When a lot of people compete for a small number of apartments, landlords often raise the rent; someone is almost always willing to pay more.
It has become quite difficult, time-consuming and expensive to build and maintain apartment buildings here, and the costs are passed on to renters.
You probably want your apartment building to be close to a subway station, and it would be great if it was in or near Manhattan, where most jobs are.
Prospective renters will also want to be close to parks, restaurants, grocery stores and schools, limiting the availability of suitable land for development.
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