ 2,7

13

$ 2,2

56

$ 2,2

91

$ 1,4

83

$ 2,7

23

$ 2,2

39

$ 2,0

08

$ 4,4

95

$ 2,2

95

$ 2,4

92

$ 2,0

16$ 2,3

39

$ 2,1

60

$ 2,0

13

$ 2,7

76

$ 3,0

74

$ 2,4

61$ 2,9

24

$ 1,7

78

$ 3,1

05

$ 3,0

50

$ 2,7

73

$ 3,5

14

$ 2,7

58

$ 2,6

92

$ 2,7

40

$ 2,9

43

$ 2,7

92

$ 2,5

74

April 2013 Mean Studio Rental Prices

DoormanNon-Doorman




page 8


Che

lsea

Che

lsea

Batte

ry P

ark

City

Batte

ry P

ark

City

East

Villa

ge

East

Villa

geFin

anci

al D

istric

t

Finan

cial

Dist

rict

Gra

mer

cy P

ark

Gra

mer

cy P

ark

Gre

enw

ich

Villa

ge

Gre

enw

ich

Villa

ge

Harle

mHa

rlem

Low

er E

ast S

ide

Low

er E

ast S

ide

Mid

tow

n Ea

st

Mid

tow

n Ea

stM

idto

wn

Wes

t

Mid

tow

n W

est

Mur

ray

Hill

Mur

ray

Hill

SoHo

SoHo

TriBe

Ca

TriBe

Ca

Uppe

r Eas

t Sid

e

Uppe

r Eas

t Sid

eUp

per W

est S

ide

Uppe

r Wes

t Sid

e

$ 3,6

02$ 5

,007

$ 2,7

97$ 3

,783

$ 3,3

97$ 5

,074

$ 1,8

89$ 2

,325

$ 3,5

24$ 5

,725

$ 2,9

83$ 3

,484

$ 2,6

89$ 3

,821

$ 5,6

38$ 8

,333

$ 3,3

61$ 4

,798

$ 2,9

41$ 3

,990

$ 2,7

88$ 3

,299

$ 2,9

69$ 4

,010

$ 2,5

98$ 3

,815

$ 2,7

60$ 3

,788

$ 3,4

65$ 5

,850

$ 4,4

88$ 6

,908

$ 3,4

73$ 5

,530

$ 4,1

31$ 6

,607

$ 2,4

21$ 3

,325

$ 5,4

24$ 8

,400

$ 4,1

28$ 4

,806

$ 3,7

20$ 4

,967

$ 4,7

66$ 7

,329

$ 3,6

96$ 5

,526

$ 3,7

29$ 6

,222

$ 3,6

39$ 6

,156

$ 4,1

29$ 6

,510

$ 3,9

00$ 6

,047

$ 3,6

10$ 6

,252

Doorman

Doorman

Non-Doorman

Non-Doorman

April 2013 Mean One-Bedroom Rental Prices

April 2013 Mean Two-Bedroom Rental Prices

MEAN MANHATTANRENTAL PRICES




page 9


MANHATTAN PRICE TRENDSManhattan Studio Price Trends Over 13 Months

Manhattan One-Bedroom Price Trends Over 13 Months

Manhattan Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

3,300

4,225

5,150

6,075

7,000

2,000

2,625

3,250

3,875

4,500

1,900

2,125

2,350

2,575

2,800

Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr2,629 2,657 2,691 2,677 2,690 2,698 2,735 2,722 2,768 2,783 2,766 2,770 2,7822,208 2,243 2,260 2,261 2,303 2,345 2,349 2,301 2,282 2,285 2,386 2,406 2,361






page 10


BATTERY PARK CITYBattery Park City Studio Price Trends Over 13 Months

Battery Park City One-Bedroom Price Trends Over 13 Months

Battery Park City Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

4,000

5,000

6,000

7,000

8,000

2,000

2,375

2,750

3,125

3,500

2,000

2,300

2,600

2,900

3,200

Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr2,728 2,721 2,679 2,608 2,664 2,670 2,714 2,629 2,721 2,788 2,754 2,758 2,776

