The number of new leases of residential units nearly doubled to the highest on record from March 2023 to March 2024, according to a report by the real estate agency Douglas Elliman. During the same period of time, the median rental price for units in northwestern Queens decreased slightly.
New leases in northwestern Queens, soared 41.6% year-over-year, from 497 in March 2023 to 704 in March 2024. Median rental prices, meanwhile, fell 3% year-over-year, from $3,300 in March 2023 to $3,200 in March 2024.
Every type of unit had an increase in new leases over this period of time. However, while studio, one-bedroom and two-bedroom units each experienced declines in median rental prices, units of three or more bedrooms ended up increasing in median rental price.
New leases for studios went up 16.7% year-over-year, from 96 in 2023 to 112 in 2024. The median rental price of studio units went down 0.8%, from $3,072 in last year to $3,048 this year.
The 59.9% increase in new leases for one-bedroom units was the largest jump among the units, going from 222 in 2023 to 355 in 2024. At the same time, the median rental price dropped 8%, from $3,200 to $2,945.
Two-bedroom units had a 41.9% boost in new leases, from 124 last year to 176 this year. At the same time, there was a 3% drop in the median rental price, from $3,853 to $3,738.
Units of at least three bedrooms had the smallest increase in new leases across northwestern Queens, rising just 10.9%, from 55 in March 2023 to 61 in March 2024. Unlike with the other units, the median rental price ended up going up, doing so by 9.6% year-over-year, from $3,650 in 2023 to $4,000 in 2024.
