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How the Rental Market Changed in Manhattan, Brooklyn in July

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Rents have been rising steadily in recent months. The latest Manhattan and Brooklyn market reports from brokerage MNS dig down for some more neighborhood-specific rental data. (The report has Manhattan rents overall dropping by about 0.53 percent between June and July but rising 2.86 percent so far this year.) A few highlights: Lower East Side rents fell 3.98 percent in June (and by larger amounts for doorman studios and two-bedrooms). In Harlem, rents rose 4.41 percent last month.

In Brooklyn, rents rose 1.68 percent from June, to an average of $2,564/month. Prices fell in Dumbo after a pricey June, from the 2013 high of $2,900/month back to $2,600 to $2,700. Studios in other neighborhoods did much better: in Bed-Stuy, for example, studio rents rose 21 percent, and in Park Slope, they increased by 17 percent.

In Brooklyn, studios in Dumbo and Prospect-Lefferts Gardens and two-bedrooms in Brooklyn Heights have seen the greatest declines in price in the time covered by the MNS report, so renters seeking relative deals might want to head to those neighborhoods. In Manhattan, MNS recommends heading for Midtown West, where most sizes of apartments saw rent drops in July.
· Manhattan Rental Market Report [MNS]
· Brooklyn Rental Market Report [MNS]
· Rental Market Reports coverage [Curbed]