Even though the city’s consecutive quarterly rents have fallen since the March 2020 Kovid-19 pandemic, some landlords have seen light at the end of the tunnel.
Queens has seen its highest rates of rents – or homes priced at more than $ 2,500 a month – recover 99% of its pre-epidemic Data just released Real Estate Portal Street Easy. It has recovered the province’s high-end rental market in the wake of New York City’s first Kovid.
Renters flock to major Queens neighborhoods, including Long Island City and Astoria – usually more expensive in Manhattan and Brooklyn – to increase housing demand in the process and increase the price of luxury property landlords, Street Easy adds.
But for many, the rent is too high. Lower and middle-class rental homes in the province are far from their pre-epidemic levels, with Street Easy prices beginning to recover recently — and slowly. This means that depending on tenant budgets, there should still be deals.
Overall, Queens is still relatively affordable compared to Manhattan and Brooklyn. The average rent in Queens was $ 2,200 in July – but $ 3,000 for Manhattan and $ 2,600 for Brooklyn. The report makes no mention of the Bronx or Staten Island.
In the first quarter of 2021, Queen’s average rents fell to $ 1,999 as citywide rents fell to a record high. For Manhattan and Brooklyn, they dropped to $ 2,700 and $ 2,390.
What’s more, Street Easy will return to the borough rental inventory pre-level in the near future, which means more rents should follow. With the number of New Yorkers leaving the city in 2020, the inventory in Manhattan and Brooklyn will take longer, as the epidemic worsens. Street Easy estimates that Manhattan will see rental availability decline by November 2022 — and March 2022 for Brooklyn.