As New Yorkers continue the eternal struggle with high rents in Manhattan and Brooklyn, they’re increasingly setting their sights on Queens, according to a report.
Demand in the borough is set to rise in 2016, according to real estate site StreetEasy, with Jamaica shaping up to be the top neighborhood to watch, according to Alan Lightfeldt, a senior analyst for the company.
Five of the ten neighborhoods predicted to be the most in demand for renters next year are in the borough, according to StreetEasy. Jamaica’s cheaper rents (a median monthly rent of $1,750 in 2015), proximity to public transportation and major highways, as well as recent redevelopment efforts, launched it to the top of StreetEasy’s list.
Queens Borough President Melinda Katz, who set up a “Jamaica Now Action Plan” this year to create a blueprint for its future, was thrilled by the presence of Jamaica, Jamaica Estates, Woodside, Elmhurst and Kew Gardens Hills on StreetEasy’s report. She emphasized the importance of keeping the borough affordable amid the predicted influx of new renters.
“While the growth is necessary and encouraged, the challenge for government will be to aggressively expand affordable housing stock to meet the ever-growing demand,” she said in a statement.