The August 2023 rental market report from Douglas Elliman Real Estate showed that northwest Queens was experiencing new highs in average rent per square foot, average rental price and median rental prices. At the same time, lease signings continued to drop.
Year-over-year, the median rental price rose 27.2%, to $3,900. This is also 31.8% higher than before the COVID-19 pandemic. The average rental price increased 27.3%, from $3,368 in Aug. 2022 to $4,287. The average rent price per square foot in northwestern Queens went up 23%, from $53.19 to $65.43.
The net effective median rental price reached a record high $3,871, breaking the previous month’s record of $3,850. It was also the fourth time in the last five months that a new record was reached.
While all rental price trend indicators increased to new highs, lease signings experienced a sharp decline from July to August of 2023. The 233 new lease signings in August were also 46.1% lower than the same month last year.
