A recent report found that rents and home sales prices are continuing to rise throughout Queens.
StreetEasy released their Queens Market Report for the first quarter of 2019. The report found that rents in Queens reached an all-time high of $2,173, marking a 2.5 percent increase year-over-year. Northwest Queens neighborhoods saw the highest increase in the region, raising 2.3 percent to $2,264.
The report also indicated that the share of rent cuts fell 20.6 percent in Queens, falling 2 percentage points year-over-year. The hardest area to find deals on rent were in northeast Queens neighborhoods, where discount shares dropped to 19.2 percent year-over-year.
“We’re coming out of an unusually competitive winter rental season in which many renters found themselves in a weaker negotiating position than in years past,” said StreetEasy Senior Economist Grant Long. “As would-be buyers opt to embrace renting while sale prices are falling, the competition that new grads and other transplants entering the city’s workforce would typically bring this time of year will be even more pronounced. This spring, landlords will have the upper hand, and renters should be prepared to move quickly to make sure they get a place they love.”
While home prices were on the decline throughout the city, prices in Queens continued to rise in the first quarter. Year-over-year, home prices in Queens increased to $517,996, raising 3 percent overall.
Home sales inventory rose 26.1 percent year-over-year, bringing the number of homes for sale close to an all-time high of 4,435. While the sales inventory rose Queens sellers were the least likely to cut their asking price, with 17 percent of homes offering a discount. However, that number is up 5 percentage points from last year.
Visit streeteasy.com/blog/research/market-reports/ to read the full report.