A recent report found that while home prices are stabilizing, the number of rentals offering concessions in Queens were on the rise last month.
StreetEasy recently released their November market report, which took a look at real estate trends in Queens (and the city as a whole) last month. According to their findings, home prices in Queens stayed fairly flat compared to this time last year, with prices averaging $510,201. The Queens luxury market, which accounts for 20 percent of available homes, also stayed stable at $1,013,000.
Of all the boroughs analyzed in the report, Queens was the only one that saw an increase in price cuts.Throughout the borough, one in ten houses on the market saw a price cut, raising two percentage points year-over-year.
While home prices stayed more or less the same, rental prices in Queens were on the rise. Central Queens in particular saw a 3.1 percent increase year-over-year, with prices averaging $2,194.
Despite the increases, the number of landlords offering concessions is Queens were also increasing compared to last year. Borough-wide the share of concessions rose to 15 percent last month. In northwest Queens, 21 percent of rentals advertised concessions last month, a 6.7 percent increase year-over-year.
“Landlords offering free months of rent for tenants signing new leases is a great way for them to fill their units quickly without having to reduce the monthly check they’ll be receiving,” says StreetEasy Economist Nancy Wu. “The uptick in concessions shows that even though rents are still climbing, tenants should never shy away from negotiating other incentives with their landlord, like free months of rent, waived amenity fees or other deal sweeteners.”
Visit streeteasy.com to read the full report.