In spite of a still-bleak economy, the average cost of rent in Manhattan sits at an all-time high of $3,148 a month. And with a 1 percent vacancy rate and just over 2,200 rentals slated for construction this year, landlords will continue to dominate the market.
That is, unless another financial meltdown similar to the 2008 economic crash or some other interruption occurs.
In the meantime, soaring rents are creating tense relationships between landlords and tenants. Some renters are looking to share space or shopping elsewhere in the city, where apartments are typically less expensive. Some are simply biting the bullet and paying more.
According to a report by Citi Habitats, the average cost of a one-bedroom apartment has shot up 6.5 percent to $2,747 over the past year, while a three-bedroom place rose 4 percent to $5,107.
