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NW Queens Apartment Rents Take a Hit as Concessions Hit New High
Thanks to rising landlord concessions, northwest Queens’ median net effective apartment rents slipped by 11.7% for the 12 months that ended April 30, 2018, according to appraisal firm Miller Samuel. April represented the eighth consecutive month of year-over-year declines in net effective rents, and the fifth time in the past seven months that concessions set a new record.
By comparison, median net effective rents in Brooklyn were down 2.9% Y-O-Y. Those for Manhattan slipped by 2.2% during the same time period.
Representing the Queens neighborhoods of Long Island City, Astoria, Sunnyside and Woodside, the northwest Queens market saw concessions reach 65.1% market share in April, up from 45.5% a year ago. Landlord concessions’ share of new development product was 90.7% during April, and 42% for existing product.
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