Rents take a (small) dip in Manhattan

The New York Post reports:

There’s hope for New York City renters.

The average Manhattan apartment rented for $3,434 a month in August — $8 less than in July, according to a new market report from Citi Habitats.

And August’s average rental was $27 lower than the $3,461 New Yorkers paid on average in August 2012, when rents were at an all-time high.

The news is good for both landlords and tenants, said Gary Malin, president of Citi Habitats.

“Owners don’t have the ability to raise rents anymore because that would push tenants too far. But the rents are already at high levels,” Malin said.