Everyone is trying to move to Queens right now
Step aside, Manhattan: Queens is currently the most in-demand borough at the moment, according to StreetEasy.
In a new study released this morning, StreetEasy found that in May, competition was the toughest in Queens, where an average listing received 133% more inquiries compared to May 2019 (more than double the pre-pandemic level).
It makes sense—with super high rent medians in Brooklyn, people are turning to Queens, which offers more space at a lower rate (at the moment) and about a half-hour commute to Manhattan.
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StreetEasy says hybrid work reshaping the borough’s rental market since its neighborhoods are closer to Manhattan, such as Astoria, Long Island City, and Sunnyside—all located in Northwest Queens. I’m biased because I live in Queens, but like most neighborhoods that have it all—a quick commute, ample space and great small businesses—it all comes at a cost.
Long Island City, for example, set a new record high in May at $4,259, up 3.9% year-over-year. It’s higher than the overall borough median by 52%, but it does offer new luxury buildings and a very quick commute.
Rents are rising the fastest in Astoria, though, where the median asking rent rose 10% year-over-year to $2,750 in May. Sunnyside also set new record highs this May at $2,455, up 6.7% year-over-year, StreetEasy says.
In case you missed it, we called Astoria the coolest NYC neighborhood in 2019. Its nearby neighbor, Ridgewood, was our pick in 2022.
Overall in Queens, borough-wide asking rent rose 12% year-over-year to $2,800 in May, setting another record high for the second consecutive month. But inventory (the number of apartments available) didn’t increase nearly as much—only 5%, which is 28% below this time last year. With demand high and the number of apartments low, competition is fierce.
StreetEasy says it won’t be slowing down any time soon, either.
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