The median rent in Northwest Queens rose year-over-year in November 2024, marking the second consecutive month to experience such an increase, while the number of lease signings and available inventory continued to climb, according to a report by the real estate firm Douglas Elliman Real Estate.
Northwest Queens encompasses the neighborhoods of Astoria, Long Island City, Sunnyside, Woodside.
Over this period, the median rental price increased 8.9%, from $3,175 in November 2023 to $3,458 in November 2024. Units ranging from studios to three-bedrooms each experienced jumps in the respective median rent. One-bedroom units had the most significant increase, going up 14.1% from $2,998 last year to $3,422 this year.
One big contributing factor to the maintained rise in the median rent is bidding wars becoming more common for the many new listings in this area, allowing for many rentals to end up with higher prices than what was originally listed.
For the 14th consecutive month, new leases signed were up year-over-year in northwest Queens. There was a 64.9% increase in new leases being signed, from 416 in November 2023 to 686 in November 2024. Similar to the median rent, new leases went up across the board among each type of housing unit, with one-bedroom units spiking the most. New leases among one-bedroom units rose 87.4%, from 183 last year to 343 this year.
The listing inventory nearly doubled across northwestern Queens, rising year-over-year by 85.5%, from 573 in November 2023 to 1,063 in November 2024. This marked the tenth straight month it experienced a boost in its listing inventory compared to the previous year.
