The Current State of NYC’s Rental Market & Where It’s Headed (Part 2 of 5)
Comparing Pre-Covid, Covid and Current Apartment Rental Price Data: Downtown Manhattan
In this portion of the article, we will be covering the average monthly apartment rents across downtown Manhattan in the month of October from 2019-2022. It’s a lot of data, so we decided to use Bar Graphs to efficiently portray how neighborhood prices have changed before, during and after peak COVID. There is a brief description of the data for each neighborhood above the graphs. Whether or not a building has a doorman affects the rent significantly so to make it easier to see the difference, we separate the data from doorman and non-doorman apartment options. Please click on each portion of the graphs to get the exact figures. Please call us at 212-444-2787 for any questions!
Chelsea
Chelsea (and the lower west side of Manhattan in general) is typically a very expensive neighborhood to rent apartments in, especially if you’re looking for doorman options. Chelsea doorman apartments can cost you over $3000/person while nondoorman options can cost you upwards of $2000/person. During Covid, demand for apartments was low, and prices fell ~$1000 across the board in Chelsea, which was in line with the average. The prices for nondoorman options dropped even more steeply. In 2021, average apartment prices rose above pre-Covid levels, and in 2022, the prices have continued to rise to record levels, although the pace has slowed recently. Studio and 1BR prices fell more during 2020 than 2BR and 3BR prices.
Doorman
Nondoorman
Greenwich Village
Greenwich village is also considered to be one of the most expensive neighborhoods in NYC, especially if you’re looking for doorman options. Greenwich Village doorman apartments can cost you over $3300/person while nondoorman options can cost you upwards of $2200/person. During Covid, demand for apartments was low, and prices fell ~$850 across the board in Greenwich Village, which is less than average. The prices for nondoorman options dropped more significantly than the doorman options. Also, the prices of Studio and 1BR prices fell more than 2BR and 3BR prices. In 2021, average apartment prices in Greenwich Village rose above pre-Covid levels, and in 2022, the prices have continued to rise to record levels, although the pace has slowed recently.
Doorman
Nondoorman
Washington Square Park, Greenwich Village
Tribeca
Tribeca is another expensive neighborhood to rent apartments in, especially if you’re looking for doorman options. Tribeca doorman apartments can cost you over $3300/person while nondoorman options can cost you upwards of $2300/person.
During Covid, demand for apartments was low, and prices fell $800 across the board in Tribeca, which is less than average. The prices for nondoorman options also dropped by ~$800. Studio and 1BR prices fell more than 2BR and 3BR prices. In 2021, average apartment prices rose above pre-Covid levels, and in 2022, the prices have continued to rise to record levels, although the pace has slowed recently.
Doorman
Nondoorman
Cobble Stoned Street, Tribeca
Soho
Soho, while a little more east than the aforementioned neighborhoods, is still trendy and in high demand. This typically leads to expensive apartment rents, especially if you’re looking for doorman options. Soho doorman apartments can cost you over $3500/person while nondoorman options can cost you upwards of $2300/person(which is actually considered relatively affordable for Manhattan in 2022).
During Covid, demand for apartments was low, and prices fell ~$650 for doorman options in Soho, which was less than the average. The prices for nondoorman options dropped more steeply in Soho, and was in line with the average. similar to the other neighborhoods downtown, the prices of studios and 1BR fell more than 2BR and 3BR prices. In 2021, average apartment prices rose above pre-Covid levels, and in 2022, the prices have continued to rise to record levels, although the pace has slowed recently.
Doorman
Nondoorman
Street corner between Soho and Greenwich Village
Gramercy Park
Gramercy Park is on the east side and is typically more affordable than apartments on the lower west side. On the other hand, Gramercy Park is typically more expensive than the East Village and Lower East Side. This typically leads to average apartment rents for nondoorman options and expensive apartment rents if you’re looking for doorman options. Gramercy doorman apartments are highly sought after and can cost you over $3200/person, while nondoorman options can cost you upwards of $2200/person(which is actually considered relatively affordable for Manhattan in 2022).
