Feds: NYC rents rising higher than rest of U.S.

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The federal government reports that New York rents are rising faster than elsewhere in the nation. (The feds also report the sky is blue.) Rents on primary residences in New York increased 5.3 percent in May over the same month last year, according to recent government statistics that also found New Yorkers generally pay more for gas than the rest of the nation. Prices on housing sales in the New York metro region increased 4.1 percent from May 2004 to May 2005. more [NYT]