Sept. 15, 2023 By Ethan Marshall
According to StreetEasy’s August 2023 market report, Long Island City experienced the eighth-fastest growth in rental inventory compared to 2019 in all of New York City. It was the only part of Queens to place in the top 10.
According to the report, Long Island City experienced a year-over-year inventory growth of 31%, to 857 rentals. The median asking rent increased by 3.9%, to $4,259. Many rental units in Long Island City are located within modern buildings containing sought-after amenities. Amenity-rich rentals make up 41% of the inventory.
The asking rent experienced a 11% year-over-year increase across Queens, to $2,900 in August. In addition to Long Island City, other northwestern Queens neighborhoods like Astoria and Sunnyside led the way. The median asking rent in the three neighborhoods rose 6.3% year-over-year to $3,400, as renters who prioritize an easy commute to Manhattan look to these areas.
Queens as a whole is experiencing the biggest inventory shortage out of all the boroughs. Average listings in Queens received 76.6% more inquiries last August compared to Aug. 2019, marking the largest increase among the boroughs. Rental inventory rose 4.2% year-over-year to 4,467. However, current levels are still too low compared to the amount of demand. The total number of inquiries on Queens listings last August was up 80% from 2019, but the number of rentals on the market was down 10.4%.