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Manhattan Rent Jumps As Apartment Availability Declines: Report

01/12/2012 10:32 am ET | Updated Jan 12, 2012

After years of falling prices, the average rent of a Manhattan apartment rose to $3,309 last year, just one dollar shy of the pre-recession record set in 2007. The $263 jump from 2010 makes for an 8.6 percent increase, The New York Post reports.

And even if you can afford the rent, you may have more trouble finding the apartment. Vacancies dropped to a miniscule .96 percent, down from 1.16 percent in 2010.

"Last year was a very good year to be a landlord," Gary Malin, president of City Habitats, told The Post.

New Yorkers are renting in higher numbers due to a tight mortgage market and a volatile economy.

New York, of course, has a reputation as one of the worlds most expensive cities. 14 of the country's 100 most expensive zip codes are in Manhattan.

But compare rents in places like Soho, Chelsea and the Upper West Side to those of neighborhoods in the outer boroughs and you see some startling differences.

The average asking December rent in West Soho, according to a report from RentJuice, was $8,103. In Cypress Hills in Brooklyn, the average asking rent was just $943.

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