The current pandemic is having an impact on rent prices in major cities and neighborhoods around the U.S. To quantify the impact, we’re focusing attention on some of the major cities and neighborhoods in the U.S. We will be presenting our findings in a series of “QuickView” reports.
The subject of this week’s QuickView is a snapshot of average rent rents in the Queens borough of New York City.
Based upon our analysis, the year over year rents in Queens are down somewhat from last year but not as bad as some other urban markets.
Our standard City analysis uses a 6-month “LookBack” to establish an average baseline rent. The 6-month LookBack analyzes the rent data from the last 6-months, and for this analysis, the rent data included would be from May 1 – November 1.
The results from the 6-month LookBack analysis are presented in the table below:
|
City: Queens borough of NY City (average rent) |
||||
|
6-month LookBack |
||||
|
Floorplan |
11/1/20 |
11/1/19 |
ch$ |
ch% |
|
$1,886 |
$1,951 |
-$65 |
-3.3% |
|
|
$2,243 |
$2,274 |
-$31 |
-1.4% |
|
|
$2,723 |
$2,667 |
$56 |
2.1% |
|
As the table shows, the most significant drop has been in 1BR units at -3.3%; 2BR units have been down by 1.4%, while 3BR units are up 2.1%. Overall, the Queens market looks stable, especially when compared to other major cities.
Thank you to our Rentometer customer who requested a QuickView of Queens. If you have an area, city or neighborhood of which you’d like to see a QuickView report, comment on the post. To run your own QuickView visit www.Rentometer.com
You can try Rentometer Pro for a 7-day Free Trial (no cc req’d) by visiting: www.rentometer.com/pricing.
Queens 1-Bedroom Rents: November 2020
Queens 2-Bedroom Rents: November 2020
Queens 3-Bedroom Rents: November 2020
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This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology. If you liked this article, subscribe to Rentometer’s email newsletter to stay up-to-date on the latest trends in rental housing.