Data Updated As Of November 2020                        

Average NYC Rent Prices Continue General Downward Trend But Showing Subtle Signs Of Forming A Bottom In Certain Neighborhoods

November 2020 commentary:  The fall months have picked up right where the summer left off with Property Managers continuing to drop listing prices while also offering renter incentives.  While the month's free rent continues to stay relatively flat, offers continue to be in the 2-4 months range, listing prices throughout the fall season are lower than they were in the summer months.  

Based on the data, out of the different Manhattan neighborhoods, average rent prices for Lower Manhattan looks as if it is still on a downward trajectory with more room to move lower.  Meanwhile, the Upper West Side looks like it could potentially be the first one to bottom out as the month over month percentages are showing signs of stabilization relative to the other areas.  

August 2020 commentary: Summer months traditionally are considered the busy season for NYC rental apartments where both prices and turnover are normally at its highest.  However, the data is showing that the 2020 summer brought the steepest drop in rent prices since the pandemic started showing another 10% drop since June.  Property managers have either slashed listing prices, increased renter incentives such as months free or done both in order to adjust to the weaker demand. 

There is one sign of the rental market leveling out and that is based on the number of property manager rental listings that are available.  The number of available listings for the months of July and August seems to have leveled out at 8,000 a month which potentially is a sign of the supply bottoming out based on current prices.  This compared to previous months where there was a drastic spike in the number of listings available month over month since the pandemic began.  Should the number of available listings continue to cycle through over the next couple of months at the current prices without another influx of rental inventory, we may be seeing a bottom in prices as well.     

June 2020 commentary: Based on May and June's rental listings data, the data is definitively showing that rental prices have gone down due to Covid-19 by a range of 5% - 15% depending on the neighborhood.  In our previous analysis of March and April data where data showed relatively flat price fluctuations but increased inventory levels, that increase in rental inventory is starting to see price drops where property managers have started lowering listing prices each week a rental unit stays on the market.  Those price drops are also coinciding with new inventory coming in making it a renters market for those who can afford it and are in the market.  It is especially a renters market for those fortunate to be looking at the higher end luxury doorman elevator buildings where both inventory levels and price drops continue to increase.                        

April 2020 commentary: The number one question on every NYC renters' mind during this time is 'will rental prices go down in NYC due to the Coronavirus'?  Renters who are looking to move to a new place or negotiating their lease renewals are scouring the web for any signs of a 'good deal' for their next apartment.  We hate to be the bearer of bad news for those renters waiting for the signs but unfortunately, based on rental data for March 2020 and April 2020, rental prices have not meaningfully gone down as hoped due to Covid-19.  There was a dip in rental prices in March but then a slight uptick in April bringing prices back to pre Coronavirus levels.  Prices have stayed relatively flat.  However, the data is showing an increased inventory level at the luxury rental market which means there is a higher possibility of price drops or rental concessions in the coming months if those inventory levels continue to increase over the next few months. 

How Transparentcity Collects Average Rent in NYC Data

A frequently asked question is how much does an apartment cost in NYC? The apartment cost in NYC is highly dependent on the neighborhood and size.  Our figures are calculated based on aggregated listings data acquired directly from NYC management company websites.  Listings data only includes management company market-rate apartment availabilities and does not include broker listings.  If you are in the market to rent an apartment in NYC and want to rent directly from management companies to save on fees, go to Transparentcity for a full list of no-fee apartment buildings.  

