Douglas Elliman report shows decrease in median rent, increase in new lease signings in Queens

Douglas Elliman report
(Photo via Getty Images)

A new Douglas Elliman report revealed that throughout New York City, rents have been stable, but at a high price level for the month of October. In Queens, rent prices fell while new lease signings rose for the first time in seven months. 

According to the report, the net effective median rent in Queens fell month-over-month for the second time in three months. Landlord concession market share also declined year-over-year for the 15th consecutive month. 

In northwest Queens, there was a 14% rise in the median rental price compared to last year. Prices peaked in September, according to Douglas Elliman, but are still rising on a year-to-year basis. 

The report also revealed the average rental price in northwest Queens was $3,323 in October, a 1.9% decrease from the previous month. This same time last year the rent was $2,971, making this year’s average rental price an 11.8% increase.

“The net effective median rent was $3,067, up 17.4% annually, and was 7.5% above pre-pandemic levels,” according to the Elliman report. “The number of new leases was 387, down 2.8% from the prior year but was 22.9% higher than pre-pandemic levels and 20.8% above the five-year average.”

The report also analyzed the luxury average and median rent rising 17% and 19.4% respectively, to $6,411 and $6,175. Both were 26.6% higher than pre-pandemic levels. 

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