Manhattan and Brooklyn rents continue to rise, but not for long

New York /
Oct.October 27, 2011 12:38 PM
MNS CEO Andrew Barrocas

Manhattan and Brooklyn residential rents are still on the rise — particularly in one- and two-bedroom apartments, MNS reports.

The residential brokerage and marketing firm, which tracks rental data monthly in the two boroughs, also predicts that though the market will not continue to rise for the winter months, it will stay flat where it usually dips in the holiday season.

“We anticipate rental rates to increase again when the spring/summer season hits,” MNS CEO Andrew Barrocas added. In Manhattan, the report says, concessions are long gone, but renters willing to sign a two-year lease might win some negotiating leeway. Budget hunters may also find steals in studios on the West Side. For under $2,000 a month, the firm said renters could find Chelsea studios in non-doorman buildings, a price not seen since February. On the Upper West Side, doorman studios are down 3.4 percent from their September peak of $2,600.

As The Real Deal reported last week, a third-quarter Prudential Douglas Elliman Report found that tight rental market has been helping Brooklyn’s condo market.
Brooklyn sales in the third quarter shot up 18.1 percent from that period in 2010, a number fueled by skyrocketing condo sales, which were up 52.8 percent from the previous year’s third quarter.

In Brooklyn, one-bedrooms are seeing the greatest rent hikes, but in Williamsburg and Bushwick, renters can find good deals in new rental buildings, MNS said The report describes Bushwick as the “go-to neighborhood for people looking to enter the New York market” on a budget, particularly Bushwick pre-war rental 184 Noll Street.

MNS’ reported overall rent hikes for two-bedrooms in Brooklyn and Manhattan may be in part because of a shortage of multi-bedroom rentals. Earlier this month, a rental market quarterly report by RentJuice found multi-bedroom rentals to represent just a 36 percent of the listed New York market.

Though MNS’ report shows continuously rising rents over recent months, a Citi Habitats report shows a 1 percent rent decrease in Manhattan during August compared to July. — Jane C. Timm

Manhattan’s Two-Bedroom Price Trends
Brooklyn’s Two-Bedroom Price Trends

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