NEW YORK (CBSNewYork) –– Don’t blame your landlord, blame supply and demand for driving up your city rent.
Rent in Manhattan has hit an all-time high of more than $3,400 — $3,418 per month to be exact.
That figure was calculated by Citi Habitats, which released a report on Thursday.
1010 WINS’ Al Jones Speaks With Gary Malin Of Citi Habitats
“New York’s an expensive place, people want to live here and the demand has just been phenominal and I think until that demand wanes, you’re going to continue to see price appreciation,” Gary Malin, of Citi Habitats, told 1010 WINS’ Al Jones.
So what does $3,400 buy you?
“If you want to live in a super luxury building, it might be a studio or it could get you a 2 bedroom apartment that’s not on the most prime block in the prime part of the city,” Malin said.
However, deals can still be found.
“Living on York or 1st Avenue — you can get a much better deal than being on 3rd or Lexington [avenue],” Malin said.
Malin said demand is so high because it appears people have decided to spend more time in the rental market “until they can figure out their plans in the sales arena.”
With low interest rates, Malin also said now is the time to buy if you can get a mortgage.
Is the rent just too darn high? Share your thoughts in the comment section…