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Rental prices decline, as hundreds of new units come to LIC

Hunters Point South

Hunters Point South

Jan. 19, 2016 Staff Report

Rental prices fell in Long Island City toward the end of 2015, as hundreds of new rental units hit the market, according to the latest market report released by real estate firm Modern Spaces.

Average rental prices in luxury, elevator and walkup buildings were lower in 4Q 2015, compared to the fourth quarter of 2014.

The average luxury rental price dropped more than $100 per month, from $3,870 in the last quarter of 2014 to $3,763 in 4Q2015. One bedroom luxury units fell slightly from $3,096 in 4Q2014 to $3,027 in 4Q2015. Two bedroom luxury units fell from $4,326 to $4,290.

Meanwhile, the average rent in an elevator building for the fourth quarter 2015 was $2,906, compared to $2,963 for the same quarter in 2014. The average walk-up cost $2,425 in 4Q2015, compared to $2,458 one year prior.

Modern Spaces CEO Eric Benaim said the drop in prices was a “direct result” of a “new wave of development hitting the market.” He cited in particular QLIC near the Queensboro bridge, with more than 400 units, and, significantly, the nearly 1,000 units brought online by the Hunters Point South affordable housing development.

“A lot of the people who lived in the other [nearby] buildings were applying [to HPS] too, so the rest of the buildings in the neighborhood obviously lost tenants,” Benaim added. “[That] put more inventory into the market which then added to the fact that the price took a little bit of a dip.”

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18 Comments

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Peter

The prices are so fluffed they’d have to drop 50% to be affordable for the working class, $3k a month for a one bedroom, ouch. No wonder the neighborhood is transient with such a high turnover, even those with the means must see that more then a couple of leases here is a huge money suck and not a practical long term living situation.

Reply
AJ

Completely agree.. it’s disturbing how high the turnover rate in my building is – with people moving in and out daily and even though I love the area & building I am not sure if it’s worth it..

Reply
Frank

Who ever said this neighborhood needed to be affordable for the working class? This neighborhood has a lot of headroom for rent before it is at parity with Manhattan rents. The transience is mostly due to people starting families who need a bit more room before they leave the City for the burbs to breed.

Reply
Peter

There are some that leave because apartment living doesn’t’ afford them enough space, of course, but a lot go because of the cost. I’ve know some who wanted to stay and ‘breed’ here as you’d say but when doing cost comparisons it just didn’t make sense, going to the island (LI) you get twice as much space for half the price plus a garage and those high property taxes are tolerated because of the better school districts. As for being affordable neighborhoods change, market dictates that, I can point out many NYC neighborhoods that have radically changed in the last 30 years in demographics and affordability, that doesn’t bother me. If someone is willing, or able, to pay $3k a month for 700sqf good for them (although I think they’re out of their minds).

Reply
Licfan

Interesting; does this mean some or many of those in the affordable housing buildings were looking to rent at regular rent but when they got the call took the affordable rent? While this is smart of them, doesn’t it mean the system to provide housing to those who cannot afford it is not screening properly?

Reply
brooklynmc

Yes. I know people who owned in the neighborhood for 15 years. Sold their places for a million plus and moved into the affordable housing. I also know people who moved from 4545 Center Blvd who were paying $4,000 a month in rent who moved to the affordable housing. It is all very confusing indeed. I am kicking myself for not trying to get affordable housing myself because it appears that anyone can move into these units.

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Mac

@Brooklynmc Again you’re caught posting misinformation..This post sounds like your cousin the unionized plumber all over again….Go out to NYC Housing Connect site and review the eligibility requirements for affordable housing units..
8-Other Eligibility Factors: In addition to the income requirements, other eligibility factors will be applied. These include, but are not limited to:
Credit History
Criminal Background Checks
Continuing Need for Housing Assistance – Applicants to HPD/HDC’s housing programs must demonstrate a continuing need for housing assistance through an analysis of their assets and recent income history. For example, applicants may not have more than $250,000 in total household assets (excluding specifically designated retirement accounts such as IRAs and 401Ks). This does not apply to units with income limits above 60% AMI….Income requirements for 2 bedroom apartment are $24K thru $52K per year for 1 person to a family of 4. Do you really somebody who earns $52K would pass credit and income requirements for 4545 Center Blvd? The income requirements are much much less for studios and 1 bedrooms $18K thru $41K annually..Do some research you lazy fool and stop misinforming people….I thought you were moving…

Reply
N'Cheese

Wow, Mac. Almost a whole post without an ad hominem attack or a reference to Fox News. Is it meds or therapy that are working for you?

Reply
Sean

Wow N’cheese you’re nothing but a stalker who appears to be an obsessed jealous tool looking for attention. Queen of Angels is right you’re the one who has a Fox News issue you bow and pray to it multiple times a day. It’s strange I looked through easily 20 of your posts on the various queens post blogs and all but 2 are Fox related. Not one post of substance. An entire history created to gain the attention and follow one reader. You’re a jerk.

Mac

@N’Cheese If you can’t stay focused on the topic of the article above the conversation stream or the posts within the stream then move on and return to your TV you Fox watching imbecile.

N'Cheese

There they are…the Fox News Tourette’s twitch and an ad hominem attack. Glad to have you back in form, Mac.

Tio Pedro

And yet, Avalon raised the rent for my one bedroom by 2.1% on the back of a 14.1% raise last year. If I could only afford to move…

Reply
Anti Avalon

Boy, do you have a surprise waiting for you when you move. They will charge you for every little nick and scratch in your apartment. The Avalon communities suck and it’s pretty obvious by the way the buildings are run and maintained.

Reply
Anonymous LICer

We lived in the Avalon Riverview North building and didn’t get a single damage charge when we moved out. Maybe you were unlucky.

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MRLIC

Wow prices came down just a little. WE NEED AFFORDABLE HOUSING not what is out of reach to most.. If these were affordable maybe we would have a better city. LIC is playing musical chairs with it’s tenant pool. Tenants leaving one building for another.

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