FOR BREAKING NEWS VISIT WWW.QNS.COM JULY 15, 2021 • THE QUEENS COURIER 11
Lease signings continue upward trend in NW Queens: Report
BY PAUL JUNIOR PRUDENT
editorial@qns.com
@QNS
Th e number of new leases signed in
northwest Queens last June is the third
highest monthly total since 2011, while
rental prices dropped compared to last
year, according to a new report from real
estate fi rm Douglas Elliman.
Th e number of new leases signed in the
northwest part of the Queens borough
nearly tripled year over year last month to
reach 475 in total. Although numbers are
falling for the second straight month, this
is the largest number of new leases signed
in June, the report found.
According to the same report, the heavy
new leasing volume has helped stabilize
rental price trends. Th e average rental
price dropped by 1.3 percent year to year.
Last June, the price was $2,913 on average
compared to $2,952 last year.
As rents have shown stabilization, tenants
have been more willing to sign longer
lease terms in recent months. Th e average
lease length was 16.4 months, 24 percent
longer than in January when the average
was 12.9 months, the report found.
Th e median rental price for a unit in the
northwest part of Queens is identical year
to year, about $2,700. However, this is the
highest median rental price on the market
since September 2020 — aft er it dropped
to its lowest since 2018 in March 2020.
Th e report shows rental price trends
The number of new leases signed in northwest Queens last June is the third highest monthly total since 2011, according to a report.
continued to remain weakest in smaller
apartments. On average, last June, the
rental price for a studio in the area was
$2,510. Th is is the lowest price compared
to any other unit available.
Th e largest decline (3 percent) was in
the median price for one-bedroom and
two-bedroom units. On average, last
year, a one-bedroom unit was at $2,782.
Last June, the price dropped on average
to $2,699. A two-bedroom unit was at
$3,603 on average in June 2020, compared
to $3,494 last month.
Landlords off ering concessions in
northwest Queens rose by nearly 9 percent
last month when compared to May
2021. However, there was also a decrease
of around 2 percent in concessions when
compared to June 2020, the report found.
Th e market share of one-year leases was
81.8 percent back in January but fell sharply
by June to 23.5 percent. Conversely, the
market share of two-year leases was 13.8
percent last January but nearly quadrupled
to a 68.1 percent share this June.
On top of the new lease signings records,
the report also shows sales records in the
northwest part of the borough.
Average sales price and median sales price
reach records for the third straight quarter
Photo via Getty Images
while the number of sales more than doubled
from the same period last year. Median
sales price jumped 12 percent to a record
$680,000, and average sales price jumped
8.2 percent to a record $715,062 respectively
from the same period last year.
Price gains also set records across property
types. Th e median sales price of a
condo rose 6.7 percent to a record of
$704,481, and the median sales price for
a one- to three-family increased 11.7 percent
to a record of $799,000 respectively
from the same period last year.
For the full report, visit www.elliman.
com/corporate-resources/market-reports.
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