The number of apartments available for rent in Queens hit a record high in the borough during the third quarter of this year, according to a new report.
During the third quarter of 2020, there were a total of 15,896 rental listings available in Queens, according to a report from real estate company StreetEasy. The nearly 16,000 listings marks a record high and an increase of over 41 percent when compared to the third quarter of 2019, the report said.
The increase in available units was a great benefit to renters, the report said. Queens saw a near record high of discounted units, with over 26 percent of apartments being rented at a discount in quarter three, StreetEasy said.
The average rental price dropped by over 2 percent year-over-year, hitting $2,200 in the third quarter. This marked the largest year-over-year decline in rents in Queens since 2010, according to the report.
Despite the records set in the borough, Queens’ rental market has seen more stability than the rental market in Manhattan and Brooklyn.
Rental inventory in Manhattan grew by 44.7 percent, a similar number seen in Brooklyn.
Additionally, several regions in Queens actually saw a drop in rental inventory, something not seen in either Manhattan or Brooklyn. Northeast Queens, south Queens and the Rockaways all had fewer rental listings available in the third quarter than they did in the third quarter of 2019, according to the report.