Ridgewood via Cameron Baylock
A new report released today by Douglas Elliman shows that Queens has surpassed Brooklyn in most expensive rents. The median montly rent in Western Queens rose to $2,905 in January, a 30.7 percent jump from the same time last year. That’s $4 more than North and Northwest Brooklyn’s median rent, which only rose 2.5 percent to $2,901.
We shouldn’t be so surprised, though. With constant news of skyrocketing prices in Brooklyn, a lot of attention has been turned to Queens, especially up-and-coming neighborhoods like Ridgewood, as well as already-established hip spots such as Long Island City and Astoria.
According to Luciane Serifovic, Douglas Elliman’s director of rentals, “Everyone wants to be part of Brooklyn, but I believe that customers are rediscovering Queens. It’s now becoming a destination for clients: There are a lot of new projects. They’re loaded with amenities. They have water views. And Brooklyn is closer to Downtown [Manhattan] but Queens is closer to Midtown.”
Jonathan Miller, the real estate expert who did the analysis for Elliman, noted that the segment of the Queens market is smaller and less than stable than comparable areas in Brooklyn, as it’s still undergoing a transformation with new developments. In fact, 42 percent of January rentals in Queens were in new developments.
Of course, Manhattan rents are also on the rise, jumping up 5.9 percent to $3,299/month, about $400 more than Queens and Brooklyn. The Upper East Side holds the top spot for January rentals, as the area has a .99 percent vacancy rate with plenty of deals east of Second Avenue. In all three boroughs, smaller units saw the greatest price increases as of late, likely due to less unemployment and still-tight mortgage-lending conditions. New condos are marketed toward the middle and upper end of the market, so first-time buyers are more likely to stick with renting.
To read the full Douglas Elliman January 2015 report, click here.
All charts and graphs via Douglas Elliman