The real estate market in Queens continues to be favorable for renters, according to a new report.
Researchers at real estate site StreetEasy determined that in the month of February, rental prices in the borough fell 1.9 percent year over year to an average of $2,064. This is the largest annual decline recorded for the borough since the site started tracking approximately 13 years ago.
Even the borough’s priciest sub-market — northwest Queens — saw a substantial drop: prices fell 3.3 percent year over year to $2,148, translating to an average savings of $72 a month. Eastward neighborhoods Flushing, Elmhurst, Kew Gardens and Rego Park also saw substantial decreases in median asking rents.
On the opposite end, Woodhaven saw the highest increase in median asking rent at nearly 34 percent. Jamaica Estates saw the second highest increase at 9 percent.
Meanwhile, home prices continue to rise, with researchers reporting price indices climbing to an all-time high of $516,148 since the site started tracking. When taking neighborhoods in Queens, Manhattan and Brooklyn into account, Jamaica saw the highest median asking price increase at 987 percent. Homes in this neighborhood sold for an average of $1,245,000.
Malba, Howard Beach, Corona and south Ozone Park also saw substantial home price increases. Meanwhile, Oakland Gardens and Douglaston saw the highest decreases.
Still, researchers noted the share of homes with a price cut grew across the borough. The amount of price cuts offered on Queens homes rose 1.1 percent to 5.9 percent in February. South Queens was the only area where price cuts declined.
The report illustrates continued trends outlined in an assessment released by the site last month, where falling rents and climbing home sales prices were also reported.
Data included in the calculation of rent indices comes from listings submitted to StreetEasy by brokerages, property managers and individual landlords. Home sales calculations include data on condos, co-ops, townhouses and single-family homes and are sourced from the New York City Department of Finance and StreetEasy listings.