Regardless of consecutive quarters of falling rents throughout the town after the beginning of the COVID-19 pandemic in March 2020, there seems to be a light-weight on the finish of the tunnel for some owners.
Queens has seen its most costly rental stage – or houses over $ 2,500 a month – get better 99% of its pre-pandemic highs, in response to newly revealed knowledge of the StreetEasy actual property portal. This makes this borough’s high-end rental market the primary in New York Metropolis to get better from COVID.
Because of this tenants have flocked to the primary areas of Queens, together with Lengthy Island Metropolis and Astoria, as a substitute of the usually costlier Manhattan and Brooklyn – thus growing the demand for housing and forcing luxurious property house owners to boost their costs. , provides StreetEasy.
However for a lot of, the hire might be rattling too excessive. Decrease and mid-level rental housing within the borough is nowhere close to its pre-pandemic ranges, StreetEasy including that costs have solely lately began to get better – and are doing so slowly. Because of this, relying on tenant budgets, there’s nonetheless enterprise to be completed.
General, in comparison with Manhattan and Brooklyn, Queens stays comparatively extra reasonably priced. The median hire for Queens was $ 2,200 in July – whereas for Manhattan it was $ 3,000 and, for Brooklyn, $ 2,600. The report doesn’t point out the Bronx or Staten Island.
Within the first quarter of 2021, as rents throughout the town continued to fall to document highs, Queens noticed median rents drop to $ 1,999. For Manhattan and Brooklyn, they fell to $ 2,700 and $ 2,390, respectively.
Moreover, StreetEasy additionally predicts that the borough’s rental stock will return to pre-COVID ranges by December, which means increased rents are anticipated to observe. The stock in Manhattan and Brooklyn, additionally made attainable by the variety of New Yorkers who left the town in 2020 because the pandemic raged, will take longer. StreetEasy estimates that Manhattan will see rental availability drop to pre-pandemic ranges by November 2022 – and March 2022 for Brooklyn.