Manhattan rents spike to all-time high

May 9, 2012 6:29:28 AM PDT
Apartment rents in Manhattan have roared to an historic high.

The average apartment now costs $3,429 a month.

The biggest jump was in the price of studio apartments, up 4 percent in just one month to an average of $2,025 a month.

Analysts say there's a super high demand for rentals because people just can't get the bank loans they need to buy a home.

Prices are expected to continue to increase until at least the fall.

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