Northwest Queens rental prices increase as new lease signings decrease: report

Douglas Elliman report
(Photo via Getty Images)

According to a new Douglas Elliman report, the median rent in the northwest region of Queens for the month of July was the third highest on record in four months.

The median rental price in July increased by 15.5% when compared to the same time last year, the highest in history according to the report. In June, the median rental price was $3,615, which was 2% higher than in June. In 2022, the median rental price for the month was $3,129 — a difference of $486. 

The average rental price for a studio took a small decrease in July, but still fit the pattern of rising prices. Studios were at an average of $3,017 in July, a 1.2% decrease from June and a 8.8% increase from 2022.

A one-bedroom unit also increased on its average. In June, one-bedroom units experienced a 8.2% increase from the prior month at $3,337, and a 15.7% increase from 2022. Two-bedroom units also averaged high in rental price with a cost of $4,880 in July — a 8.5% increase from June and a 17.8% increase from 2022. 

The average rental price for a three-bedroom was $5,038 in July, an 17.7% increase from June and a 5.3% increase from 2022. The luxury median rental price was $6,630 with a 6.4% increase from June and a 8% increase from 2022.

The number of new leases also experienced a downward trend in all rental price categories, with the greatest decrease shown in studios at 63.4% decrease year over year.