Rents have continued to drop in Queens into the new year, according to a new report.
The median asking rent in the borough in January 2021 was $2,000, the lowest it’s been since March of 2014, according to a report from real estate company StreetEasy.
Additionally, the Queens Rent Index, a price tool utilized by StreetEasy, fell 8.6 percent during the first month of the year. The drop marks the largest annual decline on record for Queens, according to the report.
However, while large drops in prices have thrown the real estate market into flux in both Manhattan in Brooklyn, in Queens, the affordable prices have kept the market relatively stable, the report said.
The drop in rent in Queens echoes the rent trends in Manhattan and Brooklyn, which dropped 15.5 percent and 8.6 percent in January, respectively.
The median asking rent in Manhattan was $2,750, the lowest it’s been since March 2010, according to the report. In Brooklyn, the average rent hit $2,395.
Adding to the drop in prices across the city was the major increase in the supply of units available for rent. Though the pace of new listings has slowed since the fall when it hit its peak, Manhattan and Brooklyn had twice as many available units in January as each did a year ago.
According to StreetEasy, the trends seen in January, including the drop in rents and the influx of available units on the market, are likely to continue well into 2021.
For the full report, click here.
