REAL ESTATE
Queens experiences second highest average rent increase in US: Report
BY BENJAMIN MANDILE
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.
Th e only city with a higher percent
Sales in QueensHOMES COOPS CONDOS Listings and photos courtesy MLSLI
NORTHEAST NORTHWEST SOUTHEAST SOUTHWEST
LITTLE NECK WOODSIDE BRIARWOOD REGO PARK
Under $500,000
220-64 75th Ave., Unit 1st Floor, Bayside
$369,000
Co-op
2 bedrooms, 1 full bathroom
Lifcha Zweig, Lifcha Zweig, Realtor
$500,000 - $900,000
58-23 262nd St., Little Neck
$799,888
1-family ranch
3 bedrooms, 2 full bathrooms
Deirdre Folan, Keller Williams Realty
Landmark
$900,000 +
13-40 146th St., Whitestone
$1,275,000
2-family colonial
6 bedrooms, 2 full and 1 half bathrooms
Paula Annarumma Caruso,Realty
Connect USA LLC
Under $500,000
34-20 78th St. Unit 6D, Jackson Heights
$360,000
Co-op
1 bedroom, 1 full bathroom
Hyun Lee, RE/MAX City Square
$500,000 - $900,000
24-51 38th St. Unit A1, Astoria
$669,000
Co-op
2 bedrooms, 1 full bathroom
Bianca Colasuonno, Compass Greater NY
LLC
$900,000 +
33-37 69th St., Woodside
$1,488,888
3-family colonial
5 bedrooms, 3 full bathrooms
Laura Coco, Berkshire Hathaway
Under $500,000
218-60 110th Ave., Queens Village
$499,000
1-family colonial
2 bedrooms, 1 full and 1 half bathrooms
Madramoothu Chinapen, Voro LLC
$500,000 - $900,000
158-14 82nd Dr., Jamaica
$779,999
2 story, 1 family
3 bedrooms, 2 full and 1 half bathrooms
Derek Greene, Greene Realty Group
$900,000 +
85-45/45A 151st St., Briarwood
$1,800,000
2-family colonial
9 bedrooms, 5 full and 2 half bathrooms
Randolph Saa, Century 21 American
Homes
Under $500,000
115-25 84th Ave. Unit 2M, Kew Gardens
$388,888
Co-op
2 bedrooms, 1 full bathroom
Johangir Tayeb, Tayeb Group Inc.
$500,000 - $900,000
157-22 81st St., Howard Beach
$678,125
1-family ranch
3 bedrooms, 1 full bathrooms
Antonino Artale, Keller Williams Realty
Greater
$900,000 +
99-54 64th Ave., Rego Park
$1,350,000
1-family townhouse
3 bedrooms, 1 full and 1 half bathrooms
Shlomo Meirov, Olam Realty Group
increase was Phoenix, Az.
Th e 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
Th e 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,
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 Australianbased
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.
“People of all ages are increasingly
being driven by mobility
and lifestyle enhancement, displaying
a growing preference
for amenity-rich buildings in
walking distance of urban centers,”
experts contributing to
RENTCafe’s report say.
Photo via Getty Images