Rent In SoHo Soared In 2016: Report

SoHo, NY — SoHo rents saw the highest price increase in 2016, according to the Manhattan Rental Market Report issued by MNS Real Impact Real Estate Wednesday. The report found rents went up by 7.7 percent from Nov. 2015 to Nov. 2016.

The report states the following about rent trends in the past year in SoHo:

• Non-Doorman Studios: rent increased 7.4 percent
• Non-Doorman, One Bedroom: rent decreased 10.2 percent
• Non-Doorman, Two Bedroom: rent increased 10.7 percent

A non-doorman studio was the only rent that decreased in SoHo the past year, at 10.2 percent.

SoHo has the lower inventory of any neighborhood in Manhattan, which will contribute to price swings, the report states. There are only 121 units in SoHo, compared to 9,861 total units in Manhattan.

While rent prices in SoHo increased by 7.76 percent this year, Lower East Side rents dropped by 7.7 percent, the report shows.

Non-doorman studios showed the biggest price jump in all of Manhattan, with a 7.6 percent increase. In Nov. 2015, the average non-doorman studio cost $2,418, while in Nov. 2016, the average cost was $2,601, the report states.

A doorman, two bedroom apartment showed the largest price decrease in Manhattan, at a 3.6 percent drop. In Nov. 2015, the average doorman, two bedroom apartment cost $6,246, compared to $6,020 for Nov. 2016.

Read the full report here.

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