Upscale rentals from New York to Queens make a huge upturn
Despite consecutive quarters of falling rents across town after the COVID-19 pandemic began in March 2020, there appears to be a light at the end of the tunnel for some homeowners.
Queens has seen its most expensive rental level – or homes over $ 2,500 a month – recover 99% of its pre-pandemic highs, according to just released data from real estate portal StreetEasy. This makes this borough’s high-end rental market the first in New York City to recover from COVID.
This means that tenants have flocked to the main areas of Queens, including Long Island City and Astoria, instead of the normally more expensive Manhattan and Brooklyn – thus increasing the demand for housing and forcing luxury property owners to raise their prices. adds StreetEasy.
But for many, the rent can be damn too high. Lower and mid-level rental housing in the borough is nowhere near its pre-pandemic levels, StreetEasy adding that prices have only recently started to recover – and are doing so slowly. This means that, depending on tenant budgets, there is still business to be done.
Overall, compared to Manhattan and Brooklyn, Queens remains relatively more affordable. The median rent in Queens was $ 2,200 in July, while in Manhattan it was $ 3,000 and in Brooklyn it was $ 2,600. The report does not mention the Bronx or Staten Island.
In the first quarter of 2021, as rents across the city continued to fall to record highs, Queens saw median rents drop to $ 1,999. For Manhattan and Brooklyn, they fell to $ 2,700 and $ 2,390, respectively.
Additionally, StreetEasy also predicts that the borough’s rental inventory will return to pre-COVID levels by December, meaning higher rents are expected to follow. The inventory in Manhattan and Brooklyn, also made possible by the number of New Yorkers who left the city in 2020 as the pandemic raged, will take longer. StreetEasy estimates that Manhattan will see rental availability drop to pre-pandemic levels by November 2022 – and March 2022 for Brooklyn.