BY SAMANTHA WANDERER
Queens’ home prices have stalled to the slowest pace in five years, while rental prices have been growing at the fastest pace since 2016, up by 3.5 percent since last year.
StreetEasy recently released their August 2019 study, which detailed real estate trends in Queens in all housing markets. StreetEasy found that rent prices have increased most in areas where prices are already some of the most expensive, including Northwest Queens. The most expensive rent in this area has reached $2,318, up by 2.9 percent, which is a record high for this area.
Rent prices for one-bedroom apartments were on the rise, increasing by 7.1 percent. This made the asking price for one-bedrooms in Queens greater than the same type of units in Upper Manhattan.
While rents increased, concessions from landlords were less likely during negotiations, down by .6 percent from last year.
There were also 244 more homes on the market than last year in Queens. StreetEasy attributes this to the “dark cloud” that is hanging over the sales market. This has let people who can afford it to enter the rental market.
“We’re increasingly seeing those who have the money to buy finding better value in the luxury rental market while they wait and see what happens to home prices,” said Grant Long, StreetEasy Senior Economist.
To read the full report, visit streeteasy.com/blog/august-2019-market-reports.