Queens rental prices on the rise: Report
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TIMESLEDGER | QNS.COM | DEC. 20-26, 2019 13
BY EMILY DAVENPORT
A recent report found that
while prices in the Queens
rental market are rising and
thriving, the amount of available
rentals are decreasing compared
to last year.
On Dec. 12, Douglas Elliman
Real Estate released its November
2019 Rental Market Report
for Queens. According to the
report, rental prices throughout
the city in November 2019 are
continuing to rise compared to
November 2018.
“Conditions in the NYC real
estate market right now are
ideal for the rental market to
thrive, so this month’s results
are no surprise,” said Jonathan
Miller, President and CEO of
Miller Samuel Inc. and the author
of the report. “We haven’t
seen a rental price drop or an
increase in concessions in several
months, and it’s certainly
looking like the market will finish
out the year with that same
resilience.”
Net effective rents for Queens
in November rose 4.6 percent
to $2,878. The median face rent
also saw a 4.2 percent increase
to $2,989, and the average rental
price rose 5.2 percent to $3,141.
However, rental price per square
foot fell to $49.75, marking a 6.1
percent decrease, and listing
discounts also declined from 1.3
percent to 1.1 percent.
According to their findings,
there were 233 new leases during
the month of November,
marking a 14.3 percent drop
year-over-year. Listing inventory
overall also fell 13.9 percent
year-over-year, dropping to 399
new listings. The new development
market share in Queens
declined from 46 percent to 33.5.
New listings spent an average
of 24 days on the market,
up two days year-over-year,
and share of new rental transactions
with their original prices
or rent concessions dropped
from 59.2 percent to 54.5 percent.
The size of concessions in
November fell from 1.2 months
to 1.1 months year-over-year.
To read the full report,
visit elliman.com.
Reach reporter Emily Davenport
by e-mail at edavenport@
qns.com or by phone at (718) 260-
2567. Photo via Shutterstock
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