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Queens Rental Prices Are Still Below Pre-Pandemic Levels in the Majority of Neighborhoods: Report

Apartment building in Woodside (Photo: Queens Post)

Oct. 19, 2021 By Allie Griffin

Apartment rentals in Queens are largely going for less than they were before the pandemic threw the market in a tailspin, a new real estate report shows.

Rent prices continue to trend upward but have yet to reach pre-pandemic costs in the vast majority of Queens neighborhoods, a market report conducted by real estate company StreetEasy found.

For most Queens rentals, the median asking rents for the third quarter of 2021 is lower than the median asking rents in the third quarter of 2019.

The exception to this is Long Island City, where some of the most expensive rentals in the borough can be found. Third-quarter median rental prices in the waterfront neighborhood this year have exceeded prices observed in the third quarter of 2019.

Long Island City apartments are listed at a median price of $3,345 — $70 more than the 2019 Q3 median price of $3,275, according to the report.

The Long Island City market is among the city’s most expensive. Rental prices in expensive neighborhoods have nearly reached or are above pre-pandemic costs, the report found.

In other often sought-after Queens neighborhoods, rents remain far below 2019 levels.

For instance, Astoria rentals are more than $100 less than they were two years ago. The median asking rent in quarter three of this year was $2,175 — $132 lower than $2,307, the third quarter rent in 2019, according to the report.

Sunnyside and Jackson Heights rents are each $100 cheaper now than pre-COVID-19 as well, the report shows. The median asking price in each neighborhood was $1,900 in quarter three of 2021 compared to $2,000 in the third quarter of 2019.

Ridgewood apartment prices, meanwhile, are nearly $200 less now than before the pandemic. The median rent was $2,500 in the third quarter of 2021 — $199 less than the median rent of $2,699 two years ago, according to the report.

Elmhurst, one of the neighborhoods hardest hit by the pandemic, is not far off. Rental prices are $122 less now than before COVID-19. The median price in 2021 Q3 was $1,853, less than $1,975, the median price in 2019 Q3, according to the report.

Neighborhood Median Asking Rent – Q3 2019 Median Asking Rent – Q3 2021 Differential
Astoria $2,307 $2,175 -$132
Elmhurst $1,975 $1,853 -$122
Jackson Heights $2,000 $1,900 -$100
Ridgewood $2,699 $2,500 -$199
Sunnyside $2,000 $1,900 -$100

Citywide, the trend remains true according to the report. The median asking rent across the city during the third quarter was $2,699 — about $100 short of pre-pandemic highs.

email the author: news@queenspost.com

9 Comments

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Sara

We need more affordable housing or help paying rent. With so many unemployed and others taking other jobs and working for less home rentals are still expensive.

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Sean

Property taxes, home insurance including heating, electric and water bills, and home repairs are still increasing though as if the pandemic never happened.

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Jill

I renewed my lease for two hundred dollars less. Two of his other tenants are still not paying rent so he did not want to risk renting to a non paying tenant.

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Small wins.

Sounds like the rental market is working. It’s all about what people are willing to pay and what landlords are willing to accept.
Capitalism finally worked for the middle class.

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Biden heart bernie

just give biden another 6 mo to completely destroy the country. Then we go full socialist and everythings free, incl apts.
biden, does this man make any effort to solve ANYTHING?

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Tom o’Shanter

That is very good news for people who work for a living. Too bad for greedy landlords.

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