Good news for landlords, and bad news for renters – The Real Estate Group of New York’s most recent market report, for the month of April, was released today, and it shows that things are, however slowly, picking up. According to TREGNY, rents have gone up 1.1 percent since March, and happily, for the first time in a long time, they’re up 0.27 percent from this time last year. Now, don’t get your knickers in a knot just yet, because TREGNY tempers the good news with the bad – vacancies are still on the rise. They’re up by 1.17 percent, leading the writer of the report to warn, “”Given the depths the market fell, in addition to a lack of real employment growth, it seems that it may take longer than landlords anticipated to recover their losses.”

Renters, can we get a hip hip hooray? TREGNY also lists where prices have decreased, so that apartment hunters looking for the best deal can head to a specific neighborhood. As of now, Chelsea is the place to be. Rents in the neighborhood have gone down 3.88 percent from March for non-doorman one bedrooms, to $2,675. Other bargain basement locations are the Lower East Side, for 2BRs, and the Upper West Side, where non-doorman two-bedrooms have fallen to $2,906/month.

Want more info? Check out the full report here.