Northwest Queens experienced a record number of new lease signings in July 2024, according to a report by the real estate firm Douglas Elliman Real Estate.
The 945 new lease signings in July 2024 were the highest ever recorded. This represents a significant year-over-year increase, up 419.2% from the 182 new listings in July 2023.
The spike in new leases offset the fact that the inventory of listings nearly tripled over this period of time, up 179.8%, from 371 last year to 1,038 this year. Consequently, 20.2% of the market share had bidding wars, leading to more than one in five leases being more than the asking rental price.
The listing discount was the lowest on record, at -2.9%, meaning prices for listings were actually going up quite a bit. This is a stark contrast to the 0.5% listing discount seen in July 2023.
Northwest Queens’ median rent decreased 5.2% year-over-year, from $3,641 to $3,450. This decline was due in large part to a shift towards smaller rental units in the market. The average square footage decreased by 14.5% over this period of time, from 949 square feet to 811 square feet. However, the average rent per square foot increased slightly, up 1.2%, from $55.41 to $56.07. Despite this modest increase, it represents the highest on record for the month of July.
