A new report found that the Queens rental market is sliding downward with falling prices and less options this past September.
On Oct. 10, Douglas Elliman Real Estate released their September 2019 Rental Market Report for Queens. According to their findings, while concessions are down throughout Queens, Manhattan and Brooklyn, Queens continues to see drops in overall price trends year-over-year, with concessions dropping for the sixth time in seven months.
Douglas Elliman Real Estate cites the decrease as result of a drop-off in new development leasing activity in the borough.
“Queens continues to be an outlier in the New York City rental market, but the Manhattan and Brooklyn markets are still thriving,” said Jonathan Miller, president and CEO of Miller Samuel Inc. and the author of the report. “It’s worth noting that in addition to the lower new development rental activity in Queens, the sales market is also much stronger there than in the other boroughs which may also be contributing to this standalone effect.”
According to the report, there were 283 new leases during the month of September, dropping 9.6 percent year-over-year. Listing inventory overall also took a 31.9 percent decline to 297 new listings. The new development market share in Queens dropped from 39.3 percent to 31.8 percent.
New listings spent an average of 24 days on the market, up one day year-over-year, and share of new rental transactions with their original prices or rent concessions dropped from 55.6 percent to 33.6 percent. The size of concessions last month grew from 1.4 months to 1.5 months.
The report also found that the net effective rents for Queens in September stabilized compared to the past two months, staying unchanged at $2,789 per month. The median face rent also saw a 1.7 percent drop to $2,875, and the average rental price slipped 1.3 percent to $3,056. Rental price per square foot also fell to $51.95, marking a 1.4 percent decline. Listing discounts also saw a decline from 1.3 percent to 1.1 percent.
To read the full report, visit elliman.com.