Report: Rents spike across Manhattan

July 8, 2011 5:39:23 AM PDT
This might not come as a surprise, but living in Manhattan is getting more expensive.

The Wall Street Journal reports that rents have spiked across the city.

On average, Manhattan rents jumped 10 percent during the second quarter of the year.

Three-bedroom apartments saw the biggest increases, rising 11.3 percent to an average of $4,985 a month.

Analysts say the increase is due to fewer apartments being available and an increased demand.

CLICK HERE to read more from the Wall Street Journal, and to get a breakdown of average rent by neighborhood.