Queens rents reaching all-time high
Let’s talk about numbers
Rent prices in Queens have reached an all-time high. Local real estate marketplace, StreetEasy performed a study that confirmed it. On average, there is an asking price of $1,989 per month. Nevertheless, the average rise is attributed to the neighborhoods on the North West of the borough. There, the average June rent was of $2,059. The most interesting fact is the price rise was more in Queens than that of Manhattan and Brooklyn. Furthermore, the median resale price for a home also increased. In a year, this number increased 8.3 percent, surpassing the half a million dollars mark. The only Queens market that remained the same is the Rockaways. Every other submarket increased at least 5%.
If we take a closer look and inspect neighborhood by neighborhood, prices rose the most in Jamaica and Little Neck, 295.7% and 202.1%, respectively. RentHop recently released a separate study and according to their results, Jamaica was the second most expensive neighborhood in Queens, only topped by Long Island City. Furthermore, Corona, Briarwood and Fresh Meadows also perceived great price jumps. In these areas, the asking price for a home increased 78.2%, 49.1% and 30.9%, respectively.
However, when it comes to Bay Terrace, Woodhaven and Oakland Gardens, these areas saw very little increase in median asking price. In some instances, there was none. North Corona and Whitestone were the two neighborhoods where prices decreased the most. In these areas, the numbers lowered a 44.7% and a 42.6%, respectively. Nevertheless, the sale-to-list price ratio remains very high. This is very good news for resellers, who are receiving only 2% less than their initial asking price (on average).
What is happening with buyers
Economy Gran Long, StreetEasy Senior, provided a statement. “Looking at this year’s home shopping season, we’re seeing a competitive landscape with rising home prices and falling inventory levels across the city,” he said. Furthermore, he affirmed inventory is tightest when it comes to “on a budget” markets. Nevertheless, latest numbers show that some buyers are regaining a bit of leverage. Many homes offered a price cut since last year, which shows that the numbers can only grow so much. [QNS]