Rental costs in North West Queens are down nearly 6% from a 12 months in the past: report

Lengthy Island Metropolis (Photograph: Pierre Bouyer on Unsplash)

September 15, 2020 By Christian Murray

The price of renting an condominium in Northwest Queens stays excessive – albeit barely lower than a 12 months in the past, based on a brand new report.

The report, launched by Douglas Elliman Actual Property, discovered that the median hire in Northwest Queens fell 5.5% in August 2020 – to $ 2,796 – in comparison with the identical interval a 12 months in the past . The August figures had been based mostly on 213 new lease signatures in Northwest Queens, which covers Astoria, Lengthy Island Metropolis, Sunnyside and Woodside.

The median value of renting a one-bedroom condominium in Northwest Queens has fallen 13% 12 months over 12 months, based on the report. The median hire paid based mostly on the 96 new leases signed in August was $ 2,593, down from $ 2,979 a 12 months in the past.

The median hire paid for a two-bedroom condominium fell 8.1%, from $ 4,000 in August 2019 to $ 3,675 in August 2020. 61 new leases had been signed for two-bedroom flats within the North. West Queens final month.

The median web hire in North West Queens – after factoring in concessions akin to a month’s hire free – has fallen 8.5% from a 12 months in the past to $ 2,622. The report doesn’t present web rental figures based mostly on unit dimension.

The report additionally famous that 59 p.c of latest leases signed in North West Queens in August got here with concessions.

The variety of listings jumped 78% 12 months over 12 months to 642 models, the second highest quantity since Douglas Elliman started monitoring the North West Queens market greater than six years.

Click on right here for The report

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