The cost to rent a home in the “World’s Borough” is soaring to new heights, a new report says.
According to a recent study by local real estate marketplace StreetEasy, Queens rent prices have reached an all-time high, climbing to an average of $1,989 per month. The increase is attributed mostly to northwestern Queens neighborhoods, where the average rent in June was $2,059.
Additionally, residential prices rose the most in Queens when compared with Manhattan and Brooklyn. The median resale price for a home increased 8.3 percent year-over-year to $500,351. Prices went up across the borough, increasing more than 5 percent in every Queens submarket except the Rockaways, which remained stagnant.
Looking at median asking price by neighborhood, prices rose the most year-over-year in Jamaica and Little Neck, increasing 295.7 and 202.1 percent, respectively. In another recent real estate study by RentHop, Jamaica was also found to be the second least-affordable neighborhood in Queens; the number one spot was taken by Long Island City.
The neighborhoods of Bay Terrace, Woodhaven and Oakland Gardens each saw little to no increase in median asking price. Queens neighborhoods that saw the highest decrease in median asking price were North Corona and Whitestone, which each saw a 44.7 and 42.6 percent drop, respectively.
In a bit of good news for sellers, the sale-to-list price ratio remained high, with Queens sellers typically receiving just 2 percent less than their initial asking price.
Sales and rental inventory data was based on StreetEasy listings. Recorded sales data was provided by the NYC Department of Finance.
“Looking at this year’s home shopping season, we’re seeing a competitive landscape with rising home prices and falling inventory levels across the city,” said StreetEasy Senior Economist Grant Long. “Inventory is tightest and price growth strongest among the markets geared toward those on a budget, perhaps looking for their first home. But this quarter’s data shows signs that buyers may be regaining some leverage: The share of homes that offered a price cut were up since last year, signaling that there are limits to how fast prices can rise and that more sellers may be willing to negotiate.”