You are reading

Asking rent prices increase significantly in Queens year-over-year: report

Mar. 29, 2024 By Ethan Marshall

The median asking price for rent in Queens jumped significantly from February 2023 to February 2024, according to a study conducted by the real estate firm StreetEasy.

Year-over-year, the median asking rent rose 13.5%, from $2,599 to $2,950. This price increase is reflective of the fact that more people are competing for places to live, as there are fewer homes available on the market in Queens and New York City as a whole. The number of rentals on the market decreased 3.4% year-over-year, from 3,739 to 3,866.

Long Island City, Sunnyside and Astoria are among the neighborhoods in the borough that have experienced the largest increase in median asking price. The increases in these neighborhoods are due in large part to them each being located in close proximity to Manhattan, as well as new rental buildings being installed there with modern amenities. The median asking rent for these neighborhoods increased 8.3% year-over-year, from $3,001 in 2023 to $3,250 in 2024. This asking price is also 10.2% more than the median for the borough.

Other Queens neighborhoods that experienced a big increase in asking rents included Woodside, Jackson Heights and Elmhurst. In Woodside, the median asking rent increased 16.7%, from $2,400 in 2023 to $2,800 in 2024. Jackson Heights experienced a 8.9% jump, from $2,250 last year to $2,450 this year. The asking rent in Elmhurst rose 6.2%, from $2,350 to $2,495.

There continue to be more and more people looking for a place to live in Queens than there are available spaces. With rentals at a premium, there are more people competing for each space, driving up the cost of rent in the process.

Recent News

College Point building inspector criminally charged with taking bribes to close complaints: DA

A College Point man who works as an inspector at the city’s Department of Buildings is accused of accepting bribes in exchange for overlooking potential violations at various Queens locations on multiple occasions since January 2023.

Zabihullah Ibrahimi, 42, of 22nd Avenue, was arraigned Thursday in Queens Criminal Court on bribery and official misconduct charges for taking cash from homeowners and then closing complaints about their property. In one case, he allegedly asked for $3,500 from a property owner and, when she said she had no cash, he directed her to go to a bank and get it while he waited at her home, according to Queens District Attorney Melinda Katz.

Op-ed: An urgent call for revising NY’s criminal justice reforms to protect public safety

Apr. 11, 2024 By Council Member Robert Holden

In 2019, the State Legislature and Governor Andrew Cuomo embarked on a controversial overhaul of New York’s criminal justice system by enacting several laws, including cashless bail and sweeping changes to discovery laws. Simultaneously, the New York City Council passed laws that compounded these challenges, notably the elimination of punitive segregation in city jails and qualified immunity for police officers. These actions have collectively undermined public safety and constrained law enforcement effectiveness.