Manhattan rental market


Manhattan’s average rental prices and price per square foot increased by 6.4 percent and 2.9 percent, respectively, in 2019. Meanwhile, average days on market fell 3.1 percent to an average of 31 days. When analyzing all types and sizes of apartments, both doorman and non-doorman buildings saw increases. Studios in doorman buildings experienced the most drastic increase at 9.3 percent to $3,353 per month.

Vacancy rates throughout Manhattan’s top eight neighborhoods remained below 2 percent in the fourth quarter of 2019. The Soho/Tribeca area had the lowest vacancy level at 1.02 percent.

Manhattan Rental Vacancy Rates in 2019

PRIME INTERNATIONAL RESIDENTIAL INDEX GROWTH MARKETS

 2019Year-over-year % change
Average rental price$4,4126.40%
Average rental price per sq. ft.$702.90%
Average days on market31-3.10%
Source: Miller Samuel. Data as of December 2019, compared with December 2018 data.

Manhattan: Doorman vs. non-Doorman Rents

 Average RentY-O-Y % ChangeAverage RentY-O-Y % Change
Doorman RentsNon-Doorman Rents
STUDIO$3,3539.30%2,5242.90%
1BR$4,4944.90%$3,3756.50%
2BR$6,3425.30%$4,3585.90%
Source: MNS. Data as of December 2019, compared to December 2018 data.

Vacancy Rates by Neighborhood Q4 2019

Chelsea1.58%Soho/Tribeca1.02%
Gramercy1.46%Upper East Side1.23%
Midtown East1.53%Upper West Side1.36%
Midtown West1.41%West Village1.40%
Source: Citi Habitats

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