You are reading

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: [email protected]

9 Comments

Click for Comments 
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.

8
12
Reply
Sean

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

20
1
Reply
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.

11
3
Reply
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.

5
3
Reply
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?

16
9
Reply
Tom o’Shanter

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

6
17
Reply

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Popular places where you can watch the Super Bowl in Queens

Feb. 2, 2023 By Tammy Scileppi

Hey, football fans! Game time is fast approaching, and across the city and here in Queens, you can feel the excitement brewing as the two teams prepare to take the field on Super Bowl Sunday, Feb. 12. So, kick back and watch the big game, and don’t miss Rihanna’s exciting performance during halftime. 

Borough president hears from community members on budget needs throughout Queens

During a two-day public hearing on the mayor’s 2024 preliminary budget, Queens Borough President Donovan Richards Jr. listened to testimonies from 14 community board representatives, community stakeholders and members of the public on where the money should be spent in Queens. 

The public hearings were held both in-person and via Zoom on Monday, Jan. 30, and Tuesday, Jan. 31, at Queens Borough Hall. The testimonials will be used to develop the Queens Borough Board’s FY24 preliminary budget priorities in the coming weeks. 

‘He didn’t deserve to die’: Borough President Richards leads emotional candlelight vigil for Tyre Nichols

Queens Borough President Donovan Richards held a candlelight vigil for Tyre Nichols outside Queens Borough Hall Monday, Jan. 30 after Nichols’ death at the hands of police officers in Memphis, Tenn., made national headlines for the brutality in which the officers beat him.

Almost immediately after news broke about Nichols’ death, the Memphis police officers who beat him to death were fired and charged with murder. The police department released the body cam footage of the fatal beating on Jan. 27, but many people, including some at the vigil, have refused to watch it due to its extremely graphic nature.

Op-Ed: This Year’s State Budget Must Prioritize Climate, Jobs, and Justice for New York

Op-Ed, Jan. 30, By Assemblymember Jessica González-Rojas

In a time of rampant economic inequality and environmental injustice, it is easy to feel defeated.  Here in Queens and across New York State, however, communities are organizing for a better future. New Yorkers from different backgrounds and with different lived experiences are proving that we can build community, organize, and create a future that reflects our shared values.

LaGuardia Community College receives federal funding to expand vocational training for the unemployed

Jan. 27, 2023 By Bill Parry

LaGuardia Community College recently received more than $400,000 in federal funding to enhance and expand vocational training for underemployed New Yorkers in a city that is still working to recover from COVID-19 pandemic-induced job loss. The support was secured by U.S. Senators Charles Schumer and Kirsten Gillibrand, Congresswoman Nydia Velázquez and former Congresswoman Carolyn B. Maloney.