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 condo in North West Queens stays excessive – though rather less 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 lease 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 have been primarily based on 213 new lease signatures in Northwest Queens, which covers Astoria, Lengthy Island Metropolis, Sunnyside and Woodside.

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

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

The median web lease in North West Queens – after factoring in concessions equivalent to a month’s lease free – has fallen 8.5% from a 12 months in the past to $ 2,622. The report didn’t present web rental figures primarily based on the scale of the unit.

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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