- - - - - - - - - - - - -


- - - - - - - - - - - - -


- - - - - - - - - - - - -




page 11


CHELSEAChelsea Studio Price Trends Over 13 Months

Chelsea One-Bedroom Price Trends Over 13 Months

Chelsea Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

3,800

4,850

5,900

6,950

8,000

2,500

3,125

3,750

4,375

5,000

1,700

2,275

2,850

3,425

4,000







page 12


EAST VILLAGEEast Village Studio Price Trends Over 13 Months

East Village One-Bedroom Price Trends Over 13 Months

East Village Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

2,700

3,525

4,350

5,175

6,000

2,000

2,750

3,500

4,250

5,000

1,500

2,125

2,750

3,375

4,000







page 13


FINANCIAL DISTRICTFinacial District Studio Price Trends Over 13 Months

Finacial District One-Bedroom Price Trends Over 13 Months

Finacial District Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

3,700

4,275

4,850

5,425

6,000

2,600

2,950

3,300

3,650

4,000

1,800

2,075

2,350

2,625

2,900







page 14


GRAMERCY PARKGramercy Park Studio Price Trends Over 13 Months

Gramercy Park One-Bedroom Price Trends Over 13 Months

Gramercy Park Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

3,500

4,375

5,250

6,125

7,000

2,500

3,125

3,750

4,375

5,000

1,900

2,200

2,500

2,800

3,100







page 15


GREENWICH VILLAGEGreenwich Village Price Trends Over 13 Months

Greenwich Village One-Bedroom Price Trends Over 13 Months

Greenwich Village Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

3,000

4,000

5,000

6,000

7,000

2,500

3,125

3,750

4,375

5,000

1,700

2,050

2,400

2,750

3,100







page 16


HARLEMHarlem Studio Price Trends Over 13 Months

Harlem One-Bedroom Price Trends Over 13 Months

Harlem Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

1,800

2,350

2,900

3,450

4,000

1,400

1,675

1,950

2,225

2,500

1,200

1,375

1,550

1,725

1,900







page 17


LOWER EAST SIDELower East Side Studio Price Trends Over 13 Months

Lower East Side One-Bedroom Price Trends Over 13 Months

Lower East Side Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

2,500

3,375

4,250

5,125

6,000

2,000

2,500

3,000

3,500

4,000

1,500

2,125

2,750

3,375

4,000







page 18


MIDTOWN EASTMidtown East Studio Price Trends Over 13 Months

Midtown East One-Bedroom Price Trends Over 13 Months

Midtown East Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

3,000

4,000

5,000

6,000

7,000

2,200

2,650

3,100

3,550

4,000

1,500

1,800

2,100

2,400

2,700







page 19


MIDTOWN WESTMidtown West Studio Price Trends Over 13 Months

Midtown West One-Bedroom Price Trends Over 13 Months

Midtown West Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

2,400

3,550

4,700

5,850

7,000

2,100

2,575

3,050

3,525

4,000

1,600

1,925

2,250

2,575

2,900







page 20


MURRAY HILLMurray Hill Studio Price Trends Over 13 Months

Murray Hill One-Bedroom Price Trends Over 13 Months

Murray Hill Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

2,700

3,525

4,350

5,175

6,000

2,200

2,600

3,000

3,400

3,800

1,800

2,025

2,250

2,475

2,700







page 21


SOHOSoHo Studio Price Trends Over 13 Months

SoHo One-Bedroom Price Trends Over 13 Months

SoHo Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

3,500

4,875

6,250

7,625

9,000

3,000

3,750

4,500

5,250

6,000

2,000

2,300

2,600

2,900

3,200







page 22


TRIBECATribeca Studio Price Trends Over 13 Months

Tribeca One-Bedroom Price Trends Over 13 Months

Tribeca Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

5,000

6,000

7,000

8,000

9,000

3,700

4,275

4,850

5,425

6,000

2,600

3,200

3,800

4,400

5,000







page 23


UPPER EAST SIDEUpper East Side Studio Price Trends Over 13 Months

Upper East Side One-Bedroom Price Trends Over 13 Months

Upper East Side Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

2,500

3,625

4,750

5,875

7,000

2,000

2,500

3,000

3,500

4,000

1,500

1,825

2,150

2,475

2,800







page 24


UPPER WEST SIDEUpper West Side Studio Price Trends Over 13 Months

Upper West Side One-Bedroom Price Trends Over 13 Months

Upper West Side Two-Bedroom Price Trends Over 13 Months

Doorman

Doorman

Doorman

Non--Doorman

Non--Doorman

Non--Doorman

2,500

3,625

4,750

5,875

7,000

2,200

2,650

3,100

3,550

4,000

1,600

1,875

2,150

2,425

2,700







page 25


THE REPORT EXPLAINED

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

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 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 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).

manhattan rental market report april 2013 mnsmns.com eea 2127212500 189 8 avee, e york, 10011 grae a...

Documents