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Real Estate

Report: Manhattan rents rise, vacancies fall in Nov.

Harlem was especially hot among renters in November.

Harlem was especially hot among renters in November. Photo Credit: Linda Rosier

Winter weather has arrived, but that hasn't stopped New Yorkers from moving around.

Rents in Manhattan are up and vacancies are down, as shown in a market report released today by the real estate group MNS.

According to the report, rent prices in Manhattan increased roughly 1.63% from $3,763 in October to $3,824 in November. That's compared to a .7% increase during the same period last year.

Harlem is especially hot this season, with rents shooting up 23.6% in November 2014 from that month the year before. Two-bedroom doorman units in Harlem rose 29.6% between October and November of this year.

In Queens, rents rose 1.02% from October to November, according to MNS. Studios in Long Island City increased 6.6% between those two months, but one-bedrooms in Astoria went down 6.14%.

For falling rent prices, look to Brooklyn, the report said. Rents in the borough decreased by about 1.61% from $2,694 in October to $2,677 in November.

Rents in Williamsburg decreased 7.8% between November 2013 and 2014. Studio rents in DUMBO declined by 18.84% from October to November of this year, according to the report.


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