Sunnyside rental prices have dropped 15% in the past six months, according to a leading broker in the neighborhood.
Nilo De La Torre, the owner of Century 21 Sunny Gardens Realty, said that the monthly rent for a one bedroom apartment–on the northern side of Queens Blvd—will go between $1,200 and $1,350; meanwhile a two bedroom will cost between $1,400 and $1,600. Rents on the southern side of Queens Bld., typically rent for about $100 less than those on the north.
De La Torre said that two years ago a client was renting a fully renovated 1 brm-apartment on 45th Street and 43 Ave for $1,500. That same landlord is now asking for $1,350, and is prepared to cover the broker commission. Additionally, he is only asking for one month’s security instead of two.
Similarly, De La Torre is aware of a 2-brm apartment that was renting for $1,600, which is likely to go for $1,400.
“There are a lot of vacancies in Sunnyside right now,” De La Torre said. “Many people are choosing to live in Manhattan, where there are new buildings and the owners are offering 2 or 3 months rent free.”
Furthermore, many young people are having trouble getting a job after leaving college and are staying at home.
The big real estate companies, such as Urban American, who would rent buildings themselves, are turning to agencies for help.
3 Comments
Not in the biz, but have looked around A LOT lately. Rents do seem to have dropped, but the nicer (quiet, very clean building/laundry room, w/ attentive super, good storage space, off the busy 2-way streets, etc.) seem to have held their price IMO.
as a renter, I can say that prices without a doubt fell over the past couple of years. when our renewal notice came this year, the landlord had reduced the rent without us even asking. We ended up testing the market and found a much better apt for less rent, and noticed that prices had come down a decent amount since we first looked in the area two years ago.
with that said, I have no doubts that Sunnyside is a stable area with a strong future. I think these reductions were just a result of prices falling around the city.
I’ve heard from other sources that Sunnyside rents are stable. If anyone in the real estate business reads this, please comment.