26 FEBRUARY 27, 2020 RIDGEWOOD TIMES WWW.QNS.COM
REAL ESTATE
Queens sees second highest average rent increase in US: Report
BY BENJAMIN MANDILE
EDITORIAL@QNS.COM
@QNS
Rent prices in Queens have increased
by 7 percent when compared
to this time last year, leaving renters
with a monthly price tag of a little
over $2,400, the second highest rise
in rent price in the country, according
to a new report from RENTCafe.
The only city with a higher percent
increase was Phoenix, Az.
The borough’s rents rose much higher
than the national average, which
rose 3 percent to about $1,500, the
slowest growth of the national market
in the past year and a half, according
to the report.
One reason for rate increases across
the country in 2020 is the number of
renters fl ooding the market, according
to experts.
Over the past 10 years, the number
of renters versus buyers has
increased, as people of all ages are
seeking amenity-fi lled apartments
over single-family home ownership.
Not all experts are on the same
page, though, about what reasons
have caused the increase in rental
numbers.
Benjamin Keys, an associate professor
of real estate at The Wharton
School at the University of Pennsylvania,
says that the Fannie Mae’s National
Housing Survey tells a diff erent
story.
He believes that constraints play
into the increase of renters, as housing
prices are “extremely” high,
especially in hubs that hold desirable
labor markets – leading people to turn
to renting.
Other factors he says contributing
to renter increases include the diffi -
culty to secure mortgage credit which
has remained “stringent” since the last
recession and the fact that millennials
entered their peak employment years
during the downturn in the labor
market but were still burdened by
student loans.
“An improving labor market,
Ridgewood Times Sales Guide
Photo via Getty Images
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
Stephen Street
Listings selected at random. Courtesy MLS
Under $600,000
63-34 Fresh Pond Road
$549,750
Condo
1 bedroom, 1 bathroom
Tomasz Smolinski, Omega Rally of
Greenpoint LLC
$600,000-$1,000,000
60-23 68th Ave.
$969,000
2 stories, 2 family
5 bedrooms, 3 full bathrooms
Lillian Matej, Cooper & Katz Real
Estate Corp
Over 1,000,000
16-57 Stephen St.
$1,500,000
2 family townhouse
9 bedrooms, 6 full bathrooms
Ruth Chalco, Exit Realty
Central
70th Street 69th Street Eliot Avenue
Under $600,000
8 Valentine Pl.
$559,000
Other, 1 family
2 bedrooms, 1 full bathroom
Wioletta Bednarczuk, Exit All Seasons
Realty
$600,000-$1,000,000
71-65 70th St.
$788,000
2 family colonial
4 bedrooms, 2 full and 1 half
bathroom
Mehmet Kilinc, Keller Williams
Landmark II
Over $1,000,000
78-57 81st St.
$1,249,000
3 families, other
5 bedrooms, 4 full bathrooms
Viorel Ardelian, Campione Realty
Under $600,000
48-25 54th Road
$578,800
1 family Hi Ranch
3 bedrooms, 1 full bathroom
John Keane, RE/MAX Team
$600,000-$1,000,000
59-14 69th Lane
$825,000
1 family colonial
3 bedrooms, 1 full and 1 half
bathrooms
Robbie Vaughn, Bayview Estates
Realty
Over $1,000,000
52-11 69th St.
$1,388,000
1 family colonial
3 bedrooms, 2 full and 1 half
bathrooms
Patrick Pernod, Pernod Real Estate
Under $600,000
66-70 79th St., Unit 2D
$559,000
Condo
2 bedrooms, 2 full bathrooms
Andrea Scelis,: Century 21 Amiable
Rlty Grp II
$600,000-$1,000,000
67-57 Eliot Ave.
$909,000
2 stories, 2 families
3 bedrooms, 2 full bathrooms
Michele Mosca, Century 21 American
Homes
Over $1,000,000
64-89 84th Pl.
$1,149,000
1-family tudor
4 bedrooms, 2 full and 1 half
bathrooms
John Amore, Prime Realty
combined with more millennials
reaching their marriage/childbirth
years, is likely to fuel rising homeownership
rates among this generation,”
Keys said in the RENTCafe report.
In 2019 the average price of a home
in Ridgewood rose to $950,000, an 111
percent increase from 2010, according
to Property Club, an Australian-based
property investment club.
With renter’s attitudes changing
across the country, real estate and
economic experts expect developers
and builders to follow in suit and off er
more apartment options that tick off
boxes on renter’s lists.
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