Average Rent In NYC Grouped By Neighborhood

  1. Downtown Manhattan (South of 14th Street)
  2. Midtown Manhattan (14th Street to 59th Street)
  3. Upper East Side (East 60th Street to East 96th Street)
  4. Upper West Side (West 60th Street to West 110th Street)
  5. Upper Manhattan (North of East 96th Street and North of West 110th Street) 

Average Rent In NYC Grouped By Bedroom Size And Building Type

Within each Neighborhood, Average Rent in NYC is further divided by Building Types, which fit into 3 categories:

  1. 'Luxury' Elevator Doorman
  2. Elevator
  3. Walk Up

Average Rent in NYC

Downtown Manhattan Average Rent In NYC

(South of 14th Street)

Downtown Manhattan.jpg

Studio

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $3,516 $3,804 $3,227 $2,849
Mar-20 $3,387 $3,624 $2,968 $3,109
Apr-20 $3,510 $3,646 $3,138 $2,961
May-20 $3,228 $3,400 $2,937 $2,487
Jun-20 $3,320 $3,416 $2,986 $2,447
Jul-20 $3,182 $3,296 $2,714 $2,454
Aug-20 $2,930 $3,104 $2,567 $2,358
Sep-20 $2,825 $2,930 $2,459 $2,248
Oct-20 $2,656 $2,804 $2,446 $2,120
MoM (6.0%) (4.3%) (0.5%) (5.7%)
QoQ (16.5%) (14.9%) (9.9%) (13.6%)

1 Bed

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $4,456 $4,725 $4,405 $3,217
Mar-20 $4,253 $4,782 $4,381 $3,425
Apr-20 $4,501 $4,748 $4,578 $3,373
May-20 $4,294 $4,661 $4,373 $3,220
Jun-20 $4,342 $4,562 $4,417 $2,944
Jul-20 $4,112 $4,347 $4,074 $2,995
Aug-20 $3,831 $4,165 $3,742 $2,981
Sep-20 $3,765 $4,023 $3,663 $2,925
Oct-20 $3,402 $3,835 $3,344 $2,782
MoM (9.6%) (4.7%) (8.7%) (4.9%)
QoQ (17.3%) (11.8%) (17.9%) (7.1%)

2 Bed

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $5,490 $6,746 $4,850 $3,596
Mar-20 $4,985 $6,340 $5,254 $3,812
Apr-20 $5,633 $6,670 $4,606 $3,618
May-20 $5,073 $6,719 $5,436 $3,537
Jun-20 $5,547 $6,602 $5,623 $3,423
Jul-20 $5,091 $6,303 $5,295 $3,420
Aug-20 $4,364 $5,830 $5,080 $3,258
Sep-20 $4,631 $5,744 $4,370 $3,350
Oct-20 $4,174 $5,569 $4,296 $3,177
MoM (9.9%) (3.0%) (1.7%) (5.2%)
QoQ (18.0%) (11.6%) (18.9%) (7.1%)

  • The average rent in NYC for a Studio apartment in Downtown Manhattan is $2,656
  • The average rent in NYC for a 1 Bedroom apartment in Downtown Manhattan is $3,402
  • The average rent in NYC for a 2 Bedroom apartment in Downtown Manhattan is $4,174
  • The average rent in NYC for a 1 Bedroom apartment in a Luxury Elevator Doorman building in Downtown Manhattan is $3,835
  • The average rent in NYC for a 1 Bedroom apartment in an Elevator building in Downtown Manhattan is $3,344
  • The average rent in NYC for a 1 Bedroom apartment in a Walk Up building in Downtown Manhattan is $2,782

Midtown Manhattan Average Rent In NYC

(14th Street to 59th Street)

Midtown Mahattan.jpg

Studio

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $3,278 $3,296 $2,827 $2,839
Mar-20 $3,243 $3,328 $2,913 $2,791
Apr-20 $3,343 $3,398 $2,727 $2,887
May-20 $3,216 $3,290 $2,716 $2,421
Jun-20 $3,113 $3,180 $2,723 $2,341
Jul-20 $3,048 $3,126 $2,685 $2,275
Aug-20 $2,883 $2,986 $2,588 $2,213
Sep-20 $2,819 $2,880 $2,594 $2,159
Oct-20 $2,723 $2,795 $2,420 $2,117
MoM (3.4%) (3.0%) (6.7%) (1.9%)
QoQ (10.7%) (10.6%) (9.9%) (6.9%)

