Manhattan, NY Rental Market Trends

Highlights

The average rent for an apartment in Manhattan is $4,188, a 2% increase compared to the previous year, when the average rent was $4,091.

Average Rent in Manhattan, NY

Last updated Mar 2019

Average Rent	Y-o-Y Change	Average Apartment Size
$4,188	2%	703 sq. ft.

The average size for a Manhattan, NY apartment is 703 square feet, but this number varies greatly depending on apartment type. 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-$2,0001%
> $2,00098%

Manhattan, NY Rent Trends

Average Rent	Jan / 2016	May / 2016	Sept / 2016	Jan / 2017	May / 2017	Sept / 2017	Jan / 2018	May / 2018	Mar / 2019
Manhattan, NY	$4,142	$4,191	$4,167	$4,085	$4,105	$4,091	$4,068	$4,041	$4,188
National	$1,290	$1,319	$1,334	$1,329	$1,354	$1,366	$1,366	$1,381	$1,396

Average Rent in Manhattan, NY By Neighborhood

Average Rent
Neighborhood	Average Rent
Marble Hill	$1,694
Inwood	$2,225
Washington Heights	$2,243
Randalls and Wards Islands	$2,336
East Harlem	$3,334
Tudor City	$3,338
Roosevelt Island	$3,427
Harlem	$3,604
Liberty Island	$3,718
Governors Island	$3,718
Ellis Island	$3,718
Stuyvesant Town	$3,720
Central Park South	$3,786
Theatre District - Times Square	$3,897
Central Midtown	$3,913
Turtle Bay	$3,973
Clinton - Hell's Kitchen	$3,991
Financial District	$4,005
Murray Hill	$4,022
Kips Bay	$4,089
Sutton Place	$4,135
Peter Cooper Village	$4,150
NoMad	$4,156
Civic Center	$4,241
Gramercy Park	$4,261
Yorkville	$4,271
Carnegie Hill	$4,271
Hudson Yards	$4,302
Morningside Heights	$4,314
Two Bridges	$4,322
Flatiron District	$4,328
Lenox Hill	$4,332
East Village	$4,334
NoHo	$4,335
Chelsea	$4,359
Koreatown	$4,368
Garment District	$4,368
Greenwich Village	$4,415
SoHo	$4,485
NoLIta	$4,485
Meatpacking District	$4,500
Lower East Side	$4,516
West Village	$4,524
Manhattan Valley	$4,578
Chinatown	$4,609
Hudson Square	$4,640
Upper West Side	$4,654
Lincoln Square	$4,706
TriBeCa	$4,845
Little Italy	$4,845
Battery Park City	$5,603

The most affordable neighborhoods in Manhattan are Marble Hill, where the average rent goes for $1,694/month, Inwood, where renters pay $2,225/mo on average, and Washington Heights, where the average rent goes for $2,243/mo. If you’re looking for other great deals, check out the listings from Randalls and Wards Islands ($2,336), East Harlem ($3,334), and Tudor City ($3,338), where the asking prices are below the average Manhattan rent of $4,188/mo.

The most expensive neighborhoods in Manhattan are Little Italy ($4,845), TriBeCa ($4,845) and Battery Park City ($5,603).

Manhattan | Rent Comparison by Neighborhood

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

$5,603

Battery Park City rent is 34% higher than Manhattan average

Average Rent	$5,603

$4,271

Carnegie Hill rent is 2% higher than Manhattan average

Average Rent	$4,271

How Does Manhattan Compare to Nearby Cities

	Average Rent	Y-o-Y Change
Bronx	$1,694	n/a
Rochester	$957	5%
Manhattan	$4,188	2%
Brooklyn	$2,695	1%
Buffalo	$1,097	3%
Queens	$2,178	n/a

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.