Rent In Manhattan Reaches Record High In May 2012, Report Says
The stereotypes and sitcom jokes are true: Renting in Manhattan is insanely expensive.
The average rent in Manhattan hit a record high of $3,438 per month in May, according to a new report from Citi Habitats, a residential brokerage firm. That’s largely because there are too few apartments available to meet growing demand: The Manhattan vacancy rate was just 0.89 percent in May.
