As has been the trend for most of the past year, rents in northwest Queens continued to fall in January, according to a new report.
The net effective median rent in the northwest part of the borough fell at its highest year-over-year rate in more than four years in January 2021, according to a report from real estate firm Douglas Elliman.
The nearly 18 percent drop in the median rental price marks the ninth straight month Queens saw a decrease, the report said.
In January 2020, rental units were rented, on average, for nearly $3,000 in northwest Queens. Last month, units were rented for around $2,470, according to the report.
The median price drop is accompanied by a rise in monthly rental concessions and a spike in units available on the market, compared to January 2020.
Landlords offered concessions in northwest Queens rose by nearly 90 percent last month when compared to January 2020. There was also an increase of around 30 percent in concessions when compared to December 2020, the report found.
Among a host of factors contributing to the high number of concessions and dropping prices, is the sheer number of units available for rent in the northwest part of the borough.
In January 2021, there were 574 units available for rent, a 66 percent increase compared to January of last year, according to the report.
Despite the increase in affordability, the market is attracting an increased number of tenants.
Lease signings also saw a decline last month, dropping by 4.5 percent year over year. The decline, which began prior to the pandemic, marks the 17th year over year decline in the past 18 months.