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Western Queens Rental Prices Plummet, Major Drop Over The Past Year

The Gantries in Long Island City (Unsplash)

Jan. 22, 2021 By Allie Griffin

The rental market in Queens has taken a hit over the past year — and western Queens saw a heavy decline.

The average rent paid in December to nab a Queens apartment was down 6.23 percent, from December 2019, according to a recent report released by the real estate firm M.N.S.

The prices plummeted most in Long Island City and Astoria, the report revealed.

The average rent paid in December to snag a Long Island City apartment was down 14.42 percent compared to December 2019. In Astoria, that figure was down 12.36 percent compared to December 2019.

Other neighborhoods in the borough saw rental price declines but they were less severe.

In Long Island City apartments of all sizes were down — with the larger units hit hardest.

The average rent for a two bedroom apartment in Long Island City in December was $3,660. This figure was down 16.7 percent — from $4,397 — one year prior.

One-bedroom apartments in the neighborhood saw a 14 percent decline — with the December average being $2,882, down from $3,294 in December 2019.

LIC studios fell 11 percent to $2,364 compared to a year ago. A studio on average went for $2,646 in December 2019.

Yet even with the steep declines, Long Island City remained on average the most costly neighborhood in the borough in December, according to the report.

Long Island City rental price trends (MNS)

Astoria’s rental market experienced a decline much like Long Island City’s.

The average price to nab a two-bedroom apartment in Astoria in December was $2,314, down 12 percent from December 2019. One-bedrooms rented for $1,980, down 13 percent from $2,248 a year earlier. Meanwhile studios went for $1,691, down 13 percent from the December 2019 figure of $1,944.

Astoria rental price trends (MNS)

The decline in rents were felt borough wide — no matter the size of the unit.

The rent for studios, one-bedrooms and two-bedrooms all fell by about 6 percent over the past 12 months.

Queens average rent price changes (MNS)

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Gantry Gal

Going to be dropping even more that Center Blvd has turned into a shooting gallery. If TFC and Rockrose are concerned about this, they may really want to think about the restaurants they put in their buildings and the followings they attract.

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Mark Miwerds

Excellent. But it is just a start. Two Trees and even Gehry NYC downtown are offering 4 free months on 12 month leases plus they still pay a month direct to brokers. That makes a one bedroom at Gehry or in Dumbo competitive with LIC. That is crazy. They are just being proactive, unlike the LIC developers who continue to build out several THOUSAND new units as I type. None of the high end LIC buildings are keeping pace; they seem to be in some 2019 DreamWorld. It is not coming back. Commercial is even more stark. Even with a complete recovery from COVID, NYC will host 30-50% fewer daily office workers. That is a fact. Do not buy and do not even sign a lease unless you’re getting a 40% discount. Luxury high rise LIC 2 bedrooms will be under $3000 next January. And half of these current construction projects will never get to market.

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