New York High-End Real Estate Company Douglas Elliman recently reported that the number of lease agreements signed in the Northwest Queens area in September this year doubled compared to the same period last year.
Northwest Queens, which includes the popular residential and commercial area of Long Island City, saw a growth rate of 188.2% in newly signed leases, increasing from 296 in September 2023 to 853 in September 2024.
The median rent for the area as a whole decreased by 0.8%, from $3,528 in September last year to a slight decrease to $3,500 in September this year.
During this period, the median rent for condos in Northwest Queens remained almost unchanged, dropping slightly from $3,052 in September last year to $3,050 in September this year. However, the number of new lease agreements for condos increased significantly, rising from 53 units to 139 units.
The median rent for one-bedroom apartments increased from $3,308 last year to $3,407 this year. This type of apartment unit saw the largest increase in new lease agreements, jumping from 138 units to 400 units.
In contrast, the median rent for two-bedroom apartment units saw a significant decrease, dropping from $4,500 last year to $4,127 this year. However, the number of new lease agreements for two-bedroom units increased from 84 units to 242 units.
On the other hand, the median rent for three-bedroom apartment units saw the largest decrease, from $4,600 last year to $4,200 this year. However, the number of new lease agreements for this type of unit still increased, from 21 units to 72 units.
Despite the significant increase in transaction volume, the local inventory of listed properties also grew by 38% compared to the same period last year, rising from 640 units in September last year to 883 units in September this year. The main reason cited for this increase is the substantial rise in housing transaction costs. The listing discount in September 2023 was -0.9%, but this September it was -3.1%.