NEW YORK (CBSNewYork) — The fact that renting an apartment in New York City is expensive is as obvious to most people as the fact that the sky is blue.
But a new report by the real estate research firm Reis Inc. said rental prices just went up.READ MORE: Racism Declared A Public Health Crisis In New York City
The average rent for an apartment in New York City – excluding Staten Island – was up to $3,017.19 per month, according to a Reuters report.
By comparison, the average rent nationwide is $1,062 per month.
Landlords charge such high prices in the city because of demand. The vacancy rate in New York City is only 2 percent – half of the nationwide vacancy rate.READ MORE: Hip-Hop Improv Show 'Freestyle Love Supreme' Returns To Broadway
It is the first time the average rent for the city is above $3,000 since Reis started collecting data in 1980, according to the published report.
The high rents in New York City have drawn so much frustration that they even sparked the creation of a political party. Jimmy McMillan ran for mayor in 2005 and 2009, and governor in 2001, on the “The Rent Is Too Damn High” party ticket.
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