Markets & EconomyRentals

Manhattan rental listings drop before busy spring season

Rent prices remained stable in early 2016, with the biggest annual price shift in Upper West Side
  • Rental price fluctuations shown in the report were not as aggressive, with a slight .59 percent decrease between January and February.
  • Gramercy doorman-operated, two-bedrooms had less than 20 units at the time of review, which could have shifted the neighborhood's balance.
  • The highest increases were seen in Gramercy non-doorman, two-bedroom units, which went up 4.7 percent. Similar units in East Village also increased 3.7 percent on average.
  • SoHo saw the biggest overall year-over-year drop at 7.9 percent due to the least number of units, but not necessarily due to low demand.

As Manhattan nears the fast-paced rental season, listings are still scarce, according to the MNS February Market Report. Last month, inventory decreased by 4.44 percent, from 9,007 rental units to 8,607 units. Register now for Global Connect and learn how to sell high-end properties in major metros across the planet. “There’s definitely a lot of seasonality for the rental market. Memorial and Labor Day are when the market peaks in terms of the highest points. November, December and January are the lowest," CEO of MNS, Andrew Barrocas, said. "You will see inventory levels drop in the winter." Rental price fluctuations shown in the report were not as aggressive, with a slight .59 percent decrease between January and February. The average rent in Manhattan dropped from $3,873 in January to $3,850 last month. Some neighborhood units, including SoHo doorman studios and one-bedrooms, consisted of less than 20 units at the time of market analysis. All neighborhoods in Manha...

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