In a rare bit of positive real estate news, it seems that the price of rent in Queens has not only dropped, it's plummeted—almost 11 percent! Break out the mid-range champagne!
According to a new report from the brokerage firm Douglas Elliman, the borough saw 13.7 percent fewer new rentals, indicating there isn't quite enough demand to keep prices buoyed at their former dizzying height. A one-bedroom is renting for $2,278 per month on average, an 18.6 percent drop from last year.
“The demand is not there,” Luciane Serifovic, head of rentals at Elliman, told the Daily News. “For a while, people were really seeing Queens as a destination but now demand is pulling back a little bit. I get a lot of calls every day and only one out of 10 clients wants to be in Queens.”
Things are way more dismal over in Brooklyn, where the median rental price just hit a record high of $2,964, an increase of nearly 6 percent. Elliman reports prices in the borough have not been this high since the firm started keeping track in 2008.
In Manhattan, "lower priced apartments" (heh) have seen the largest price gains, while luxury market prices dipped. The median rental price rose 2.1 percent to $3,369.
You can clench your teeth and peruse the full report here.