Gramercy Rental Market Report: What Landlords Need to Know
Exclusive park-key prestige with Manhattan's most loyal tenant base
Last updated: February 2026
Gramercy Rental Market at a Glance
Gramercy operates on a principle that few Manhattan neighborhoods can match: exclusivity through scarcity. The private Gramercy Park — accessible only to residents of buildings that hold keys — is Manhattan's most unique residential amenity, and the blocks surrounding it form one of the borough's most coveted micro-markets. For landlords, Gramercy delivers something even more valuable than high rents: extraordinary tenant retention paired with strong appreciation. With an average stay of 32 months, Gramercy tenants stay longer than nearly any other Manhattan neighborhood. They find the quiet, the park, the tree-lined streets, and the village-within-the-city atmosphere, and they simply don't leave. A 1.4% vacancy rate — tied for the lowest in Manhattan — and 9.5% year-over-year rent growth confirm that demand for this neighborhood far outstrips supply.
Gramercy's rental market is defined by its exceptionally low vacancy rate of 1.4% — tied for the lowest in Manhattan. Average one-bedroom rents of $5,500 reflect the neighborhood's premium positioning, and the retention metrics are even more impressive: tenants choose Gramercy for lifestyle reasons and stay because no other Manhattan neighborhood replicates the experience. Year-over-year growth of 9.5% — the highest of any neighborhood we track — signals surging demand in a market with virtually no new supply. The neighborhood's compact geography and historic building stock mean that inventory is genuinely scarce, and new construction is virtually nonexistent within the core Gramercy Park blocks.
Average Rent Prices in Gramercy
| Unit Type | Avg Rent | YoY Change |
|---|---|---|
| Studio | $4,300 | +9.5% |
| 1 Bedroom | $5,500 | +9.5% |
| 2 Bedroom | $6,500 | +9.5% |
| 3+ Bedroom | $7,500 | +9.5% |
Source: Meraki Realty, Census ACS 2023 | Updated 2026-02-15
Who Rents in Gramercy?
Established professionals and couples seeking a quiet, residential enclave with private park access
Top Industries
- Finance
- Legal
- Healthcare
- Technology
Lifestyle Notes
- Gramercy Park key access is Manhattan's most exclusive residential amenity
- The neighborhood's quiet, tree-lined character attracts tenants seeking uptown calm downtown
- Irving Place and its surrounding blocks have a European residential sensibility
What Makes Gramercy Unique
Gramercy feels like an entirely different city from the Manhattan that surrounds it. The centerpiece is Gramercy Park itself — a private, gated garden that has been reserved for surrounding residents since 1831. The streets radiating from the park are among the quietest in Manhattan below 59th Street, lined with townhouses, pre-war apartment buildings, and the kind of mature street trees that take decades to grow. Irving Place, running south from the park, has an intimate, European quality with independent restaurants, wine bars, and the historic Pete's Tavern. The National Arts Club and The Players club flank the park's southern edge, lending a cultural gravitas that newer neighborhoods simply cannot manufacture. For tenants, Gramercy represents an escape valve from Manhattan's intensity without leaving the island.
Boundaries
Key Amenities
- Gramercy Park (private, key-access only)
- Irving Place dining and boutique corridor
- National Arts Club and The Players
- Pete's Tavern (historic landmark)
- Union Square Greenmarket (short walk south)
- Beth Israel Medical Center / Mount Sinai campus
Transit Access
- 6 at 23rd Street (Park Avenue South)
- L at Third Avenue-14th Street
- N/R/W/4/5/6 at Union Square-14th Street
- M23 crosstown bus
- M15 along First/Second Avenue
Landlord Strategies for Gramercy
Gramercy Park Key Access Commands 10-15% Premium
Buildings with Gramercy Park key access — allowing residents to enter the private park — can charge a measurable premium over comparable units without key access. Our analysis shows this premium ranges from 10-15% for otherwise identical apartments. If your building has park keys, this should be the lead feature in every listing. It's a unique selling proposition that no amount of building amenities can replicate: exclusivity that has existed for nearly two centuries.
Tenant Retention Is Your Biggest Financial Advantage
Gramercy's 32-month average tenant stay means landlords in this neighborhood spend significantly less on turnover-related costs: broker fees, vacancy loss, painting, cleaning, and minor repairs between tenants. Over a five-year period, a Gramercy unit with two tenant turns generates substantially more net income than a comparable unit in a higher-rent but higher-turnover neighborhood like the East Village. When evaluating your pricing strategy, factor in the retention economics — a slightly below-market rent that keeps a great tenant is often more profitable than a market-rate rent that triggers turnover.
Quiet Building Culture Is a Feature, Not a Limitation
Gramercy tenants self-select for quiet residential living. This means your building's noise policies and tenant screening should emphasize compatibility. Placing a party-oriented tenant in a Gramercy building risks destabilizing the retention of multiple existing tenants. Screen for lifestyle fit as carefully as you screen for financial qualifications. The tenants who choose Gramercy value the neighborhood's tranquility — protect it, and they'll reward you with long leases and reliable payments.
Own Rental Property on the Gramercy?
Let's talk about maximizing your returns with a custom rental analysis.
Schedule a ConsultationWhy Landlords in Gramercy Choose Meraki
Meraki Realty appreciates the distinctive nature of Gramercy's rental market, where exceptional tenant retention and strong rent appreciation work in tandem. Our approach for Gramercy landlords emphasizes lifestyle-compatible tenant matching, pricing strategies that capture the neighborhood's 9.5% annual growth while preserving retention, and marketing that highlights unique amenities — particularly Gramercy Park key access. We understand that the right tenant in Gramercy is one who stays for years, not months.
Frequently Asked Questions About Gramercy Rentals
What is the average rent in Gramercy?+
Gramercy average rents are approximately $4,300 for studios, $5,500 for one-bedrooms, and $6,500 for two-bedrooms. Buildings with Gramercy Park key access command an additional 10-15% premium over these averages.
What is Gramercy Park key access and how does it affect rent?+
Gramercy Park is Manhattan's only remaining private park, accessible only to residents of surrounding buildings that hold keys. Buildings with park key access can charge 10-15% higher rents than comparable units without access. This unique amenity has existed since 1831 and cannot be replicated.
Why do tenants stay so long in Gramercy?+
Gramercy tenants average 32-month stays — among the longest in Manhattan. The neighborhood's unique combination of private park access, quiet tree-lined streets, historic character, and village-like atmosphere creates an experience that no other Manhattan neighborhood replicates. Tenants who find Gramercy rarely want to leave.
Is Gramercy a good investment for rental property?+
Gramercy excels for landlords who prioritize stable income with strong appreciation. The 1.4% vacancy rate — tied for the lowest in Manhattan — and 32-month average tenant stays reduce turnover costs significantly. With 9.5% year-over-year rent growth, Gramercy combines retention economics with robust appreciation, making it one of the most profitable markets on a net income basis.
Related Neighborhoods
Partner With Meraki in Gramercy
Schedule a consultation. We'll review your portfolio and recommend next steps — no obligation.