Industry NewsMarkets & Economy

Manhattan rents surged in 2015

  • The biggest price hikes were seen in non-doorman two-bedrooms.
  • Between December of 2014 and 2015, inventory increased 16 percent across all of Manhattan.
  • The neighborhoods to see high inventory growth in Manhattan this past year were Harlem, the Upper East Side, Upper West Side, Midtown East and Midtown West.
  • SoHo doormen units and Tribeca non-doormen apartments saw sluggish movement.

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As the second-priciest rental market in the nation behind San Francisco, Manhattan's rent increases in 2015 might not come as a surprise. According to the MNS Year End Market Report for Manhattan, the biggest price hikes were seen in non-doorman two-bedrooms, up 10.2 percent to $4,309 from $3,911. MNS recognized the shift toward larger units in the Manhattan market, driving more demand and setting prices noticeably higher. Second to non-doorman two-bedroom units, doorman-operated studios increased by 7.4 percent, up to $3,065 from $2,855 in 2014. Non-doorman one-bedrooms increased 6.6 percent, up to $3,138 from $2,945 in 2014. Doorman-operated two-bedrooms increased 5.5 percent since 2014, followed by non-doorman studios, and then doorman one-bedrooms, up 5.1 percent and 4.7 percent, respectively. September: the best month for NYC landlords to list? Although price increases fluctuated depending on unit size, average rent peaked in September at $3,995 and bottomed in Fe...