Manhattan rental prices continue to rise, which should come as no surprise to anyone who has been looking for an apartment to rent recently. According to a Citi-Habitats report issued last month, the average rent for a Manhattan rental apartment hit an all-time high in March, clocking in at an astonishing $3,418 a month, beating out the previous record of $3,394 set all the way back in May of pre-recession 2007.
Just to repeat: the average Manhattan rental apartment is going for more than $3,400 a month! There were price-hikes recorded in all size Manhattan rental apartments too, with studios leading the way, showing a hefty 10% increase over the same time last year. Most of the usual-suspect neighborhoods are at the top of the list: Soho and Tribeca rental apartments are averaging well over $8,000 a month right now, and there are seven Manhattan neighborhoods in all in which the average monthly rent tops $5,000, including Union Square, Battery Park City, and the Flatiron.