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Queens rentals increased year-over-year for 16th consecutive month: report

Queens rent
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Median rent rose year-over-year for the 16th consecutive month, according to a new Douglas Elliman report.

The average rental price in northwest Queens was $3,287 in December, a 6.4% increase from $3,089.

Studios averaged $2,819, a 3.8% increase from 2021, and one-bedroom averaged at $2,857, a 6.1% increase from 2021. For luxury rentals, the average price is $6,420; new developments average at $3,763; and existing rental units average $2,600.

According to the report, “median rent fell below the $3,000 threshold for the first time since May.”

New lease signings declined annually for the ninth consecutive month, according to the report.

The average sales price in all co-op, condo and one- to three-bedroom family sales was $758,006 in Q4 of 2022, compared to $768,833 in Q4 of 2021; sales prices dropped 1.4%.

In northeast Queens, the average sale price was $840,641, according to Douglas Elliman. In Rockaway, the average sale price was $702,588, a 0.7% increase from last year. In northwestern Queens, $942,834 was the average sale price, compared to $1,026,843, an 8.2% decrease from the previous year. Long Island City condo sales averaged $1,148,892 this year, down from $1,191,191 last year.

There were 3,108 sales with an average of 62 days on the market. There were 412 condo sales, 853 co-op sales and 1,843 one- to three-bedroom homes.

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