Manhattan's biggest rental building, Sky, towers over the city's far west side.
At 71 stories, Sky features 1,175 studio, one-bedroom and two-bedroom units and is located on West 42nd Street, just feet from the Hudson River.
Ask any New Yorker and you'll hear complaints that his or her rent is too high. That's because the average rental costs roughly $4,100 a month in Manhattan, according to an April 2016 report from Douglas Elliman, a real estate brokerage firm. Manhattan's vacancy rate stands at just 2.4%.
In Sky, developed by The Moinian Group, prices run about $3,000 for a studio and upwards of $7,000 for a two-bedroom unit. "If you're a renter, it's not easy. If you're a landlord, you can't complain," said Mitchell Moinian, senior vice president of The Moinian Group. "Rents are definitely high."
Moinian said part of the reason rents have risen stems from stricter lending requirements put in place by banks since the financial crisis, which has pushed more people into the rental market.
Sky was built like a condo building, Moinian said, boasting top-notch finishes in each unit, including quartz countertops, porcelain tiled bathrooms and floor to ceiling windows with breathtaking views of the Hudson River.
"There's been a new trend, which we've definitely taken advantage of here, which is building a certain type of rental product that is premium or superior to your typical rental product," he added. Moinian said this strategy helps cater to people who aren't sure if they should rent or buy.