Weak sales market boosts rental market in northwest Queens: Report

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Courtesy of Hunters Point Parks Conservancy

To rent or to buy? That is the question.

New data suggests that renting may be the answer — at least, in northwest Queens.

According to a report from Douglas Elliman, there was a year over year decline in new lease signings in the past six months in neighborhoods like Long Island City and Astoria. This suggests that landlords have been more successful in retaining their tenants and getting them to resign their leases, according to Jonathan Miller, the president and CEO of Real Estate Appraisers & Consultants, the group that prepared the report.

In addition to the decline in lease signings, the Elliman report found that the median rent of studio, one-bedroom, two-bedroom and three-bedroom apartments increased in northwest Queens for third time in four months. According to Miller, rising rents often happen in conjunction with a weaker sales market.

Of all the types of apartments available for rent, three-or-more-bedroom apartments saw the biggest increase in rental price, according to the report. In January 2019, the median rental price for such an apartment was $3,248. In January 2020, the rental price increased to $4,066, or by about 25 percent.

The sales and rental market in Queens didn’t differ much from the market in Manhattan and Brooklyn in January, according to the report. New leases declined in both Brooklyn and Manhattan, as well.

Find the full report here.

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