REAL ESTATE GOT A HOT REAL ESTATE STORY IN QUEENS? Contact Liam La Guerre Guerre Real Estate Editor EMAIL: [email protected] TWITTER: @liamlaguerre Queens apartment sizes getting smaller: report BY LIAM LA GUERRE [email protected]/@LiamLaGuerre Queens is shrinking. Maybe not geographically, but new rental apartments in the borough tend to be smaller studios and one-bedrooms as opposed to larger two- and threebedroom apartments, according to a report released on Dec. 11 by Douglas Elliman Real Estate. Smaller apartments took more of the market share in November when compared to October, as well as when compared to November of 2013, according to the fi rm’s monthly analysis, which tracks rentals in northwest Queens. In November, 76 percent of new apartments were studios and one bedrooms, compared to 71 percent in October, and just 60 percent in November of last year. “The majority of renters, particularly younger renters, are very sensitive to price thresholds,” said Clifford Finn, executive vice president of new rentals at Douglas Elliman. “Construction costs increased, land costs increased, and in general, unless you’re dealing with a specifi c building that is catering to a real luxury market or large apartment market, the majority of your run-of-the-mill rentals cater to a somewhat younger crowd. The apartments are getting a little tighter so that the rents don’t go up too much.” But although the sizes of apartments are shrinking, values have continued to increase. Rent price per square foot increased 8.2 percent to $40.96 dollars in November from $38.27 during the same month last year, according to the report. To sell these smaller apartments, Finn said owners have begun to market larger common spaces and building amenities in new developments. “A lot of the newer rental buildings have really stepped up their amenity programming and their common areas by providing bigger and more functional common spaces,” Finn said. “By having that space that you can leave your apartment, you need less of your apartment so its enabling us to market smaller apartments. People are looking at these amenity spaces as almost part of their apartments.” Since smaller apartments still have lower rents than bigger ones, average rents in November decreased, the survey found. The average renter paid $2,681 in November, which is 9.5 percent lower than last year, when the average price was $2,963. And of course, renters will still be better off with Queens prices than those of some other boroughs. Median rents in Queens were $710 less than those in Manhattan and $423 less than those in Brooklyn, according to the report. Photo courtesy of Multiple Listing Service4615 Astoria rental prices drop in November: report BY THE QUEENS COURIER [email protected]/@QueensCourier Astoria residents have at least one more thing to smile about — lower rents. While the overall average rates of rents in Queens increased for a second consecutive month, prices in Astoria saw a decline in November for various sizes of apartments, according to MNS Real Estate’s monthly Queens Rental Market Report. Residents were likely to pay $1,719 for a studio, $2,017 for a one-bedroom and about $2,468 for a two-bedroom apartment in November, which results in an overall average rent decline of 4.45 percent, the report said. The decrease in price for two-bedroom apartments was eclipsed by Forest Hills, which recorded average rents of two-bedroom apartments for $2,599 in November. Astoria, a burgeoning neighborhood that has begun to see an infl ux in major developments such as Astoria Cove, also had a bump in inventory, and the report praised the neighborhood’s growth. “An increase in Astoria inventory and an average of 13.6 days in market imply a steady rate of growth and popularity in rental market,” the report said. While Astoria saw declining rents, studios in nearby Long Island City had the highest percent increases throughout the borough. Renters were likely to pay $2,406, which is a 6.16 percent jump from the previous month.
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