During Covid, demand for apartments was low, and prices fell ~$750 across the board in Gramercy, which was less than the average. The prices for nondoorman options dropped by over $1000 which was higher than the average. In 2021, average apartment prices rose above pre-Covid levels, and in 2022, the prices have continued to rise to record levels, although the pace has slowed recently. Similar to the other neighborhoods downtown, the prices of studios and 1BR in Gramercy fell more during Covid (2020) than 2BR and 3BR prices.
Doorman
Nondoorman
East Village
The East Village, like other neighborhoods on the lower east side typically more affordable than apartments on the lower west. This typically leads to average apartment rents for nondoorman options. East Village doorman options are somewhat rare and can cost you over $3200/person, while nondoorman options can cost you upwards of $2200/person(which is actually considered relatively affordable for Manhattan in 2022).
During Covid, demand for apartments was low, and prices fell ~$950 in the East Village, which was about the average. The prices for nondoorman options also dropped by a similar amount. In 2021 though, average apartment prices rose above pre-Covid levels, and in 2022, the prices have continued to rise to record levels, although the pace has slowed recently. Unlike the other neighborhoods downtown during 2020, the prices of studios and 1BR 2BR and 3BR prices all fell around the same rate.
Doorman
Nondoorman
Lower East Side
Like the East Village, The Lower East Side is typically one of the most affordable neighborhoods downtown. That being said, both of these neighborhoods see a large difference in price between doorman and nondoorman options. Lower East Side doorman options can cost you over $3200/person, while nondoorman options can cost you upwards of $2100/person.
During Covid, demand for apartments was low, and prices fell ~$1050 in the Lower East Side, which was higher than average. The prices for nondoorman apartment options fell even more. In 2021, however, average apartment prices rose above pre-Covid levels, and in 2022, the prices have continued to rise to record levels, although the pace has slowed recently. Unlike the other neighborhoods downtown, during peak Covid in 2020 the prices of studios and 1BR apartments fell less than the 2BR and 3BR apartment prices.
Doorman
Nondoorman
Chinatown in the Lower East Side
Battery Park City (Doorman Only)
Battery Park City has been built up and is home to several doorman high-rise apartment buildings and condos. While these buildings can be more somewhat more affordable than other doorman options downtown, the area is somewhat inconvenient to get to. Battery Park City doorman apartments can cost you over $3100/person, but there are some cheaper options out there.
During Covid, demand for apartments was low, and prices fell $600 across the board in Battery Park City, which is less than average. In 2021, average apartment prices rose above pre-Covid levels, and in 2022, the prices have continued to rise to record levels, although the pace has slowed recently. During 2020, the prices of studios and 1BR 2BR and 3BR prices all fell around the same rate.
Financial District (Doorman Only)
The Financial District is home to converted office buildings that serve as high end doorman apartment buildings. While these buildings had historically been more affordable than other doorman options downtown, the prices have skyrocketed since Covid and has taken this area out of many people’s budgets. Fidi doorman apartments can now cost you over $3000/person, but there are some cheaper options out there.
During Covid, demand for apartments was low, and prices fell $800 across the board in Financial District, which is slightly less than average. In 2021, average apartment prices rose above pre-Covid levels, and in 2022, the prices have continued to rise to record levels, although the pace has slowed recently. During peak Covid in 2020, the prices of studios and 1BR 2BR and 3BR prices all fell around the same rate.
Downtown NYC
Looking Forward…
In Part 3 of this 5 Part series, we will be covering how these monthly rents changed in Midtown, and Uptown, with Brooklyn being featured in Part 4. Then, in Part 5 of the series, we will be giving our expert opinion on what the future holds for the NYC rental market. Will the market ever slow down? Check back next week for Part 3!
