Manhattan rents going up: average studio now $1886 a month!

The average monthly rental price for a studio was $1,886, up 7% from last year and up 2% from January. One-bedroom units rented for an average of $2,535, up 9% from last year and up 1% from the previous month.

Two-bedrooms went for $3,597, an increase of 10% compared with last year and a 2% jump compared with the previous month. Three-bedrooms also spiked in price, renting for $4,874, a jump of 12% compared with last year and an increase of 1% compared with January.

"It's a pretty drastic turnaround from a year ago," said Citi Habitats President Gary Malin.

For the second month in a row, Manhattan's vacancy rate decreased, shrinking to 1.18% in February from 1.26% in January.