Murray Hill Rental Market Report: What Landlords Need to Know
Young professional gateway with medical center demand and strong value metrics
Last updated: February 2026
Murray Hill Rental Market at a Glance
Murray Hill is where Manhattan careers begin. This midtown-adjacent neighborhood between 27th and 40th Streets serves as the landing pad for young professionals taking their first corporate jobs, medical residents starting at NYU Langone, and recent graduates who want a midtown address without midtown prices. For landlords, Murray Hill presents a volume game: tenant turnover is higher than uptown neighborhoods as residents eventually move to more established addresses, but the replacement demand is inexhaustible. Every August and September brings a new wave of young professionals who need apartments quickly and aren't overly demanding about finishes — they want location, convenience, and a price that lets them live in Manhattan on an early-career salary.
Murray Hill's rental market is defined by its value proposition relative to surrounding neighborhoods. Average one-bedroom rents of $4,500 are 10-25% below comparable units in Gramercy, Flatiron, and Midtown East, making Murray Hill the entry point for tenants who want midtown convenience. Year-over-year growth of 7.2% reflects surging demand, and the 2.1% vacancy rate confirms that the market is tight despite turnover. The most important market dynamic is the NYU Langone effect: the medical center's expansion has increased healthcare worker demand for nearby housing, providing a reliable baseline of tenants with verified employment and professional income.
Average Rent Prices in Murray Hill
| Unit Type | Avg Rent | YoY Change |
|---|---|---|
| Studio | $3,600 | +7.2% |
| 1 Bedroom | $4,500 | +7.2% |
| 2 Bedroom | $5,900 | +7.2% |
| 3+ Bedroom | $7,950 | +7.2% |
Source: Meraki Realty, Census ACS 2023 | Updated 2026-02-15
Who Rents in Murray Hill?
First-job professionals, NYU Langone medical workers, and young couples seeking midtown convenience at downtown prices
Top Industries
- Healthcare (NYU Langone)
- Finance
- Consulting
- Technology
Lifestyle Notes
- NYU Langone Medical Center is the neighborhood's largest employer and demand driver
- Youngest median age of any midtown neighborhood attracts entry-level professionals
- Lexington Avenue dining corridor offers affordable variety for budget-conscious tenants
What Makes Murray Hill Unique
Murray Hill has a straightforward residential character that lacks the glamour of the Upper East Side or the creative energy of Chelsea — and that's precisely what its tenant base wants. The neighborhood is practical, walkable, and affordable by midtown standards. Third Avenue is the main commercial strip, lined with casual restaurants, sports bars, and the kind of neighborhood-serving retail that young professionals actually use. The blocks between Park and Lexington have quieter, more residential character with townhouses and pre-war apartment buildings. Kips Bay, the southern portion, skews even more residential with post-war towers along the FDR Drive. The Morgan Library and Museum on Madison Avenue adds a note of cultural sophistication that the neighborhood's bar scene might otherwise obscure.
Boundaries
Key Amenities
- NYU Langone Medical Center (major employer)
- Morgan Library and Museum
- Grand Central Terminal (short walk north)
- Third Avenue dining and nightlife corridor
- Kips Bay waterfront and playgrounds
- Multiple large-format grocery stores
Transit Access
- 6 at 28th Street and 33rd Street
- N/R/W at 28th Street (Broadway)
- Grand Central Terminal (4/5/6/7/S, Metro-North)
- M34 crosstown Select Bus Service
- M15 along Second Avenue
Landlord Strategies for Murray Hill
NYU Langone Staff Create a Reliable Healthcare Worker Pipeline
NYU Langone's expansion has made it one of Manhattan's largest employers, and many of its staff — residents, nurses, researchers, and administrators — seek housing within walking distance. These tenants have verified professional income, often qualify for institutional housing assistance, and keep predictable schedules that minimize noise complaints. If your building is within a 15-minute walk of the medical center, actively market through NYU Langone's housing resources.
Turnover Is a Feature, Not a Bug
Murray Hill's 16-month average tenant stay is shorter than most Manhattan neighborhoods, which might seem like a disadvantage. In practice, each turnover is an opportunity to increase rent to current market rates. In a market growing 7.2% annually, a unit that turns over every 16 months captures rent increases faster than a unit with a 30-month tenancy. The key is minimizing vacancy between tenants — price competitively, respond quickly to inquiries, and maintain units in move-in-ready condition.
Basic Renovations Punch Above Their Weight
Murray Hill tenants are less demanding about finishes than tenants in Gramercy or Flatiron, but basic modernization generates disproportionate returns. A new kitchen backsplash, modern bathroom fixtures, and updated lighting can move a unit from the bottom of Murray Hill's price range to the top — a spread of $300-500/month — for an investment under $10,000. Don't over-invest in luxury finishes for this market; clean, modern, and functional is what the Murray Hill tenant wants.
Own Rental Property on the Murray Hill?
Let's talk about maximizing your returns with a custom rental analysis.
Schedule a ConsultationWhy Landlords in Murray Hill Choose Meraki
Meraki Realty has refined a fast-turnover approach specifically for the Murray Hill market. We understand that Murray Hill landlords need speed and efficiency: quick marketing launches, rapid tenant screening, and streamlined lease execution. Our digital-first listing approach reaches the young professionals who dominate Murray Hill demand, and our screening process is calibrated for tenants with limited rental history but strong employment credentials — the typical Murray Hill applicant.
Frequently Asked Questions About Murray Hill Rentals
What is the average rent in Murray Hill?+
Murray Hill average rents are approximately $3,600 for studios, $4,500 for one-bedrooms, and $5,900 for two-bedrooms — making it one of the most affordable midtown neighborhoods. These prices are 10-25% below neighboring Gramercy and Flatiron while offering comparable transit access.
Is Murray Hill a good area for landlords?+
Murray Hill is ideal for landlords who prefer a volume-oriented approach. Higher turnover (16-month average stays) creates regular opportunities to adjust rents to market, and the deep demand pool from NYU Langone workers and young professionals means vacancies fill quickly. The neighborhood rewards efficiency and fast lease-up execution.
How does NYU Langone affect Murray Hill rentals?+
NYU Langone Medical Center is Murray Hill's largest employer and a major rental demand driver. Medical residents, nurses, researchers, and administrative staff seek housing within walking distance, providing a reliable stream of pre-qualified tenants with verified professional income.
What type of tenants live in Murray Hill?+
Murray Hill has Manhattan's youngest midtown median age at 27. The median household income is $143,000. Tenants are predominantly first-job professionals in finance, consulting, and healthcare. Many are experiencing their first apartment in Manhattan and prioritize location and price over luxury finishes.
Related Neighborhoods
Partner With Meraki in Murray Hill
Schedule a consultation. We'll review your portfolio and recommend next steps — no obligation.