Manhattan Rents Soar

It may or may not be a leading sign of economic recovery, but rents in Manhattan are surging back to their all-time high.

Manhattan apartment rents continued to soar through the roof in January and are now getting close to hitting historic highs. The average price of a rental apartment was a whopping $3,352, up 5% compared with January, 2011, according to a report from Citi Habitats. Manhattan rents are now just $42 away from the peak of $3,394 reached in May 2007. January prices were up across all apartment types, with the average three-bedroom apartment going for $5,026, a 4% jump.

Apartments in my small 20-unit building are never vacant for longer than a weekend.