The median rent in Manhattan, fell slightly, but is still the second highest on record in June, according to data released by Miller Samuel Inc. and 🌸brokerage Douglas Elliman Real Estate. In B🐷rooklyn and Queens, median rents broke records. 

Median rent in Manhattan ended June at $4,300, down slightly from 澳洲幸运5官方开奖结果体彩网:May’s median rent of $4,395, while it was 6.2% higher than June of last year. New l♈eases picked up by 2.5% fಞrom May, and were 0.4% higher year-over-year.

Still, renters shouldn’t expectꦇ long term relꦕief from the high rates, according to Jonathan Miller, the president of Miller Samuel.  If the pressure of record-breaking rent isn’t enough, the rental market has yet to hit its typical summertime peak. 

“I look at this as less about the beginning of a trend, because we still have two more months before the leasing season peaks,” Miller said. “It's very possible that we might see another record.” 

Plus, high mortgage rates are pushing would-be buyers into the pool ofౠ prospective tenants.  Mille𒀰r said the Federal Reserve’s rate hikes still play a role in the market. 

“A stability in rates will go a long way in not pushing more people into the rental market that w🔯ere🍌 priced out of the purchase market,” he said. 

Inventory grew 1꧙.8% from May, and was 🦄up 10.8% from June of last year. 

Brooklyn, Queens break records

In Brooklyn, the median rent reached a high for the third consecutive month. The median rent rose to $3,557, up 0.2% from May’s $3,550. The median was up 7.8% from June of last year. The number of new leases dropped 7.6% month-✱over-month, and was down 4.6% from June of last year. 

In Queens, the median rent reached a new high for the second time in three months. The median rental price at the end of June was $3,573, up 5.0% from the moꦐnth before and 19% year-over-year. 

🍸New leases dropped 8.9% and were down 13.5% year-over-year🤪. 

Brooklyn and Queens are typically about one month behind the rental market trends that are set in Manhattan, accord♔ing ꦚto Miller. 

“In Brooklyn the last three months have set new records, just like Manhattan was three months in a row,” Miller said, pointing to records set by Manhattan through the spring months and into the early summer. “So I'd say, if history is correct, then over the next month or two Brooklyn and Queens will see the same patterns seen in Manhattan, where rents remain elevated but are not rising.”