FOR BREAKING NEWS VISIT WWW.QNS.COM FEBRUARY 8, 2018 • THE QUEENS COURIER 11
Rent prices drop by substantial sums across Queens: report
BY SUZANNE MONTEVERDI
email@example.com / @smont76
Despite steady growth throughout
2017, Queens rental prices fi nished down
at the end of the year, according to a real
Median rent in the “World’s Borough”
fell 1.3 percent year-over-year to $2,066
in the fi nal quarter of 2017, StreetEasy
reports. Th e most substantial decline
in median rent was seen in northwest
Queens, where rents fell 2.5 percent to
StreetEasy attributed the decrease to a
“glut of high-end homes in the area” combined
with the usual market slowdown in
the winter. Rent prices fell 4.3 percent in
Astoria, 6.3 percent in Hunters Point and
1.3 percent in Long Island City.
Price cuts also reached an all time high,
with landlords trimming asking rents on
28 percent of Queens rentals on the market.
Th is is the highest level reached since
2010, when StreetEasy began recording.
Corona saw the most rent cuts with 44
percent, followed by College Point (36
percent) and Long Island City (33 percent).
South Queens was the only area of
Queens to see a lower volume of price
cuts in 2017 when compared to the prior
year. In 2016, 22.1 percent of rentals were
discounted; in 2017, 19.4 percent.
Meanwhile, Queens re-sale prices
for condo, co-op and townhouse units
rose twice as fast when compared to last
year, rising 6.1 percent year-over-year to
$509,217. Central and northeast Queens
led the way, with re-sale prices rising
more than 8 percent. In fact, northeast
Queens saw the highest resale growth
since 2010 with a median re-sale price of
“While a fl ood of new construction has
been the main driver of the rental market
slowdown we’ve witnessed over the
last year, the fourth quarter’s rent cuts
are more far-reaching than in years past,”
said StreetEasy Senior Economist Grant
Long. “Th e cooling in the market is no
longer limited to new, high-end buildings
in select pockets of the city — there’s a
broader trend of rents topping out across
all price points. Th e slowdown is forcing
landlords across the city to cut deals, and
renters now have the most negotiating
leverage in years.”
Photo via Wikimedia Commons/Jmabel
Th e report data is aggregated from
public recorded sales and listings data
from real estate brokerages that provide
coverage of Manhattan, Brooklyn and
Queens. Th e reports are compiled by the
StreetEasy Research team. Median re-sale
price is measured by examining condo,
co-op and townhouse data.
Read the full report at www.streeteasy.
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