A recent report found that while prices in the Queens rental market are rising and thriving, the amount of available rentals are decreasing compared to last year.
On Dec. 12, Douglas Elliman Real Estate released their November 2019 Rental Market Report for Queens. According to the report, rental prices throughout the city in November 2019 are continuing to rise compared to November 2018.
“Conditions in the NYC real estate market right now are ideal for the rental market to thrive, so this month’s results are no surprise,” said Jonathan Miller, President and CEO of Miller Samuel Inc. and the author of the report. “We haven’t seen a rental price drop or an increase in concessions in several months, and it’s certainly looking like the market will finish out the year with that same resilience.”
Net effective rents for Queens in November rose 4.6 percent to $2,878. The median face rent also saw a 4.2 percent increase to $2,989, and the average rental price rose 5.2 percent to $3,141. However, rental price per square foot fell to $49.75, marking a 6.1 percent decrease, and listing discounts also declined from 1.3 percent to 1.1 percent.
According to their findings, there were 233 new leases during the month of November, marking a 14.3 percent drop year-over-year. Listing inventory overall also fell 13.9 percent year-over-year, dropping to 399 new listings. The new development market share in Queens declined from 46 percent to 33.5 percent.
New listings spent an average of 24 days on the market, up two days year-over-year, and share of new rental transactions with their original prices or rent concessions dropped from 59.2 percent to 54.5 percent. The size of concessions in November fell from 1.2 months to 1.1 months year-over-year.
To read the full report, visit elliman.com.