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Rents Rise Again, But Inventory Jump May Soon Follow

The next big round of market reports comes next week when we enter Q4, but here's a little appetizer: the September rental market report from the folks at MNS. The news is about as expected: rents went up in 0.8 percent month-to-month, and there was also a year-over-year increase. The largest jump came in non-doorman 2BR apartments, where rents have spiked 14 percent since last September. That's not a renter-friendly number, but MNS found one neighborhood where prices are still hovering around last year's amounts: Midtown West. Doorman studios there are asking an average of $2,359/month.

The rental stats could swing back in renters' favor over the next few months. Many leases signed in summer 2010 included free months' rent and extended tenants' leases for 14 or 15 months rather than a year. As those leases end, inventory could jump more than is usual for fall.

This month's MNS analysis includes Brooklyn, where rents are also on the way up. MNS's tips for Brooklyn deal hunters: Bedford-Stuyvesant and Clinton Hill.
· Manhattan Rental Market Report [MNS]
· Brooklyn Rental Market Report [MNS]
· Rental Market Report coverage [Curbed]