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.