Record drop in new leases signed in northwest Queens: Report

Courtesy Hunters Point Parks Conservancy

While it may not come as a surprise, new data suggests that renters in northwest Queens are staying put, as the percentage decrease of new leases signed last month experienced the most significant drop in more than seven years.

According to a new report from Douglas Elliman, there were 100 new leases signed in April 2020, over 64 percent fewer than April 2019, when there were 285 new leases signed in northwest Queens. There was also a steep drop in new leases signed when compared to the month prior, when there were 216 new leases signed in March 2020, according to report.

The average price per square foot also dropped significantly, according to the report. With a drop of over 6 percent, the average rental price per square foot was about $46 in April 2020, a price that continues to be one of the lowest in the city.

Also on the decline were the number of rentals listed, as the listing inventory declined by over 28 percent, according to Douglas Elliman.

But it wasn’t all drops and decreases in the northwest Queens rental market, the report says.

When compared to April 2019, the average rental price increased by 9 percent to $3,266 in April 2020, a record increase, according Douglas Elliman. There was a similar increase in the median rental price, which rose by 4 percent to $2,970 in northwest Queens.

The status of the rental housing market is essentially the same across the city as it is in northwest Queens.

Manhattan saw the lowest total of new leases recorded in a decade and the most significant percent decline ever recorded, according to the report. In Brooklyn, new lease activity fell by over 65 percent although renewal lease activity surged.

Read the full report here.

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