Manhattan's rental market up again according to MNS July 2012 Report

While rental rates remain fairly steady on a month-to-month basis, as indicated by the just-released July 2012 Manhattan Rental Report, a 32% increase in inventory since the beginning of the year is evidence of the market's continuing strength. Additionally, rates have increased similarly over the past three years for doorman and non-doorman units, which are up 14% and 15% respectively. Presented by MNS, a leading residential brokerage and marketing firm, the Report is the only study that compares fluctuation in the city's rental data on a monthly basis. "Once again, despite an increase in inventory, rental rates continued to climb in July," said Andrew Barrocas, CEO of MNS. "With a month left of summer's typically busy rental period, we expect this upward trend in Manhattan's rental rates to continue." Some highlights of the Manhattan report include the following: Inventory Influx: The Upper East and West sides along with Midtown East and West saw a combined inventory influx totaling 804 available apartments - a 4% increase since June. Studio Steals: While Tribeca and SoHo remain the most expensive rental neighborhoods on average, doorman studios in SoHo and non-doorman studios in Tribeca are both down 7.3% since July 2011. This is the largest year-over-year decrease across all neighborhoods and unit types. Greatest Increase in FiDi: Non-doorman one-bedrooms in FiDi saw the greatest increase in rental prices this month, where rates went up and average of 5%, about $152. Murray Hill: Both doorman and non-doorman studios in this neighborhood showed relief for renters, dropping an average $23 and $73 respectively since June. The Manhattan Rental Market Reportâ„¢ is based on data cross-sectioned from over 10,000 currently available listings located below 155th Street and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. MNS's data is aggregated from the company's proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR. com) and R.O.L.E.X. (Real Plus). About MNS: MNS is a leading residential brokerage and sales and marketing firm with offices in Manhattan and Brooklyn, and is the exclusive sales and marketing firm on some of the largest and fastest selling condominium projects in New York, including One Brooklyn Bridge Park and The Edge. MNS is also known for its monthly rental report - the only one of its kind in New York - which has become the premier source of information on rental trends for consumers and the industry alike. The company was created in 2009 with the joint venture The Real Estate Group of NY, a seven-year-old brokerage company and The Developers Group, an eight-year-old sales and marketing company. For more information, please visit MNS.com.