MANHATTAN, NY—Attention Manhattanees: it's not your landlord's fault your rent is so obscenely expensive. Blame basic economics and its unrelenting supply and demand curve.
The average rent in Manhattan has hit a record high of $3,400 to $3,418, a report released by Citi Habitats stated Thursday.
Demand is so high because more and more people are deciding to venture into the rental market following the housing market crash that prompted the current recession.
New York isn't the only city seeing rental prices skyrocket due to high demand. The Huffington Post reported in March that rent prices continue to rise in San Francisco, the city with the most expensive rents in the country.