- New York City is home to one of the country's most expensive rental markets .
- The rental markets in both Brooklyn and Manhattan saw an extremely expensive July, according to Douglas Elliman's monthly rental report .
- According to the report, the median rent in Brooklyn in July was $3,000.
- June 2019 was the first time the median rent in Brooklyn hit $3,000 a record high, according to Elliman , after 11 years of tracking.
- Visit Business Insider's homepage for more stories .
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
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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 .
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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