The year 2024 concluded with a notable shift in Northwest Queens’ rental market, as the area experienced its first yearly decline in median rent in several months, according to a report by the real estate firm Douglas Elliman Real Estate.
The dip in December marked a significant moment for a market that had otherwise been defined by steady growth.
Northwest Queens, which includes the neighborhoods of Astoria, Long Island City, Sunnyside and Woodside, saw a 2.6% decrease in its median rental price. The median rent fell from $3,485 in December 2023 to $3,395 in December 2024. This marked the first year-over-year decline since September 2024. A key driver of this trend was a reduction in average apartment size, with the average square footage dropping by 5.5%, from 859 square feet in December 2023 to 811 square feet in December 2024.
Despite the decline in median rent, other trends in the Northwest Queens rental market remained consistent. December 2024 marked the 15th consecutive month of annual increases in new lease signings and the 11th straight month of rising listing inventory, reflecting robust activity in the rental market.
New lease signings rose by 6.5% year-over-year, climbing from 525 in December 2023 to 559 in December 2024. Additionally, nearly one in five leases signed in December 2024—19.9%—exceeded the asking price, a figure not seen at this level in nearly three years, underscoring strong demand in certain segments of the market.
Listing inventory in Northwest Queens also surged, nearly doubling with a 97.2% year-over-year increase. The number of listings rose from 493 in December 2023 to 972 in December 2024. This sharp rise in inventory indicates a growing supply of rental options in the area, which may have contributed to the decline in median rent.
While the drop in median rent may signal relief for renters in Northwest Queens, the continued increases in lease signings and inventory demonstrate a dynamic and competitive market as the area remains a sought-after destination for residents.
