Despite tumbling rents, the number of new leases signed in northwest Queens fell for the 16th straight month in November, according to a new report from real estate firm Douglas Elliman.
The number of new leases signed in the northwest part of the borough dropped by 21.5 percent year over year last month, accounting for a nearly one and a half year, year over year decline in signed leases, the report found.
Although renters are signing fewer leases, November also saw a large number of rental units on the market, continued declines in median rent and a continued rise in landlord concessions.
Last month, the median rental price dropped by over 16 percent when compared with November 2019, Douglas Elliman said. The largest decline was in the median price of a three-bedroom unit, which were renting, on average, for $4,600 in November 2019. Last month, a three-bedroom unit rented for $2,850, according to the report.
On top of the lower rental prices, landlords also offered concessions at a record-setting rate last month.
The market share of landlord concessions grew by 11.6 percent, to a new record of 66.1 percent, according to the report. The average amount of a concession more than doubled, to a record of 2.3 months on average.
But despite the discounts, renters don’t appear to be taking the bait.
November saw a 51.1 percent increase in total inventory when compared to the same time period last year. In November 2019, there were just under 400 units available on the market, according to the report. This year, there were 603 available units.