The average monthly rent for a Manhattan apartment has soared to a new record high, while brokers say things aren't going to slow down anytime soon.
"New York is where people want to live," said Suzanne Miller, President of Empire State Properties, a Midtown real estate firm. "I've been doing this for the last 30 years and I've never seen a rental market quite like this."RELATED:"New York's becoming a much younger city. We have seen people from Google, Facebook, Amazon, the law firms, their new hires are very high salaries, and the average age I'd say is about 35," Miller said.
A report compiled by two city real estate firms says that the number of available apartments in Manhattan last summer was nearly 12,000, but last month, that number dropped to about 6,400. The average rent in Brooklyn last month was about $3,800 a month, compared to $3,100 last June. In Queens, it was just over $3,300, compared to $2,900 last June.
The Legal Aid Society has called on the New York State Legislature to convene a special session to pass what is called "Good Cause Eviction" legislation, which would limit the amount landlords can raise rents for good tenants.
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