Manhattan rents have been high for a long time, but they've reached a new peak, according to a report released Friday.
The borough’s median rent increased 9.5 percent year-over-year in September to $3,339, according to the Q3 2015 StreetEasy Market Reports. This jump is the fastest rents increased since StreetEasy began collecting rent data in 2008.
Leading the way were median asking rents for one-bedroom units in Manhattan, which increased 10.7 percent to $3,271. Asking rents for studios and two-bedrooms increased 6.5 percent and 9.7 percent, respectively, while rents for units with three-bedrooms or more declined 3.6 percent.
Across the river in Brooklyn, rents also grew, but at a slower pace. The monthly median asking price increased 1.5 percent from last year to $2,600 in September.
"Renting in Manhattan is more expensive than it's ever been, a fact that weighs heavily on the city's long-term housing affordability," said StreetEasy data scientist Alan Lightfeldt. "In the face of overcrowding, high rents, and growing competition in Manhattan and parts of Brooklyn, more New Yorkers will have to turn their attention to South and East Brooklyn, and above 110th Street in Manhattan to lower their rent burden."