High demand for studio, one-bedroom rentals causing spike in prices in Queens: Report

Photo via Getty Images

A StreetEasy report, released on Wednesday, Nov. 16, reveals that Queens renters are prioritizing finding their own place — even if it means paying higher rents.

Renter demand for studio and one-bedroom apartments in Queens is now up more than 150% since January 2021, when renter demand in Queens hit the bottom, StreetEasy economist Kenny Lee told QNS.

Lee suggests that the increased demand for studio and one-bedrooms might be due to the rising number of New Yorkers who are working from home.

“Many are looking to move further [from Manhattan] in search for better prices,” Lee said. “Queens has experienced a decline in availability of studio and one-bedrooms as a result of the migration.”

With New Yorkers working from home, there are no ties to a particular neighborhood. As a result, StreetEasy’s data suggests that many are migrating to Queens, causing a decline in availability for studios and one-bedrooms and an increase in prices.

“Overall renter demand in Queens has really surged through the pandemic,” Lee added. “Renters in the city are trying to be as flexible as possible in search for affordability.”

Demand for two-or-more-bedroom housing has softened after the peak of the pandemic.

“It’s really surprising to us,” Lee said. “When rents rise quickly, renters are more likely to pair up, but that has not been happening in the city at all.”

In October, studio and one-bedroom listings received 100% more inquiries on average than in January 2021, and 1.5 times more inquiries than listings with two or more bedrooms. The demand for listings with two or more bedrooms has cooled since this summer, though is still up 62% from January 2021.