Amazon HQ plan could speed up creation of new apartments across Long Island City: report

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Residential development around Long Island City has skyrocketed in recent years, and it could only go faster now that Amazon will build part of its second headquarters in the neighborhood.

RENTCafe recently released a report on Nov. 14 that explores the impact that the new Amazon headquarters would have on Long Island City residents as well as those who are looking to move there in terms of rent and apartment supply.

The report found that Long Island City already has a high occupancy rate, with 98.2 percent of existing residences filled. The high rate would make it difficult for potential renters (including potential Amazon employees) to find an apartment in the neighborhood.

However, RENTCafe believes that the choice to bring the new Amazon headquarters to Long Island City could speed up construction on new apartments. Long Island City currently has 15,400 units under construction, in planned or in a prospective phase.

Home to many existing luxury apartments, Long Island City is no stranger to high rent rates. Current rent rates in Long Island City have risen to an average of $3,458 per month as of October 2018, marking a 5.1 percent increase since last year.

The report also explored what kind of potential employees Amazon might find in Long Island City. According to its findings, Long Island City’s millennial population is 43 percent, with 45 percent of their total population holding a bachelor’s degree or higher. Additionally, the report found that the average income of families in the neighborhood is $54,109.

To read the full report, visit rentcafe.com.