A newly released Douglas Elliman report found that the net effective and median rent in Queens were the second-highest levels on record for the month of March.
According to the report, the average rental price in northwest Queens in March 2023 was $3,471, which was a .8% increase from the previous month. The average rental price for March was also a 12.1% increase from last year, which was $3,096.
The median rent in the area for March was $3,300, a 1.9% month-over-month increase from February. This time last year, the median rental price was $2,898, a 13.9% increase compared to this year.
By size, the average rental price for a studio in northwest Queens was $2,976, a 4.2% month-over-month increase. A one-bedroom averaged at $3,068, which actually fell 2.7% from the month of February. A two-bedroom averaged at $4,156 in March, which also dropped 1.9% from $4,236 the previous month. However, the average rental price of a three-bedroom in March was $4,419, a staggering 10.8% increase from February’s $3,989 rent.
“Net effective median rent, including landlord concessions, surged 15.5% year over year to %3,265, the second-highest on record,” read the report. “The median rent rose 13.9% to $3,300 over the same period, reaching a new high for the month of March.”
The Douglas Elliman report found that luxury median rental prices were $5,960 in March, jumping 4% from February and 9% from March 2022.
“Luxury median rent, representing the top ten percent of all rentals above the $5,350 threshold, rose 9% annually to $5,960, 7.2% below the December record of $6,420,” read the report.
