Median rent in northwestern Queens drops as market outlook weakens: report

Photo via Getty Images

The median rent in northwest Queens plummeted in October, down 9.4% from September, according to a market report recently released by the real estate firm Douglas Elliman.

The amount paid to rent an apartment in northwest Queens — covering Astoria, Long Island City, Sunnyside and Woodside — had a median price of $3,198 in October, dropping from $3,528 in September. The decline represented a trend taking place since August, when the median was $3,900. However, despite the decrease from the summer high, the median rent in October is up 3.4% compared to October 2022, when it was $3,094, and is up by nearly 10% from pre-pandemic levels.

Renters, according to the Elliman report, had a negative outlook of the market in October and were only willing to take short term leases at lower rents. Their sentiment followed a strong summer when, from June-August, the median rent surged.

The median cost to rent a studio, one-bedroom, two-bedroom and three-bedroom unit in October declined across northwestern Queens compared to September. Studio units were down 12.1%, from $3,052 to $2,684. One-bedroom units decreased 12.3%, from $3,308 to $2,900, while two-bedroom units fell 10.6%, from $4,500 to $4,024. Meanwhile, three-bedroom units sunk 16.8%, from $4,600 to $3,825.

Despite the monthly decreases across the board for rental units, both two-bedroom and three-bedroom units experienced significant increases in median rental prices in October 2023 compared to October 2022. The median rent for two-bedroom units rose 15%, from $3,500 to $4,024, over that year-over-year period. For three-bedroom units, there was a 36.6% increase, from $2,800 to $3,825.

The report also showed that, for the first time in seven months, new lease signings grew year-over-year. There was a 9% increase from the 387 posted in October 2022 to 422 last month.