Manhattan Apartment Shortage Causes Rents to Spike

The New York Post reports:

The average monthly rent for a studio in Manhattan is a whopping $1,976, up 9.1 percent from the same time last year.

And that's the lowest increase in apartment categories, according to Citi Habitats' residential rental-market report for the second quarter of 2011, which was released today.
Three-bedroom apartments, which are relatively difficult to find in Manhattan, now average $4,985, up 11.3 percent in the past year.

One-bedrooms average $2,672, an increase of 9.2 percent, and two-bedrooms average $3,757, a 10.8 percent jump, according to the report.

Some places don't want a middle class: that's why unions and rent control are the sure way to the poor house.