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Low Inventory Continued Pushing Rents Up in January

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Low inventory is increasingly a problem on both the sales and rental sides of the market, and that trend continued for rentals in Manhattan and Brooklyn in January, according to the latest reports from brokerage MNS. In Manhattan, average rents fell only $17, a much smaller decrease than is usual at this time of year. And rents for studios, in doorman and non-doorman buildings, and two-bedrooms in doorman buildings increased from December to January. Studio prices on the Lower East Side increased by 17 percent, because there aren't many studios on the market in the neighborhood. Hunting for a bargain? The MNS report recommends Murray Hill, Harlem, and one-bedrooms on the UWS and UES.

Inventory increased slightly for some types of apartments in Brooklyn this January, and pricing remained in line with seasonal trends?the average price of a studio fell $53 from December to January, for example, and studio prices in Bed-Stuy fell 8.5 percent. Rents for one-bedroom and two-bedroom apartments fell, too, by 3 percent and 2 percent. Click through for more stats and charts.
· Manhattan Rental Market Report [MNS]
· Brooklyn Rental Market Report [MNS]
· Rental Market Report coverage [Curbed]