Manhattan, Brooklyn rents see slight uptick in August: MNS
Average rents in Manhattan increased 1.36 percent in August, or $51.90 per month, compared to July, according to data from the latest MNS monthly rental market report.
Studio apartments — where average rents increased 3.64 percent month-over-month — and one-bedrooms — which saw average rents jump 1.56 percent month-over-month — drove the upward growth, while two-bedrooms stayed relatively stable, nudging up 0.11 percent, the data show.
Harlem saw the greatest bump of all Manhattan neighborhoods with a 10 percent year-over-year increase in average rents, while the East Village bounced back from a downtick in July to register the highest month-over-month increase at 4.57 percent.
In Brooklyn, overall average rents increased for the fifth consecutive month, rising by 1.37 percent month-over-month, or $35.09 per month.
Two-bedroom units have seen double-digit average rent increases in several neighborhoods such as Dumbo, Crown Heights, Boerum Hill and Bedford-Stuyvesant.
Of all Brooklyn neighborhoods, Park Slope saw the highest month-over-month increase, with a 6.9 percent jump in average rents. — Hiten Samtani