1 Bed

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $4,307 $4,352 $3,673 $3,019
Mar-20 $4,291 $4,439 $3,656 $3,146
Apr-20 $4,320 $4,370 $3,706 $3,082
May-20 $4,137 $4,242 $3,614 $2,750
Jun-20 $4,087 $4,171 $3,553 $2,762
Jul-20 $3,921 $4,012 $3,514 $2,683
Aug-20 $3,675 $3,800 $3,249 $2,674
Sep-20 $3,615 $3,700 $3,197 $2,499
Oct-20 $3,488 $3,643 $2,963 $2,535
MoM (3.5%) (1.5%) (7.3%) 1.4%
QoQ (11.0%) (9.2%) (15.7%) (5.5%)

2 Bed

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $5,982 $6,306 $4,768 $3,554
Mar-20 $5,760 $6,242 $4,185 $4,038
Apr-20 $6,073 $6,289 $3,857 $4,166
May-20 $5,907 $6,243 $4,308 $4,168
Jun-20 $5,958 $6,184 $4,320 $4,036
Jul-20 $5,712 $5,955 $4,192 $3,803
Aug-20 $5,381 $5,728 $3,994 $3,778
Sep-20 $5,278 $5,592 $3,986 $3,443
Oct-20 $5,011 $5,626 $3,744 $3,246
MoM (5.1%) 0.6% (6.1%) (5.7%)
QoQ (12.3%) (5.5%) (10.7%) (14.6%)

  • The average rent in NYC for a Studio apartment in Midtown Manhattan is $2,723
  • The average rent in NYC for a 1 Bedroom apartment in Midtown Manhattan is $3,488
  • The average rent in NYC for a 2 Bedroom apartment in Midtown Manhattan is $5,011
  • The average rent in NYC for a 1 Bedroom apartment in a Luxury Elevator Doorman building in the neighborhood of Midtown Manhattan is $3,643
  • The average rent in NYC for a 1 Bedroom apartment in an Elevator building in Midtown Manhattan is $2,963
  • The average rent in NYC for a 1 Bedroom apartment in a Walk Up building in Midtown Manhattan is $2,535

Upper East Side Average Rent In NYC

(East 60th Street to East 96th Street)

Upper East Side.jpg

Studio

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $2,678 $2,932 $2,372 $2,284
Mar-20 $2,597 $3,240 $2,360 $2,382
Apr-20 $2,675 $3,159 $2,338 $2,378
May-20 $2,537 $3,115 $2,400 $2,350
Jun-20 $2,551 $3,034 $2,431 $2,283
Jul-20 $2,421 $2,947 $2,316 $2,242
Aug-20 $2,309 $2,883 $2,211 $2,172
Sep-20 $2,228 $2,785 $2,072 $2,008
Oct-20 $2,169 $2,656 $2,030 $2,014
MoM (2.6%) (4.6%) (2.0%) 0.3%
QoQ (10.4%) (9.9%) (12.3%) (10.2%)

1 Bed

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $3,442 $3,833 $3,110 $2,684
Mar-20 $3,342 $4,112 $3,206 $2,678
Apr-20 $3,559 $4,110 $3,223 $2,632
May-20 $3,395 $4,063 $3,252 $2,587
Jun-20 $3,319 $3,922 $3,207 $2,547
Jul-20 $3,188 $3,818 $3,034 $2,526
Aug-20 $3,055 $3,819 $2,932 $2,494
Sep-20 $3,189 $3,810 $2,804 $2,370
Oct-20 $3,060 $3,941 $2,704 $2,325
MoM (4.0%) 3.4% (3.6%) (1.9%)
QoQ (4.0%) 3.2% (10.9%) (8.0%)

