The numbers are out for 2011 and they only bring bad news for Manhattan renters, according to the New York Post.
According to the report, rent prices are up 8.6 percent from 2010. After years of falling prices, the average rent price hit $3,309, up from $3,046 in 2010.
Also, even if you're lucky enough to afford one of these apartments, renters may have trouble finding an apartment. The amount of vacant apartments has also decreased, reaching a tiny .96 percent, down from 1.16 in 2010.
Rental expert believe that rental prices will only continue to increase over the next year.
The future of the rental market is only going to get stronger, there's more inventory to come onto the markets and the demand for rentals will continue to be high, said Andrew Barrocas, CEO of MNS, a company that releases the Manhattan Rental Market Report. This translates to an increase in prices in the rental market.
Manhattan has long been one of the most expensive places to live in the country. Fourteen of the 100 most expensive zip codes in the country are in the borough.