This archive report was first published on 20 August 2019.
August 20, 2019 - New York City's rental market has reached new heights, with median face rents in Manhattan and Brooklyn hitting record highs.
According to a recent report by Douglas Elliman, Brooklyn's median face rent in July was $3,000 a month, matching the record set in June. 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.
Meanwhile, in Manhattan, the median face rent in July was $3,595 a month, just $100 lower than the borough's all-time record, set in February 2009.
As a result, wealthy millennials and Wall Street bankers are fleeing the city in search of more affordable housing, with one year's worth of rent in Manhattan costing more than three-quarters of the country's average annual salary.
