Manhattan rents continue to climb month-over-month, but at a milder pace.
While Manhattan rent increased slightly by 2.79 percent, listing inventory saw a much larger jump — from 8,607 to 9,746 rentals in April.
The MNS Manhattan market report for April also says average rent across all Manhattan apartments was $3,957.56 in April. The month prior, rent hit an average $3,850.26 per month.
Spring is a hot rental season; leases often end this time of year, allowing more rentals to hit the market. Manhattan’s increased supply could be limiting the high-level annual growth New York City renters have faced for years.
On an annual scale, Manhattan rents increased just 0.5 percent since April 2015, when price was $3,939 per month.
Harlem apartments better on the budget
The least expensive neighborhood across the board was Harlem, overtaking both non-doorman and doorman apartments of all sizes.
Non-doorman studios in Harlem came in at $1,815 per month, the least expensive units in the borough. Non-doorman one-bedrooms and two-bedrooms in Harlem were $2,245 and $2,727 per month, respectively.
For non-doorman studios, Harlem (along with TriBeCa and the Upper West Side) rented fastest at 15 days.
In the doorman sector, Harlem studios ($2,455), one-bedrooms ($3,058) and two-bedrooms ($3,853) dominated the low end of the market. Harlem featured the fewest days on the market for one-bedroom doorman units at 21 days.
TriBeCa and SoHo take the lead
TriBeCa studios ($3,731), one-bedrooms ($5,693) and two-bedrooms ($7,594) held the peak averages among non-doorman units in Manhattan.
Despite being the most expensive in its category, TriBeCa non-doorman studios dropped 17.7 percent since March, which is a decline of $561 per month.
TriBeCa also came out on top for most expensive studios with a doorman at $3,636 per month. SoHo was highest for both one-bedrooms and two-bedrooms at $6,249 and $8,837 per month.
SoHo doorman one-bedroom price jumped dramatically at 30.4 percent since March, but had the lowest market inventory at 13 units.
The biggest shifts on the high and low ends
Aside from Battery Park City and Gramercy Park, which dropped minimally by 0.1 percent and 0.03 percent, respectively, all neighborhoods saw price increases.
The largest monthly rent price increases were seen in SoHo (up 8.9 percent) and Tribeca (up 8.8 percent). SoHo saw a 10.2 percent increase in inventory, while TriBeCa showed 18.2 percent growth in number of units on the market.
Harlem’s average rent increased 5.5 percent month-over-month, but still remains the least expensive neighborhood for all unit types.
Annually, rents grew in TriBeCa by 4.9 percent and the Upper West Side by 4.2 percent.
Also since last year, SoHo rents dipped 3.9 percent. The Financial District dropped 5.2 percent year-over-year.
