Manhattan, NY Rental Market Trends
What is the average rent in Manhattan?
The average rent for an apartment in Manhattan is $3,777, a 9% decrease compared to the previous year.
Average Rent in Manhattan, NY
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $3,777 | -9% | 702 sq. ft. |
What is the average apartment size in Manhattan?
The average size for a Manhattan, NY apartment is 702 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Manhattan, NY Apartment Rent Ranges
- $1,501-$2,0005%
- > $2,00095%
Manhattan, NY Occupied Housing Units
- Renter-occupied Households57%
- Owner-occupied Households42%
429,582 or 57% of the households in Manhattan, NY are renter-occupied while 314,853 or 42% are owner-occupied.
Manhattan, NY Rent Trends
| Average Rent | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Nov / 2020 | Mar / 2021 | May / 2021 |
|---|---|---|---|---|---|---|---|
| Manhattan, NY | $4,222 | $4,228 | $4,230 | $4,052 | $3,761 | $3,628 | $3,777 |
| National | $1,390 | $1,397 | $1,400 | $1,392 | $1,396 | $1,407 | $1,428 |
Average Rent in Manhattan, NY By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Little Italy | $4,973 |
| TriBeCa | $4,973 |
| Battery Park City | $4,965 |
| NoLIta | $4,746 |
| SoHo | $4,746 |
| Hudson Square | $4,560 |
| Chinatown | $4,441 |
| West Village | $4,219 |
| Manhattan Valley | $4,214 |
| Upper West Side | $4,015 |
| Lincoln Square | $4,015 |
| Meatpacking District | $3,974 |
| Greenwich Village | $3,967 |
| Lower East Side | $3,965 |
| NoHo | $3,960 |
| Morningside Heights | $3,948 |
| Carnegie Hill | $3,935 |
| Yorkville | $3,935 |
| East Village | $3,900 |
| Flatiron District | $3,853 |
| Gramercy Park | $3,841 |
| Lenox Hill | $3,836 |
| Chelsea | $3,774 |
| Peter Cooper Village | $3,731 |
| Hudson Yards | $3,717 |
| NoMad | $3,677 |
| Kips Bay | $3,661 |
| Sutton Place | $3,653 |
| Murray Hill | $3,594 |
| Two Bridges | $3,548 |
| Turtle Bay | $3,546 |
| Garment District | $3,503 |
| Koreatown | $3,503 |
| Stuyvesant Town | $3,382 |
| Civic Center | $3,374 |
| Central Midtown | $3,292 |
| Tudor City | $3,245 |
| Theatre District - Times Square | $3,207 |
| Clinton - Hell's Kitchen | $3,195 |
| Central Park South | $3,165 |
| Financial District | $3,131 |
| Roosevelt Island | $2,998 |
| East Harlem | $2,745 |
| Governors Island | $2,729 |
| Liberty Island | $2,729 |
| Harlem | $2,666 |
| Ellis Island | $2,274 |
| Inwood | $2,224 |
| Randalls and Wards Islands | $2,222 |
| Washington Heights | $2,148 |
| Marble Hill | $1,620 |
What are the most affordable neighborhoods in Manhattan?
The most affordable neighborhoods in Manhattan are Marble Hill, where the average rent goes for $1,620/month, Washington Heights, where renters pay $2,148/mo on average, and Randalls and Wards Islands, where the average rent goes for $2,222/mo. If you’re looking for other great deals, check out the listings from Inwood ($2,224), Ellis Island ($2,274), and Harlem ($2,666), where the asking prices are below the average Manhattan rent of $3,777/mo.
What are the most expensive neighborhoods in Manhattan?
The most expensive neighborhoods in Manhattan are Battery Park City ($4,965), Little Italy ($4,973) and TriBeCa ($4,973).
What are the most popular neighborhoods in Manhattan?
The most popular neighborhood in Manhattan is East Village, where there are 32 verified RENTCafé listings with an average rent of $3,900. Next up is Harlem, where apartments go for $2,666/month, followed by Greenwich Village with $3,967 If you’re looking to rent in Manhattan’s most popular neighborhoods, make sure to also check out Clinton - Hell's Kitchen, where renters pay $3,195 on average, and Manhattan Valley, where the average monthly rent is $4,214.
Manhattan | Rent Comparison by Neighborhood
Rent in Battery Park City is 26% higher than in Carnegie Hill
Battery Park City rent is 31% higher than Manhattan average
| Average Rent | $4,965 |
|---|
Carnegie Hill rent is 4% higher than Manhattan average
| Average Rent | $3,935 |
|---|
How Manhattan Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| New York City | $3,374 | -14% |
| Manhattan | $3,777 | -9% |
| Hudson Valley | $1,992 | 4% |
| Brooklyn | $2,785 | -5% |
| Jersey City | $2,739 | -8% |
| Bronx | $1,620 | n/a |
| Newark | $1,268 | 4% |
| Hoboken | $3,304 | -8% |
| Rochester | $1,113 | 4% |
| Stamford | $2,513 | 5% |
| Queens | $2,443 | -7% |