2 Bed

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $5,878 $7,138 $4,165 $3,242
Mar-20 $5,832 $7,236 $5,031 $3,600
Apr-20 $6,118 $7,294 $4,882 $3,631
May-20 $4,964 $6,653 $5,309 $3,397
Jun-20 $4,876 $6,429 $4,551 $3,106
Jul-20 $4,793 $6,223 $4,731 $3,001
Aug-20 $4,184 $5,793 $4,076 $2,864
Sep-20 $4,234 $5,482 $4,306 $2,740
Oct-20 $4,301 $5,535 $3,754 $2,833
MoM 1.6% 1.0% (12.8%) 3.4%
QoQ (10.3%) (11.1%) (20.7%) (5.6%)

  • The average rent in NYC for a Studio apartment in the Upper East Side is $2,169
  • The average rent in NYC for a 1 Bedroom apartment in the Upper East Side is $3,060
  • The average rent in NYC for a 2 Bedroom apartment in the Upper East Side is $4,301
  • The average rent in NYC for a 1 Bedroom apartment in a Luxury Elevator Doorman building in the Upper East Side is $3,941
  • The average rent in NYC for a 1 Bedroom apartment in an Elevator building in the Upper East Side is $2,704
  • The average rent in NYC for a 1 Bedroom apartment in a Walk Up building in the Upper East Side is $2,325

Upper West Side Average Rent In NYC

(West 60th Street to West 110th Street)

Upper West Side.jpg

Studio

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $3,032 $3,032 $2,426
Mar-20 $2,953 $3,010 $2,480
Apr-20 $2,992 $3,024 $2,459 $2,095
May-20 $2,941 $2,967 $2,351
Jun-20 $2,896 $2,902 $2,508
Jul-20 $2,786 $2,794 $2,636 $2,500
Aug-20 $2,684 $2,698 $2,448 $2,500
Sep-20 $2,573 $2,586 $2,393 $2,450
Oct-20 $2,531 $2,534 $2,555 $2,225
MoM (1.6%) (2.0%) 6.8% (9.2%)
QoQ (9.2%) (9.3%) (3.1%) (11.0%)

1 Bed

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $4,095 $4,132 $3,182 $2,971
Mar-20 $4,068 $4,153 $3,032 $2,869
Apr-20 $3,970 $4,002 $3,061 $2,899
May-20 $3,829 $3,879 $3,117 $2,943
Jun-20 $3,761 $3,814 $2,995 $2,829
Jul-20 $3,654 $3,707 $3,074 $2,981
Aug-20 $3,563 $3,638 $3,005 $3,016
Sep-20 $3,515 $3,563 $2,928 $2,918
Oct-20 $3,555 $3,608 $2,937 $2,866
MoM 1.1% 1.3% 0.3% (1.8%)
QoQ (2.7%) (2.7%) (4.5%) (3.9%)

2 Bed

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $5,945 $6,156 $4,222 $3,742
Mar-20 $5,616 $6,272 $3,852 $3,645
Apr-20 $5,717 $6,197 $3,616 $3,519
May-20 $6,340 $6,585 $3,832 $3,644
Jun-20 $6,256 $6,379 $4,517 $3,775
Jul-20 $5,775 $6,063 $3,717 $2,944
Aug-20 $5,610 $6,016 $3,400 $3,007
Sep-20 $5,367 $5,578 $3,838 $3,292
Oct-20 $5,316 $5,598 $3,883 $2,971
MoM (1.0%) 0.4% 1.2% (9.8%)
QoQ (7.9%) (7.7%) 4.5% 0.9%

  • The average rent in NYC for a Studio apartment in the Upper West Side is $2,531
  • The average rent in NYC for a 1 Bedroom apartment in the Upper West Side is $3,555
  • The average rent in NYC for a 2 Bedroom apartment in the Upper West Side is $5,316
  • The average rent in NYC for a 1 Bedroom apartment in a Luxury Elevator Doorman building in the Upper West Side is $3,608
  • The average rent in NYC for a 1 Bedroom apartment in an Elevator building in the Upper West Side is $2,937
  • The average rent in NYC or a 1 Bedroom apartment in a Walk Up building in the Upper West Side is $2,866

