Photo: Fuzzy Images/Flickr
Manhattan rental prices dropped slightly from May to June but remained up over the last year according to MNS’s new Rental Market Report. The report, which compares changes in the borough’s rental market on a monthly basis, noted a 0.26 percent drop in the average rental price, from $4,057.67 in May to $4,047.04 in June.
June’s average was high enough to best the previous year, when the average rent was $3,895 in Manhattan, making for 1.6 percent year-over-year increase.
Inventory levels saw an overall 7 percent jump — from 9,746 units in May to 10,433 units in June. Battery Park saw the largest increase — 27.9 percent — while Midtown West saw the largest decrease at 23 percent.
Studio apartments, in both doorman (DM) and non-doorman (NDM) buildings, reported price increases. Soho recorded the greatest price change, up 18.1 percent or $601, for an average rent of $3,138 (DM). Non-doorman (NDM) studios in Gramercy saw an increase of 9.1 percent or $227, for an average rent of $2,527.
Days on market (DOM) for studios ranged from 15 days on the low-end to 44 on the high-end. Soho and Tribeca had the lowest inventories — 5 (DM, Soho) and 6 (NDM, Tribeca), while Midtown West and the Upper East Side had the largest — 270 (DM, Midtown West) and 285 (NDM, Upper East Side).
DM and NDM one bedrooms saw price decreases. In Harlem, DM one bedrooms were down 7.2 percent or $244, for an average rent of $4,330 per month. NDM Soho units recorded a 9.5 percent decrease or $407, for an average rent of $3,359 per month.
DOM for one bedrooms ranged from 17 to 41 days. Soho and Tribeca had the lowest inventories at 14 units, while Midtown West and the Upper East Side had the largest — 389 (DM, Midtown West) and 532 (NDM, Upper East Side).
It’s worth noting that in several areas the sample size used was fewer than 20 units. Smaller sample sizes can often lead to heightened average price fluctuations, not giving an accurate snapshot of the market.
MNS’s full report can be read here.