Reports: Rental market cooling off

Harlem saw a rise in apartment listings, according to MNS.
Harlem saw a rise in apartment listings, according to MNS. Photo Credit: Getty Images / Craig Barritt

If you’re a renter, this might be a good time to look for new digs, according to rental market reports released Thursday.

Rents, though still rising year-over-year, stabilized in Manhattan and dipped slightly in Brooklyn between June and July.

According to real estate group MNS, Brooklyn rents decreased by roughly 2.58% from $2,741 in June to $2,670 in July, though prices in the borough are up 4.14% from July 2013.

Average rents in Manhattan increased by 1.5% between June and July, according to MNS. However, brokerage Citi Habitats reported that the average Manhattan apartment rented for $5 less in July than in June.

There were more apartments available in Manhattan in July, according to Citi Habitats, as the borough’s vacancy rate rose to 1.25% from 1.1% in June.

MNS reported that Harlem was stocked with the most new inventory, with 226 new units on the market in the neighborhood.

As for price hikes, the East Village and SoHo saw the highest rent increases from July 2013, MNS reported, up 5.9% and 6.7%, respectively. In Brooklyn, rents rose the most in Crown Heights, up 17.5% from July 2013, according to MNS.