Upper Manhattan Average Rent In NYC

(North of East 96th and North of West 110th Street)

Upper Manhattan.jpg

Studio

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $2,493 $2,493 $2,609 $1,950
Mar-20 $2,394 $2,459 $2,437 $1,877
Apr-20 $2,340 $2,763 $1,983 $1,878
May-20 $2,475 $2,733 $1,817 $1,828
Jun-20 $2,965 $3,194 $1,821 $2,025
Jul-20 $2,447 $2,856 $1,796 $1,915
Aug-20 $2,212 $2,704 $1,843 $1,747
Sep-20 $2,399 $2,534 $2,170 $1,818
Oct-20 $2,266 $2,393 $2,111 $1,892
MoM (5.5%) (5.6%) (2.7%) 4.1%
QoQ (7.4%) (16.2%) 17.5% (1.2%)

1 Bed

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $3,123 $3,348 $2,181 $2,079
Mar-20 $3,027 $3,711 $2,140 $2,174
Apr-20 $3,070 $3,697 $2,177 $2,048
May-20 $3,087 $3,664 $2,240 $2,206
Jun-20 $2,925 $3,674 $2,198 $2,087
Jul-20 $3,056 $3,683 $2,250 $2,078
Aug-20 $2,868 $3,540 $2,363 $1,939
Sep-20 $2,835 $3,188 $2,225 $2,023
Oct-20 $2,696 $2,968 $2,308 $1,938
MoM (4.9%) (6.9%) 3.7% (4.2%)
QoQ (11.8%) (19.4%) 2.6% (6.7%)

2 Bed

       
All Types Elevator Doorman Elevator Walk Up
Feb-20 $4,377 $4,906 $3,843 $2,594
Mar-20 $3,876 $5,006 $3,060 $2,835
Apr-20 $4,219 $5,222 $2,871 $2,384
May-20 $3,910 $4,659 $3,163 $2,548
Jun-20 $3,792 $4,530 $2,796 $2,467
Jul-20 $3,569 $5,040 $2,872 $2,641
Aug-20 $3,516 $4,949 $2,968 $2,561
Sep-20 $3,447 $4,251 $2,992 $2,614
Oct-20 $3,169 $4,241 $2,838 $2,444
MoM (8.1%) (0.2%) (5.1%) (6.5%)
QoQ (11.2%) (15.9%) (1.2%) (7.5%)

  • The average rent in NYC for a Studio apartment in Upper Manhattan is $2,266
  • The average rent in NYC for a 1 Bedroom apartment in Upper Manhattan is $2,696
  • The average rent in NYC for a 2 Bedroom apartment in Upper Manhattan is $3,169
  • The average rent in NYC for a 1 Bedroom apartment in a Luxury Elevator Elevator building in Upper Manhattan is $2,968
  • The average rent in NYC for a 1 Bedroom apartment in an Elevator building in Upper Manhattan is $2,308
  • The average rent in NYC for a 1 Bedroom apartment in a Walk Up building in Upper Manhattan is $1,938

          Notable Average Rent In NYC Statistics

          Common questions related to NYC rent include: how much is an apartment in New York City? How much does an apartment cost in NYC? The average rent prices in NYC for a market-rate walk-up apartment are well below the overall city average which in effect paints a different picture of NYC rent affordability.  However, the supply of walk-up apartments is very low relative to luxury apartments.  There is roughly a 7:1 listings ratio of Elevator Doorman apartments to Walk Up apartments at any given time.  Days on market for walk-up apartments move quicker which shows how high in demand they are and how quickly apartments move at lower price points even in times of Covid.  Looking for one of these hidden gems?  Here is an active list of Walk-Up Apartments for rent.  

          The vast majority of apartment availabilities in NYC are in Luxury Elevator Doorman buildings which is why overall average rent prices in NYC are skewed much higher.  Do you have the budget and want to live in one of these luxury apartment buildings?  Here is an active list of Luxury Doorman Elevator buildings for rent.  There are plenty of options to choose from.