Rising Rents Create a Demand for Manhattan Walk-Up Buildings
In other words, your average Manhattan renter pays $41,316/year for housing before any other expenses.The popularity and rising prices of walk-ups are owed in no small part to Manhattan’s incredibly tight rental market. Rents have been surging for the last several years as New Yorkers remain skittish about buying homes and mortgages remain difficult to obtain. In June, for example, the average rent was $3,443 a month, according to Citi Habitats, the highest figure since the firm began tracking data in 2002.
Manhattan Rents Beckon Brooklynites - WSJ.com