The cost of renting in Manhattan has never been as expensive as it is now. This is established by a report from two real estate agencies in the city.
Monthly rent for a condo or residential unit in a cooperative complex in Manhattan rose to more than $3,800 in April.
This is an increase of 39% over the previous year.
The median rent last year was just under $2,800 a month.
April was the third consecutive month that it reached record prices.
Part of the problem is tight supply, a factor that has caused purchase prices to skyrocket as well.
In addition, rising interest rates are making it more difficult for people to buy homes, putting pressure on the rental market by driving up prices.
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