Sunday, July 12, 2015

Rents in Queens trending down?

From the NY Post:

While there’s a lot of new construction in hot ’hoods like Astoria and Long Island City, the borough’s median rental price is a mere $2,528, which is down 2.7 percent from last month’s median price of $2,597 and down 10.7 percent from the $2,830 high of June 2014.

The average rental price in Queens is $2,749, which is the same as last month, but 5.1 percent less than a year ago’s high of $2,896, according to a new market report from Douglas Elliman.


Anonymous said...

Just a guess, but this might be a side effect of Bill de Blasio.

Just wait till next year.

Anonymous said...

$2,749 down from $2,896 is still way to high for the average working person. Many of the new first time renters I meet have roommates to cover the cost. One gets the bedroom the other the sofa. My first apartment was a studio which I could afford by myself.

Anonymous said...

It is just the leveling off process that occurs in real estate. Since Queens had the most rapidly rising increase in real estate within a short period of time, it now is slowing down. Long term, the Bronx is the hot borough for those wanting to make a fortune in real estate.
It is untapped territory. Manhattan is out. Brookly is getting beyond reach. Queens is getting too expensive too.
The Bronx is where real estate bargains are to be found.

Joe Moretti said...

"the borough’s median rental price is a mere $2,528". That is still a ridiculous amount for rent and really, who actually can afford that.

Anonymous said...

No problem - the renting agencies will look the other way when 4 or 5 students rent a one bed room. They need to fill these buildings before the next hurricane cause this time everyone will be running down to video water soaked lobbies. You can fool some people some of the time...

The buildings are thrown together and will soon start to show their age like high rises in 3rd world countries (or older 'modern' construction throughout Queens.) The problem is resistance in the high end trade (as they are being marketed) cause everyone knows that Queens has no amenities and unless you are a 16 hour a day tech drone that needs only a sack to sleep on, not a place for families or singles.

Besides, the people running this borough treat it like a 3rd world village. Who needs that?

Anonymous said...

Queens Plaza has become a wind tunnel - and the noise bouncing off the wall of buildings is really eye opening. Dutch Kills Green has become a rat infested weedy mess that will soon show its age and the millstone is starting to crack again.

After that example of oversight, lets put more buildings in.

I like how Jimmmy sticks close to former library pal Statmatides. The city councilman that community's civic. The Feds show look into the affairs of both.

Anonymous said...

this has 0% to do with deblaz and 100% with developers land-rushing and raising rents hoping to make it a self-fulfilling prophecy. value in queens is still a fucking bargain next to comparably priced areas of brooklyn. everywhere in NY can't be the hottest rising neighborhood at the same time.

Anonymous said...

At this rate, in another decade, Queens will be affordable again!