(DNAINFO) Amy Zimmer — Rents are still astronomical, but if you can sit tight a little longer you might catch a break as experts predict the rental market to start a decline.
Manhattan’s median rent of $3,400 a month in August marked the 18th straight month for year-over-year increases, according to a report released Thursday from Douglas Elliman that shows prices up more than 7 percent from the year before.
For Brooklyn’s north, northwest and eastern areas that the Elliman report tracks, the median rent rose nearly 11 percent over the past year to $3,112 a month. It was the third record-setting month in a row and the first time the median crossed the $3,000 threshold in the borough.
In the northwest section of Queens, which includes new developments in Long Island City, the median rent dipped slightly by 1.4 percent to $2,750 a month, Elliman found.