36 AUGUST 30, 2018 RIDGEWOOD TIMES WWW.QNS.COM
REAL ESTATE
Rents rise fastest in family-driven neighborhoods, study shows
Ridgewood Times Sales Guide
Listings selected at random. Courtesy MLS
Greene Avenue Union Turnpike 59th Avenue 75th Street
RIDGEWOOD
Under $600,000
67-20 65th Place
$599,000
1-family Colonial
3 bedrooms, 1 ½ bathrooms
Gabriel Kashi
Keystone Realty USA Corp.
$600,000-$1,000,000
2019 Greene Avenue
$985,000
2-family Colonial
4 bedrooms, 3 bathrooms
Idalina Lopes Jata
Douglas Elliman Real Estate
Over $1,000,000
1833 Palmetto Street
$1,360,000
3-family home
6 bedrooms, 6 bathrooms
Walter Arguelles
Winzone Realty
GLENDALE
Under $600,000
90-50 Union Turnpike
$340,000
Co-op
2 bedrooms, 1 bathroom
Michal Marek
Keller Williams Landmark II
$600,000-$1,000,000
69-42 71st Street
$769,000
1-family Colonial
3 bedrooms, 1 ½ bathrooms
Lorenzo Cesare
Century 21 Amiable Realty Group II
Over $1,000,000
82-81 88th Place
$1,969,900
3-family home
8 bedrooms, 5 bathrooms
Soyoung Lee
East Coast Realtors
MASPETH
Under $600,000
52-24 65th Place
$329,000
Co-op
2 bedrooms, 1 bathroom
Joseph Abramaitis
O’Kane Realty
$600,000-$1,000,000
60-17 59th Avenue
$845,000
2-family home
5 bedrooms, 3 bathrooms
Lucy Lu
Landmark International R E LLC
Over $1,000,000
60-27 56th Drive
$1,080,000
2-family contemporary
8 bedrooms, 3 bathrooms
Patti Luo
Happy 8 Realty Corp.
MIDDLE VILLAGE
Under $600,000
69-06 78th Street
$569,000
1-family home
3 bedrooms, 1 ½ bathrooms
David Kueber
Coldwell Banker Kueber Realty
$600,000-$1,000,000
73-04 Juniper Valley Road
$699,000
1-family Ranch
2 bedrooms, 2 bathrooms
Thomas Vastola
Eliot Hill Realty
Over $1,000,000
63-64 75th Street
$1,399,000
2-family Colonial
6 bedrooms, 3 bathrooms
Florin Spariosu
Sparrow Realtors
BY RYAN KELLEY
RKELLEY@RIDGEWOODTIMES.COM
TWITTER @R_KELLEY6
It’s no secret that New York City
rents are consistently rising, but
the highest increases are occurring
in family-centric neighborhoods in
Queens and elsewhere, according to a
new study by StreetEasy.
Based on an analysis of rental
listings on StreetEasy over the past
decade, the fi ndings released on Aug.
24 show that rents in neighborhoods
where at least 25 percent of residents
were families with children rose 5
percent faster than those in which
less than 25 percent of residents were
families.
In Elmhurst, for example, where 39
percent of the population is families
with children, the rent has grown by
36 percent. On the other hand, 20 percent
of renters in Astoria are families,
and the rent has increased there by 25
percent.
According to StreetEasy Senior
Economist Grant Long, this means that
low-income households have been hit
especially hard by the rising cost in
housing.
“Residents who already struggle to
make ends meet and renters dealing
with the high costs of childcare are
predominantly living in areas that
see the most dramatic rent growth,”
Long said. “These are oft en residents
who have little fi nancial fl exibility
to begin with. As a greater share of
their incomes goes towards rent, it’s
increasingly diffi cult for families to
save for a down payment on a home,
their children’s college education, or
emergencies.”
To that point, the study indicates
that in neighborhoods with household
incomes below the city’s 2010 median
of $50,285, rents grew by 33 percent.
Over the same 10-year period, rents
grew by 27 percent in neighborhoods
with an above-median income.
Other Queens neighborhoods affected
by this trend include Jackson
Heights, Flushing, Sunnyside and
Corona, according to the report.
One possible explanation could
be the explosion of development in
some areas of the city. In Long Island
City, where upzoning has allowed for
more dense residential development,
there has been an 18 percent growth
rate in rent prices while the neighborhood
has a 30 percent family
population. This supports the theory
that a higher supply of housing
units actually limits rent growth, the
study notes.
In areas that have been downzoned
to preserve the character of the neighborhood,
a limited supply of housing
with an ever increasing demand has
driven the rents higher, according to
the report.
But in Ridgewood, where there are
many historic districts to preserve
character, the rent has grown by just
15 percent despite 40 percent of the
population having families. It is the
biggest outlier in the study.
Photos via Flickr/Garrett Ziegler
Garden apartments in Jackson Heights, Queens.
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