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Rents Rising, Bargains Endangered in Manhattan and Brooklyn

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It hasn't been too long since our last quarterly rental market wrap-up, but the folks at MNS have already crunched the Manhattan and Brooklyn rental numbers for October. The results in a nutshell: Manhattan rents are up 1 percent compared to September, with the biggest increases in doorman studios (2.1 percent) and non-doorman 2BRs (2 percent). The most sit down-worthy numbers come in the year-over-year comps. Two-bedroom rents rose 16 percent in non-doorman buildings and 11 percent in doorman buildings. Time to ditch those roommates, folks! Or not: 1BR rents are up 9.5 percent year-over-year, and even studio rents increased 5.8 percent. MNS advises budget seekers to give up head to Chelsea, Midtown West, and the Upper West Side, and perhaps to 1BRs in doorman buildings in Gramercy. Absent concessions?as most leases now are?a two-year lease may be the better money-saving option.

MNS only recently branched out into Brooklyn, but their data for the borough shows that the sharpest rent increases over the past 13 months have been in 1BRs. Bushwick is the report's bargain-hunter go-to. Apparently 184 Noll Street, where rents range from $1,750 to $3,900, has been a popular pick.
· Manhattan Rental Market Report [MNS]
· Brooklyn Rental Market Report [MNS]
· Rental Market Reports coverage [Curbed]