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Northwest Queens sees year-over-year increase in new lease signings: Report

Business legal document concept : Pen and glasses on a lease agreement form. Lease agreement is a contract between a lessor and a lessee that allow lessee rights to use of a property owned by lessor
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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.

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