More Apartment Construction in Long Island City than Any Other U.S. Submarket

Apartment developers are very, very busy in New York. For example: there are more new apartments under construction in the Long Island City neighborhood of Queens than in any other submarket in the U.S., according to CoStar.

Since 2010, builders have opened more than 95,000 new, luxury apartments in New York City, but the percentage of apartments that are vacant is still less than 3 percent.

New York landlords increasingly offer concessions of one-to-two months free rent to potential tenants, not only for new construction but for older properties as well. Average rents also fell in several neighborhoods, including the Financial District, Downtown Brooklyn, Williamsburg and Long Island City in the fourth quarter of 2017, compared to two years earlier.

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