Manhattan, NY Rental Market Trends

Highlights

The average rent for an apartment in Manhattan is $4,068, a 0% decrease compared to the previous year, when the average rent was $4,085.

Studio apartments in Manhattan rent for $2,929 a month, while 1-bedroom apartments ask on average $3,756 a month; the average rent for a 2-bedroom apartment is $5,501.

Average Rent in Manhattan, NY

Last updated Jun 2018
All rentals Studio 1 Bed 2 Beds 3 Beds
Average Rent $4,068 $2,929 $3,756 $5,501 $7,865
Y-o-Y Change n/a n/a -2% -1% 1%
Average Apartment Size 703 sq. ft. 465 sq. ft. 672 sq. ft. 1,028 sq. ft. 1,320 sq. ft.

The average size for a Manhattan apartment is 703 square feet, but this number varies greatly depending on apartment type. A studio averages 465 sq. ft., while a one-bedroom apartment offers a more generous square footage: 672. 2-bedroom apartments in Manhattan have an average size of 1,028 sq. ft.

Manhattan, NY Apartment Rent Ranges

  • $1,001-$1,5001%
  • $1,501-$2,0005%
  • > $2,00093%

Manhattan, NY Rent Trends

Average Rent All rentals Studio 1 Bed 2 Beds 3 Beds
Jun / 2018 $4,068 $2,929 $3,756 $5,501 $7,865
Sept / 2017 $4,091 $2,947 $3,774 $5,524 $7,722
May / 2017 $4,105 $2,952 $3,814 $5,563 $7,761
Jan / 2017 $4,085 $2,921 $3,816 $5,538 $7,809
Sept / 2016 $4,167 $2,903 $3,898 $5,642 $8,246
May / 2016 $4,191 $2,925 $3,926 $5,598 $8,355
Jan / 2016 $4,142 $2,868 $3,865 $5,490 $8,291
Sept / 2015 $4,110 $2,828 $3,854 $5,376 $7,775
May / 2015 $4,808 $3,496 $4,381 $7,080 $14,554
Jan / 2015 $4,618 $3,328 $4,306 $6,591 $14,448
/

Average Rent in Manhattan, NY By Neighborhood

TriBeCa
$5,586
Little Italy
$5,583
Battery Park City
$5,399
NoLIta
$4,983
SoHo
$4,983
Chinatown
$4,871
Hudson Square
$4,694
Lincoln Square
$4,561
Manhattan Valley
$4,554
Upper West Side
$4,552
Lower East Side
$4,508
Civic Center
$4,419
Morningside Heights
$4,343
Two Bridges
$4,323
Lenox Hill
$4,266
Meatpacking District
$4,257
Greenwich Village
$4,238
Chelsea
$4,229
NoHo
$4,218
Hudson Yards
$4,212
Garment District
$4,199
Koreatown
$4,199
East Village
$4,184
Flatiron District
$4,168
Gramercy Park
$4,132
Carnegie Hill
$4,122
Yorkville
$4,122
Peter Cooper Village
$4,039
Financial District
$4,016
NoMad
$4,011
Sutton Place
$3,999
Kips Bay
$3,950
Clinton - Hell's Kitchen
$3,883
Murray Hill
$3,880
Central Midtown
$3,835
Theatre District - Times Square
$3,828
Central Park South
$3,747
Turtle Bay
$3,537
Stuyvesant Town
$3,517
Roosevelt Island
$3,425
Tudor City
$3,193
Ellis Island
$3,145
Harlem
$2,754
East Harlem
$2,729
Washington Heights
$2,175
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The most affordable neighborhoods in Manhattan are Washington Heights, where the average rent goes for $2,175/month, East Harlem, where renters pay $2,729/mo on average, and Harlem, where the average rent goes for $2,754/mo. If you’re looking for other great deals, check out the listings from Ellis Island ($3,145), Tudor City ($3,193), and Roosevelt Island ($3,425), where the asking prices are below the average Manhattan rent of $4,068/mo.

The most expensive neighborhoods in Manhattan are Battery Park City ($5,399), Little Italy ($5,583) and TriBeCa ($5,586).

Manhattan | Rent Comparison by Neighborhood

Neighborhood
vs.
Neighborhood

Rent in Battery Park City is 31% higher than in Carnegie Hill

$5,399

Battery Park City rent is 33% higher than Manhattan average

All rentals $5,399
Studio $3,431
1 Bed $4,257
2 Beds $6,590
3 Beds $10,386
$4,122

Carnegie Hill rent is 1% higher than Manhattan average

All rentals $4,122
Studio $2,620
1 Bed $3,444
2 Beds $5,533
3 Beds $8,460

How Does Manhattan Compare to Nearby Cities

Average Rent Y-o-Y Change
Manhattan $4,068 n/a
Brooklyn $2,574 -4%
Bronx $1,825 8%
Rochester $875 -3%
Buffalo $1,062 12%
Queens $2,119 -4%

For more information about the Manhattan rental trends, check out our monthly rent report

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The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Manhattan apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.

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