The average rent for an apartment in Manhattan rose to over $5,000 a month.
Numbers have been tallied, and the average rent for the month of June for an apartment in Manhattan, New York was $5,058. The average price for a three-bedroom apartment was $9,469 a month.
The highest rent has ever been in its history.
Real Estate Agencies say the the spike in rent has to do with the housing market and mortgage rates sky-rocketing as well.
Families that were in the market for a new home are being forced to rent apartments and condos temporarily.
As a result of the increase in amount of renters, bidding wars on apartments that are available for rent are being seen now more than ever.
With such a slim percentage of apartments and condos available, renters are placing high bids on them to secure a lease.
Noone is sure when the prices will come down again, but residents remain hopeful and say they won’t give up their big New York dreams.