Long Island City (Photo: Pierre Bouyer on Unsplash)
Sept. 15, 2020 By Christian Murray
The cost to rent an apartment in northwest Queens remains high–although a little bit less than a year ago, according to a new report.
The report, released by Douglas Elliman Real Estate, found that the median rent in northwest Queens fell by 5.5 percent in August 2020–to $2,796–compared to the same time a year ago. The August figures were based on 213 new lease signings across northwest Queens, which covers Astoria, Long Island City, Sunnyside and Woodside.
The median price to rent a one-bedroom apartment in northwest Queens fell 13 percent on a year-over-year basis, according to the report. The median rent paid based on the 96 new leases signed in August was $2,593, down from $2,979 a year ago.
The median rent paid for a two bedroom fell by 8.1 percent from $4,000 in August 2019 to $3,675 in August 2020. There were 61 new leases signed for 2-bedroom apartments in northwest Queens last month.
The median net rent across northwest Queens—after concessions such as one month of free rent is factored in—dropped by 8.5 percent from a year ago to $2,622. The report did not provide net rental figures on a unit size basis.
The report also noted that 59 percent of the new leases signed in northwest Queens in August came with concessions.
The number of listings surged 78 percent year-over-year, to 642 units, the second highest number since Douglas Elliman started tracking the northwest Queens market more than six years ago.
Click here for the report
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2 Comments
Unfortunately, the rents are still to high. We are in a bad situation in all communities due to the virus and political atmosphere. One good thing coming from this is the reset of rental prices – As a renter, I would like to see them come down further and perhaps, it will help to keep people in their apartments.
LIC here I come!! So tired of the chaos and garbage in Astoria!