Rents are soaring throughout NYC as supply is dwindling.

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Rent prices are on the rise again, with the median rent up 4.1 percent ($4,093) compared to last year, writes Curbed. Jonathan Miller, compiler of Elliman Report has found that the prices for smaller apartments are now rising faster than the top of the market. In Manhattan, the median price for studios and one-bedrooms is $2,270 - that’s 11 percent up from last year, the highest point in seven years! Brooklyn and Queens rent rates are also going up, though at a much steadier rate. The real question is: why are smaller apartment rents going up?

So we know that NYC has the sixth highest rental market in the nation (technically, the Northern New Jersey-New York area ranked sixth); Samuel Miller’s December 2014 rental report provided more insight into what exactly it looks like, and long story short: median rent levels went up as mean levels went down.

Zillow calculated the average rents in the nation’s biggest metropolitan markets for 2014, and the NYC area doesn’t even rank in the highest five (pretty not bad for the country's most livable city).  As has been reported previously, California rents topped the list, occupying four out of the top five spots.  Curiously, San Francisco’s average ($1,598), which in previous months had beat out New York’s ($1,228), was actually the second highest — the region with the highest rents was actually San Jose, which was calculated to have an average monthly rent of $1,807.

According to the latest Elliman report, compared to last month in June, prices seem to be decreasing. Don’t get too excited just yet though, because although there was a slight decrease between these past two months, July’s overall rents are the highest they have been in the past six consecutive Julys.

Courtesy of: Anthony Quintano/ Flickr Apparently, warmer weather coupled with high consumer demand this past June contributed to higher rental prices in New York City. The latest Elliman report shows that the median rental price for Manhattan rose to $3,300 - a 3.3% increase from the same month last year and the highest it has been in more than 5 years. The June vacancy level fell to 1.64% from last period's 1.83%, and is the lowest June level in the 5 years the metric has been tracked.

Rent increases for rent-stabilized apartments are decided by the Rent Guidelines Board (RGB) of New York City every year. Since 1969, the RGB has always voted to increase the rent rates in NYC.

Photo Source: www.realtytrac.com New York City is on top of another real estate list, no surprise. The list of top 20 worst counties in America to be a landlord, surprise!