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Queens Apartment Rent Growth Excels “Mega-Hubs”
Even with thousands of new units under development or coming on line, Queens apartment rent gains are hardly slowing down. RentCafe reports that rents in the borough posted year-over-year growth of 8.4% to reach $2,342 in August, an annual growth rate that’s more than twice as fast as Brooklyn’s. It also excels any of 20 so-called “renter mega-hubs.”
Nationally, Queens ranked seventh in terms of Y-O-Y rent growth, behind Midland and Odessa, TX; Reno, NV; Peoria, AZ; Lancaster, CA; and Hollywood, FL. The two Texas cities were the only ones to post annual rent growth of 30% or more.
Queens’ average rents placed it at the bottom of the top 20 nationally. With average August rents of $4,119, Manhattan ranked $540 ahead of second-place San Francisco, although its Y-O-Y growth was just 1.9%. Brooklyn came in ninth for average rents at $2,801 yet lagged in Y-O-Y growth at 3.9%.
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- ◦Economy
- ◦Lease
