Big demand for small Manhattan rentals

From the August issue: New York City is famous for its cramped — and pricey — living spaces. That’s truer than ever this summer, with the busy rental market continuing its frenzied pace. But tenants looking for smaller units are feeling the worst of the pain, as rent increases for studios and one-bedrooms outpace the market overall, according to a Prudential Douglas Elliman quarterly market report released last month. [more]