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Manhattan Rents Stayed Steady, Inventory Spiked in July

The latest MNS Manhattan rental market report is out, and since we're in between quarterly market reports, let's see what the monthly data has to say. It appears not much has changed since we looked at the quarterly numbers. Rents stayed fairly static in July compared to June?one- and two-bedroom apartment rents rose 1 percent, and studio rents decreased by a teensy 0.4 percent. What did change: inventory. Manhattan rental inventory, according to the MNS data, is 32 percent higher than it was earlier this year, with particular increases on the UES and UWS and in Midtown.

Though rents are still high overall compared to the renter glory days, MNS sends bargain-seekers to a few places. One is the Upper East Side, where non-doorman studios are slightly less per month than they were at the beginning of the summer. In Harlem, prices are up, but not by much, and the increase in inventory could be helpful for renters. Finally, studios in Murray Hill are a tiny bit cheaper than they were in June. Good luck out there, renters.
· Rental Market Report [MNS]
· Rental Market Reports archive [Curbed]