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Report: Manhattan rents continue to rise

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NYC skyline Credit: Getty Images

The cost of snagging a Manhattan pad continued to increase last month even though there were more apartments available, according to a new report.

Apartments rented for an average $3352 last month, up 5% from last January, according to a Citi Habitats report released today. Slightly more landlords gave incentives to sign a lease.

"I just think it's a testament to people's desire to stay in Manhattan," said Citi Habitats president Gary Malin.

He attributed the increase to people who could buy, but are choosing to rent.

“A lot of people don’t want to hinder their lifestyle, so they don’t mind spending a little extra money in rent instead of purchasing something right now,” Malin said.

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