Manhattan, NY Rental Market Trends

Highlights

The average rent for an apartment in Manhattan is $4,041, a 2% decrease compared to the previous year, when the average rent was $4,105.

Studio apartments in Manhattan rent for $2,908 a month, while 1-bedroom apartments ask on average $3,757 a month; the average rent for a 2-bedroom apartment is $5,474.

Average Rent in Manhattan, NY

Last updated Oct 2018
All rentals Studio 1 Bed 2 Beds 3 Beds
Average Rent $4,041 $2,908 $3,757 $5,474 $7,924
Y-o-Y Change -2% -1% -1% -2% 2%
Average Apartment Size 692 sq. ft. 459 sq. ft. 671 sq. ft. 975 sq. ft. 1,285 sq. ft.

The average size for a Manhattan apartment is 692 square feet, but this number varies greatly depending on apartment type. A studio averages 459 sq. ft., while a one-bedroom apartment offers a more generous square footage: 671. 2-bedroom apartments in Manhattan have an average size of 975 sq. ft.

Manhattan, NY Apartment Rent Ranges

  • $1,001-$1,5001%
  • $1,501-$2,0007%
  • > $2,00091%

Manhattan, NY Rent Trends

Average Rent All rentals Studio 1 Bed 2 Beds 3 Beds
Oct / 2018 $4,041 $2,908 $3,757 $5,474 $7,924
Jan / 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
/

Average Rent in Manhattan, NY By Neighborhood

Little Italy
$5,690
TriBeCa
$5,586
Battery Park City
$5,363
NoLIta
$5,066
SoHo
$5,066
Chinatown
$4,864
Hudson Square
$4,741
Lincoln Square
$4,561
Manhattan Valley
$4,553
Upper West Side
$4,536
Lower East Side
$4,472
Civic Center
$4,419
Morningside Heights
$4,326
Two Bridges
$4,317
Lenox Hill
$4,269
NoHo
$4,206
Hudson Yards
$4,203
Greenwich Village
$4,197
Garment District
$4,196
Koreatown
$4,196
Meatpacking District
$4,190
Chelsea
$4,181
East Village
$4,174
Carnegie Hill
$4,130
Yorkville
$4,130
Flatiron District
$4,093
Gramercy Park
$4,071
Financial District
$4,018
Sutton Place
$4,000
NoMad
$3,990
Peter Cooper Village
$3,952
Kips Bay
$3,925
Turtle Bay
$3,887
Murray Hill
$3,883
Clinton - Hell's Kitchen
$3,872
Central Midtown
$3,830
Theatre District - Times Square
$3,813
Central Park South
$3,723
Stuyvesant Town
$3,526
Roosevelt Island
$3,430
Tudor City
$3,389
Ellis Island
$3,328
Harlem
$2,783
East Harlem
$2,528
Washington Heights
$2,170
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The most affordable neighborhoods in Manhattan are Washington Heights, where the average rent goes for $2,170/month, East Harlem, where renters pay $2,528/mo on average, and Harlem, where the average rent goes for $2,783/mo. If you’re looking for other great deals, check out the listings from Ellis Island ($3,328), Tudor City ($3,389), and Roosevelt Island ($3,430), where the asking prices are below the average Manhattan rent of $4,041/mo.

The most expensive neighborhoods in Manhattan are Battery Park City ($5,363), TriBeCa ($5,586) and Little Italy ($5,690).

Manhattan | Rent Comparison by Neighborhood

Neighborhood
vs.
Neighborhood

Rent in Battery Park City is 30% higher than in Carnegie Hill

$5,363

Battery Park City rent is 33% higher than Manhattan average

All rentals $5,363
Studio $3,750
1 Bed $4,237
2 Beds $6,590
3 Beds $10,386
$4,130

Carnegie Hill rent is 2% higher than Manhattan average

All rentals $4,130
Studio $2,616
1 Bed $3,449
2 Beds $5,520
3 Beds $8,726

How Does Manhattan Compare to Nearby Cities

Average Rent Y-o-Y Change
Brooklyn $2,675 -1%
Bronx $2,167 28%
Manhattan $4,041 -2%
Rochester $923 2%
Buffalo $1,103 5%
Queens $2,194 2%

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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