In northwest Queens, the number of new leases, excluding renewals, more than doubled year over year, with 384 new leases signed in September and a nearly 115% increase from the same time last year, according to a new report by Douglas Elliman.
The number of new leases signed also rose by a third from the same period two years ago. Yet, it was still the lowest year-over-year increase since March, and fell short of setting a record for the first time in six months.
New lease singing also dropped from the prior month by 30%.
The report also shows that the net effective median rental price with concessions rose month over month for two of the past three months by nearly 2%, but it was lower than the same month two years ago by 6%.
On a year-over-year basis, net effective median rent rose by more than 7% to $2,618, increasing more for larger apartments than smaller apartments.
The market share of landlord concessions remained higher with smaller apartments, but overall fell from nearly 63% in the prior year to nearly 40%.
The monthly rental equivalent of concessions provided by landlords fell to 2 months from the second set in January of 3.4 months, but well above the 1.3 month September average of the past decade.
Total listing inventory went up by almost 30% from the same time last year, but dropped 21% from the month prior.
