Manhattan rents continue to soar to new heights.<\/p>\n
The average rent in June surged 7% year over year to an all-time high of $5,450 as prices increased for the seventh consecutive month, according to the appraisal firm Miller Samuel reported in tandem with realtor Douglas Elliman. \u00a0<\/a><\/p>\n The median rent also broke its previous record, climbing 7.6% year over year to $4,625, according to the report. \u00a0<\/p>\n Manhattan rents soared to new heights in June, with the median rent climbing 7.6% year-over-year to $4,625. Luiz C. Ribeiro for New York Post<\/p>\n Rent per square foot in Manhattan rose 4.4% annually to the second-highest level on record as inventory remained sparce, the report said.\u00a0<\/p>\n There were 7,301 new lease signings recorded in June \u2014 an annual increase of 7.8% \u2014 outpacing the 4.4% rise in listing inventory, which reached 10,265. \u00a0<\/p>\n The borough\u2019s vacancy rate \u2014 which measures the percentage of rental units in a market or building that are unoccupied and available for lease \u2014 fell to 2.14%, down from 2.83% a year ago.<\/p>\n Competitive pressures remained strong, with 25% of rentals leased above the landlord\u2019s asking price. The average premium paid in these bidding wars exceeded the asking price by 11.2%, according to the report.\u00a0<\/p>\n Luxury apartment rentals have also gotten more expensive. <\/p>\n Entry-level rents in the luxury segment began at $8,299, while the median rent in this category held steady at $10,000 \u2014 unchanged from a year earlier.\u00a0<\/p>\n In Brooklyn, rents continued their upward trajectory, though at a slower pace than in Manhattan. \u00a0<\/p>\n Median rent increased by 1% year-over-year to $3,733, while the average rental price climbed 2.8% to $4,210, extending a nine-month streak of annual growth. <\/p>\n Rent per square foot rose 6.2% to $60.89, setting a new record for the fifth time in six months.\u00a0<\/p>\n The average rental price also surged 7% to $5,450, notching its seventh consecutive monthly increase. Getty Images<\/p>\n Brooklyn saw 4,066 new lease signings in June, up 8.1% from June of last year. <\/p>\n Meanwhile, new lease signings were outpaced by a 22.3% rise in listing inventory, which reached 6,649 units. \u00a0<\/p>\n Bidding wars intensified in Brooklyn as well. Nearly one in three rentals \u2014 31.9% \u2014 were leased above the landlord\u2019s asking price, with the average premium hitting 12.6%, up from 28.2% during the same period last year. \u00a0<\/p>\n The borough\u2019s luxury market began at $6,300, with the median luxury rent at $7,400, down slightly \u2014 0.2% \u2014 from a year ago.\u00a0<\/p>\n Northwest Queens saw the sharpest year-over-year gain in median rent among the three boroughs. Median rent rose 10.8% to $3,600, marking the sixth straight annual increase. <\/p>\n The average rental price rose 7.9% to $3,882, while rent per square foot increased by 6.9%.\u00a0<\/p>\n New lease signings in Queens climbed 6.2% to 820. However, that lagged behind a 34.1% surge in listing inventory, which reached 1,120 units.<\/p>\n The borough\u2019s rental market showed no signs of slowing, with 7,301 new lease signings recorded \u2014 an annual increase of 7.8%. EMMY PARK<\/p>\n Bidding wars were up in Queens as well. About 24% of rentals were leased above asking price, up from 19.8% the year before.<\/p>\n