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Manhattan's Rental Market Now Cautiously Optimistic for Fall

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After some pessimism in April and a little more optimism in May, the rental market (well, the landlord side of it) seems to have settled into cautious cheerfulness as the summer winds down. Or at least, that's how the folks at The Real Estate Group New York are feeling. This month, rents are up only a small 0.37 percent since July, but they're up 4.64 percent since last August. Vacancy has fallen again, and landlords are turning a slightly less friendly on temporary walls put up by residents hoping to bring in a few roommates and save money. Sorry, renters!
Of course, the rental market in every 'hood doesn't bounce back at the same time, and TREGNY sends bargain-hunters and sharers to the Upper East Side, where non-doorman 2BR rents fell nearly 5 percent from July to August. Only Harlem saw more of a 2BR drop. The neighborhood breakdown:

· Manhattan Rental Market Report: August 2010 [TREGNY]
· Rental Market Reports coverage [Curbed]