Queens rental market’s most severe drop in prices came in second half of 2020: Report

People try to maintain social distance while enjoying a warm and humid day at Gantry Plaza State Park following the outbreak of the coronavirus disease (COVID-19), in Long Island City, New York
File photo by REUTERS/Jeenah Moon

Though 2020 was a tough year for the real estate market in Queens, the borough’s market fared better than its Brooklyn and Manhattan neighbors, according to a new report.

While rental prices dropped around 5 percent across the borough when compared to 2019, certain parts of Queens saw larger drops than others, according to the year-end report from real estate company MNS.

As was true for luxury markets around the city, Long Island City was home to some of greatest price changes when compared with the year prior. One bedroom apartment prices fell by 5.29 percent, from $3,225 in 2019 to $3,083 this past year in the neighborhood, the report said. Studios in Long Island City fell by 4.21 percent and two-bedrooms dropped by 4.07 percent, according to the report.

However when focusing only on the second half of the year, when COVID-19 was ragging in New York City, the numbers become a lot more dire.

In Long Island City, the average rental price for a studio fell by over 10 percent, when comparing the second half of 2020 to the second half of 2019. Both one-bedroom units and two-bedroom units in the neighborhood fell by over 13 percent, according to the report.

Of the neighborhoods studied in the report, MNS found that the neighborhood with the least expensive average rental price in 2020 was Jackson Heights, at $2,019. Not far behind was Ridgewood, at $2,052, the report said.

However, when focusing only on the second of 2020, the average rental price in Jackson Heights was $1,943, according to MNS.

In Ridgewood, the average price in the second half of the year was $1,986.

For the full report, click here.