Manhattan median rent fell 0.2% to $5,285 in August but remains 7% higher than last year, while Brooklyn and Queens saw rent increases of 3% and 12.9%, respectively. Limited apartment supply keeps prices high, with Manhattan and Brooklyn inventories at multi-year lows. Landlords increasingly offer concessions, especially in new luxury buildings. Renters are advised to check rent stabilization status and negotiate renewals with specific, reasonable requests, including non-monetary concessions.
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