New York City is home to one of the country's most expensive rental markets - and as of July, rent in Brooklyn peaked at an all-time high for the 2nd month in a row

new york city brooklyn bridge


The New York City skyline.

Rents continues to soar in two of New York City's top boroughs - Manhattan and Brooklyn.

In June, Brooklyn's median face rent hit a high of $3,000 a month, according to Douglas Elliman's July report for Manhattan, Brooklyn, and Queens rentals. In July, that record was maintained: Median face rent in the borough was again $3,000 a month.

The report defines median face rent as the median rent before calculating broker commissions or free rent. Brooklyn's median net effective rent, which takes into account rent concessions, rose year-over-year for the eighth month in a row, up 3.1% to $2,918.

Read more: NYC rents just hit a 3-year high, and the city's prices are pushing everyone from millennials to wealthy Wall Street bankers away

Over in Manhattan, the median face rent in July was $3,595 a month. That, The Wall Street Journal reported, is only $100 lower than the borough's all-time record, which was set in February of 2009.

It's no secret that New York City is home to one of the most expensive rental markets in the country. In June of 2019, the average rent for a one-bedroom apartment in the city shot up to a 3-year high.

As Business Insider previously reported, one year's worth of rent in Manhattan is more than three-quarters of the country's average annual salary, which is $47,060. Even in Inwood, the cheapest neighborhood in Manhattan, the average monthly rent is more than $1,600.

As a result, wealthy millennials and Wall Street bankers alike are fleeing the city in search of more affordable housing.

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