The number of new leases for rentals signed in northwest Queens maintained its year-over-year surge in September 2024, according to a report by the real estate firm Douglas Elliman Real Estate.
New leases signed spiked up 188.2% year-over-year, from just 296 in September 2023 to 853 in September 2024. While this new number continues a downward trend from the record high seen in July 2024, it is still represents a significant leap from recent years. This marked the 12th straight month to experience an annual increase.
Listing inventory also experienced growth year-over-year, up 38%, from 640 in September 2023 to 883 in September 2024. One of the big contributing factors to this change is a premium in discounts for leasing. While listing discounts were already so bad in September 2023, to the point that it the cost actually went up then, at -0.8%, it got much worse in September 2024, at -2.3%.
The median rent across northwest Queens ended up decreasing 0.8%, from $3,528 in September 2023 to $3,500 in September 2024.
Over this period of time, condos in northwest Queens had almost no change in median rental price, falling from $3,052 last year to $3,050 this year. However, there was a big jump in the number of new leases for these units, from 53 to 139.
For one-bedroom units, the median rental price ended up going up, from $3,308 last year to $3,407 this year. New leases had the largest growth among these units, from 138 to 400.
Two-bedroom units had a deep decrease in median rental price, falling from $4,500 last year to $4,127 this year. This comes as new leases climbed from 84 to 242.
Three-bedroom units had the most significant drop in median rental price over this period of time, from $4,600 last year to $4,200 this year. New leases increased across these types of units as well, from 21 to 72.
