Manhattan Market Update: A starter guide to 3BR's in Midtown and Uptown Manhattan

1. Midtown Eastside

Quick Summary

Average Price/Examples

2. Uptown Eastside

Quick Summary

Average Price/Examples

3. Midtown Westside

Quick Summary

Average Price/Examples

4. Uptown Westside

Quick Summary

Average Price/Examples

What's The Current Market Like?

Covid deals are long gone, people, and Manhattan renters are struggling with the aftermath. When people fled Manhattan during 2020, apartment prices fell significantly across the board. Now that renters are flocking back to Manhattan, the resultant price increases seem even that much more more extreme. One agent was quoted saying "Rental prices looked like a V there for a while, but at this point they're starting to look more like a check mark." Rents have risen higher than pre-Covid levels, and even with prices continuing to increase across the board, demand hasn't wavered (Learn more about why demand is so high right now here). This has put a lot of strain on everyone looking for an apartment, from first time renters to lifelong residents.

In the past, renters downtown have always faced stiff competition (see our Downtown 3BR Guide here), but generally speaking, the further uptown you went, the less competitive it got and the the better apartment value renters found (less demand, lower prices, better value). While you still find better value uptown in today's market, demand for uptown apartments has also increased as more and more renters try to emphasize finding reasonable deals in this expensive market.

TLDR; What we're seeing is Downtown: High Prices, High Demand. Midtown: Rising Prices, High Demand. Uptown: Rising Prices, Rising Demand.

Open Houses We've Attended in the Past Week. (Left/Center are Open Houses in Chelsea, Right is Open House in UES)

With high rental demand citywide, renters are stuck facing intense competition as they scramble to secure apartments. Even with the ridiculously high rental prices, brokers will ignore you, open houses are still packed, and bidding wars are more than common. When demand is this high, brokers don't have to treat renters right, and in many cases, they don't. You shouldn't have to use a broker if you don't want to, which is where we come in.

At ApartmentsTogether, we know information is key when finding an apartment. We also know accurate reliable information regarding apartments can be incredibly hard to find... which is why we ditched our jobs as Real Estate Agents, and founded this company to use our real estate expertise for good!

So where should you start your search? ApartmentsTogetherNYC.com! Having you and your roommates’ search and applications organized is essential to getting the apartment you want. Furthermore, understanding the market, having your priorities sorted, and being realistic is key. Let us answer your questions and do the heavy lifting!

Since our founding, our mission has been simple: to streamline your apartment search process, and to educate you on everything you need to know to get the best apartment deal possible...without charging you a broker's fee! The first step to finding your dream apartment is understanding the market. In terms of apartment prices, you'll have better value in Midtown and Uptown as compared with Downtown…so what’s the current 3BR market like above 30th street?

Midtown Eastside: Kips Bay, Murray Hill

For the sake of this blog, we will consider Midtown East to be the area east of 5th Ave, between 59th st. and ~29th street. It includes sub-neighborhoods like Murray Hill, and parts of Kips Bay and Sutton Place (although this will vary depending on who you ask).

Midtown East’s streets are bustling with professionals, both young and old. The skyscrapers that line Madison, Park and Lexington Ave. are home to large businesses and their offices, with thousands commuting through Grand Central Terminal every day. This results in a lot of foot traffic, regular traffic, and other noises that are typically associated with NYC.

In Midtown East, mixed in among the office and commercial skyscrapers, are luxury high rises and co-ops, as well as more affordable walk up options and flex options, for those on a budget. With plenty of dining and happy hour destinations for professionals, as well as shopping and tourist attractions (like the iconic Empire State Building, United Nations, and Chrysler Building), everything you need is right at your doorstep in Midtown East.

Price Ranges & Apartment Listing Examples

Kips Bay

3BR Price Range: ~$5200-$7500+

Listing 1:

134 East 28th st. 3BR, 2Ba ($6800/month + broker's fee)

https://streeteasy.com/building/134-east-28-street-new_york/5

Listing 2:

217 East 26th st. ($6800/month + broker's fee)

https://streeteasy.com/building/217-east-26-street-new_york/1f

Murray Hill

3BR Price Range: ~$5000-$8500+

Listing 1:

150 east 39th st. 3BR, 2Ba ($7750/month + broker's fee)

https://streeteasy.com/building/dryden-east/101

Listing 2:

41 East 41st st ($4800 + broker's fee)

https://streeteasy.com/building/416-east-13-street-new_york/6f

Upper East Side: Sutton Place and Up

The Upper East Side(UES) is generally considered to be the area east of Central Park and north of 50th street, including neighborhoods like Sutton Place, Lenox Hill, Yorkville, and even up to East Harlem. In the Upper East Side, you’ll find a diverse mix of rentals and residents. A large number of pricier brownstones and townhouses coexist with more affordable rentals, with prices generally increasing as you approach Central Park East. The UES is great for those looking for more affordable options, and the higher you're willing to go uptown, the better the prices become. If you'd like to stay lower, Sutton Place is home to more affordable flex doorman options.

