It’s no secret that Queens has experienced increased rents over the past couple of years. However, one neighborhood in particular has been experiencing rental price declines this year.
A recent report from StreetEasy found that Ridgewood was the only Queens neighborhood that was among the top 10 neighborhoods in New York City where rents where declining.
According to StreetEasy, rents in central Queens (which includes Ridgewood) saw some slight increases in the first quarter of 2019 – the median asking rent in central Queens was $2,100, marking a 2.7 percent raise. And while rents throughout the borough are steadily increasing, StreetEasy found the rents in the Ridgewood area are going down.
In the first quarter of 2019, Ridgewood saw a 2.2 percent decrease year-over-year, bringing the median rental price down to $2,395. Compared to the first quarter in 2017 and 2018, StreetEasy found that of the apartments listed for rent in 2019 so far, 59 percent were listed for cheaper than in years prior.
A representative at StreetEasy stated that one of the factors of Ridgewood’s rental trends has to do with inventory. Areas that StreetEasy found to be more affordable, like Ridgewood, have nearly double the units relisting on the market compared to neighborhoods where rents are rising.
“Overall Ridgewood has gotten busier on the rental side,” said Andrew Barrocas, CEO of MNS Real Estate. “We’re definitely seeing more activity, more leasing prior to becoming vacant. It feels a lot stronger than last year.”
However, despite the recorded declines in rent, the number of luxury offerings in Ridgewood could take the neighborhood in another direction.
According to MNS Real Estate’s findings, the low inventory paired with the high influx of luxury rentals coming to the area gave Ridgewood a big boost in rental prices, raising 23.24 percent in average prices this past March.
“Ridgewood is a great neighborhood,” said Barrocas. “While the luxury developments drove neighborhoods like Long Island City, Ridgewood was well established before any development took place. And since the neighborhood already has the necessities, it’s easier to attract that type of renter.”
MNS Real Estate is one of the agencies behind bringing more luxury rentals to the neighborhood. In 2017, MNS Real Estate handled the marketing and leasing for The Mill, a seven-story, 89-unit building at 1626 Madison St. that offered a mix of studio, one-bedroom and two-bedroom units with luxury interiors. The building itself also offered access to a rooftop terrace, a courtyard, a lounge with a fireplace, bike storage, on-site parking and a laundry room.
Rents at The Mill started at $1,750 for a studio, $2,000 for a one-bedroom and $2,500 for a two-bedroom unit.
MNS Real Estate is also currently working on another luxury building that is coming to Myrtle Avenue and St. Nicholas Avenue, which is expected to bring the first real high-rise with luxury amenities to Ridgewood.
Barrocas notes that as the luxury rentals make their way further into the neighborhood, there could be consequences for potential renters who might want to come to Ridgewood.
“There are people that get priced out of Ridgewood for sure, but as you go further out there are other great neighborhoods to live in,” said Barrocas.
However, Barrocas says that because of what Ridgewood has to offer, it makes the area more attractive to potential renters who have been priced out of neighborhoods like Long Island City and Williamsburg.
“Ridgewood is growing, and there is more value to see in the neighborhood,” said Barrocas.
