A recent report found that while rental prices across the borough saw increases, the number of homes advertising concessions in Queens is decreasing.
StreetEasy recently released its January 2019 Market Report. According to the findings, the StreetEasy Queens Rent Index increased 2.4 percent annually, reaching $2,164. Rent rose the most in northwest Queens, particularly in Astoria, Long Island City, Sunnyside and Ditmars-Steinway, rising to $2,243, an increase of 1.6 percent compared to January 2018.
The report found that Queens homes on average spent 92.5 days on the market, marking the largest increase throughout the city. The StreetEasy Queens Price Index increased 3.1 percent, marking the slowest annual pace since May 2017, and prices reached $515,966 — an increase over last year, but the lowest level in five months.
Homes with price cuts increased to 9 percent. The discounted homes were easiest to find in central Queens, which encompasses Woodside, Jackson Heights, East Elmhurst, North Corona, Elmhurst, Corona, Maspeth, Middle Village, Ridgewood, Glendale, Rego Park and Forest Hills, with 10.7 percent of homes offering a price cut.
The share of rentals advertising concessions in Queens dropped down to 9.1 percent. Rentals advertising concessions in northwest Queens in particular dropped to 10.8 percent, a 5.9 percentage point decrease year-over-year.
Go to streeteasy.com to read the full report.