In terms of the neighborhood feel, the UES is known for beautiful architecture, a slower vibe good shopping and plenty of parks, including Central Park and East River Park. UES is also home to Museum Mile, which includes the Met, the Guggenheim, The Neue Galerie and more all within a half mile. Expect beautiful architecture and a more “quiet” vibe throughout. Want to learn more about each individual neighborhood’s options? Want to learn how to compete in this competitive market? Give us a call.

Price Ranges and Listing Examples

Upper East Side

3BR Price Range: ~$4500-$7000+

Listing 1:

1670 1st Ave - Yorkville - ($5500/month w/ no broker's fee)

https://streeteasy.com/building/1670-1-avenue-new_york/2n?card=1

Listing 2:

354 East 78th st. - Lenox Hill - (4500/month + broker's fee)

https://streeteasy.com/building/354-east-78-street-new_york/1c?card=1

Listing 3:

360 East 57th st. - Sutton Place Flex - (6500/month + broker's fee)

https://streeteasy.com/building/360-east-57-street-new_york/7b

Midtown West: Hell's Kitchen, Theatre District, Clinton

Midtown West is generally considered to be the area west of 5th Ave between 30th st. and 59th st. and includes sub neighborhoods like Hudson Yards, Hell’’s Kitchen, Clinton as well as the Theatre and Garment Districts.

Midtown West is another of Manhattan’s busiest neighborhoods. The Theatre District, along with the bars and restaurants of Hells Kitchen keep the west side lively and fun.With Penn Station, The Port Authority, Times Square, The Lincoln Tunnel and Broadway all located here, the streets are typically packed with tourists, residents and cars alike 24 hours a day. Restaurant row on west 46th street provides plenty of restaurant options for locals, and 9th and 10th avenue are packed with bars and clubs. Furthermore, the Hudson River Park provides awesome views and plenty of room for outdoor activities!

While the neighborhood has a somewhat “tourist-y” reputation to Manhattan residents, it’s value can’t be ignored. The subway lines in Midtown are extremely versatile, and as you head away from Times Square, the vibe slows down significantly as low-rise and high rise buildings provide somewhat quieter options at more affordable rates. Along the Hudson River, luxury high rises, although further from the subway, provide awesome views of the water. The further west you go, the quieter (and more expensive) it gets.

Price Ranges & Apartment Listing Examples:

Midtown West

3BR Price Range: ~$4000-$6500+

Listing 1:

434 West 52nd st. ($5995 w/ no broker's fee)

https://streeteasy.com/building/434-west-52-street-new_york/7?card=1

Listing 2:

514 West 48th st. ($3995 + broker's fee) -

Apartment Tradeoff: *cheap but far West and small rooms*

https://streeteasy.com/building/514-west-48-street-new_york/2a?card=1

Listing 3:

1 Columbus Place ($8500 w/ no broker's fee)

https://streeteasy.com/building/one-columbus-place/n28b

Upper West Side

The Upper West Side(UWS) is generally considered to be the area North of 60th st. and West of Central Park, including sub neighborhoods like Lincoln Square, and Morningside Heights. Similarly to the East Side, as you head north of 90th st, you will see a noticeable reduction in average rental prices as you explore areas like Washington Heights, Harlem and Inwood (the northern tip of Manhattan at ~215th st. and considered UWS by some but not all). Not including the super expensive buildings along the Hudson River, you will also generally see a reduction in prices as you head further west away from Central Park and the subways.

In terms of comparable neighborhoods, UWS apartments are typically more expensive than both Midtown and the UES, but cheaper than Downtown. The UWS itself known for being “greener” than most other neighborhoods in the city, and also has a more suburban vibe. National chain stores and family restaurants are found on major avenues, and strollers line the streets, due in part to the neighborhood’s proximity to good schools, great grocery stores/markets, Central Park, and the Children’s Museum of Manhattan. On top of the family vibe, there are also plenty of bars, dives and restaurants, as well as the Museum of Natural History, Lincoln Center and the Hayden Planetarium.

Price Ranges & Apartment Listing Examples:

Upper West Side:

3BR Price Range: ~$4000-$7000+

Listing 1:

55 West 95th st. ($6500 + broker's fee)

Tradeoff: Co-ops have great value long term, but can be strict with applicants and expensive upfront.

https://streeteasy.com/building/55-west-95-street-new_york/rental/3882864?card=1

Listing 2:

244-248 West 64th. st. ($3995 + broker's fee)

https://streeteasy.com/building/244-west-64-street-new_york/2a?card=1

Listing 3:

845 West End Ave. ($8000 + broker's fee)

https://streeteasy.com/building/514-west-48-street-new_york/2a?card=1