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Queens Rents Dropped by More Than 5 Percent From Last Year: Report

Homes in Astoria (iStock)

Sept. 10, 2020 By Allie Griffin

The cost to rent an apartment in Queens has dropped by more than 5 percent from a year ago, according to a new report.

The average amount paid to rent a studio, one-bedroom or two-bedroom apartment was down across the board, compared to the same time last year, according to a report from the real estate company MNS.

The average rent paid for a studio apartment in Queens dropped by 5.3 percent, from $1,935 in August 2019 to $1,833 in August 2020, the Queens Rental Market Report states.

The average rent for a one-bedroom apartment fell by 5.5 percent, from $2,254 in August 2019 to $2,129 in August 2020. Meanwhile, the average rent paid for a two-bedroom apartment decreased by 5.4 percent from $2,906 in August 2019 to $2,750 in August 2020.

Long Island City saw the steepest decline from last year to this year with a more than 15 percent decrease, according to the report.

The amount paid for a Long Island City apartment is typically higher than what’s paid in other Queens neighborhoods and experts say the most expensive areas usually see the earliest and often largest decreases in rent when the market dips.

LIC studios dropped from an average monthly rent of $2,776 to $2,411 from August last year to August this year, according to the report. One-bedrooms in the neighborhood decreased from $3,455 in August 2019 to $2,897 in August 2020 and two-bedrooms dropped from $4,647 to $3,916 over the same time period.

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Anonymous

You people must not been living in queens because Rent has not dropped in greens don’t like to the public

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Had enuff in Woodside

Rents and values of homes decreases but my property tax does not reflect this ? Why do the property taxes do not adjust with the decreases????
We homeowners should get a break or some relief . Im ready to move out of NYC

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Theorem Ox

I suspect that rents and home prices are going to have to drop by at least 30% from their current valuations for New York City to have a chance at some kind of a sustainable recovery from here.

But I know that’s not going to happen anytime too soon. Way too many people (from private individuals to corporations to City Hall) have overextended themselves to the point that their only remaining means of escape is to hitch onto another financial bubble or Ponzi scheme. More tragedy of the commons in the making…

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