Despite New York City’s gradual reopening over the past couple of months, new lease signings in northwest Queens did not expand and rental price trends continued to decline in June, according to a new report.
The number of new leases signed in northwest Queens continued to decline in June 2020, according to a recent report from real estate company Douglas Elliman. There were 159 new leases signed in June, down 59.5 percent from the same period last year, the report found.
But the drop in new leases isn’t all pandemic related.
June’s decline in new leases marks a full year of year over year declines, according to the report. Additionally, only 17 percent of the new leases signed were for new developments, the lowest percentage of the market share in three and a half years, according Douglas Elliman.
June also saw the largest year over year decline in median net effective rent — a calculation of the rent that factors concessions made by landlords — in the three and half years of tracking, the report states.
Despite the declines, it still appears to be a good time to be renter in neighborhoods like Astoria, Long Island City, Sunnyside and Woodside.
The number of units available for rent is up by a little more than 69 percent and the median rental price is down by a little more than 14 percent, meaning renters have a larger selection of apartments to choose from and less expensive options will likely be available, according to the report.
While the real estate market in northwest Queens seems to be a major decline, some feel the downfall won’t last in the fall.
“I think we’ll see better results after Labor Day,” Steven James, president and CEO of Douglas Elliman’s New York City operations, said in July. “I feel there is probably a bit of pent-up demand.”
View the full report from Douglas Elliman here.