Despite consecutive neighborhoods with declining rents across the city after the March 2020 COVID-19 pandemic, there seems to be a light at the end of the tunnel for some landlords.
Queens has seen its highest price rent or housing at more than $ 2,500 per night. Month-recover 99% of its heights before the pandemic, according to just released data from real estate portal StreetEasy. That makes this city’s high-end rental market the first in New York City to reach a recovery in the wake of COVID.
That means renters have flocked to the prime neighborhoods of Queens, including Long Island City and Astoria, instead of the usually more expensive Manhattan and Brooklyn – increasing demand for housing in the process and causing luxury property owners to raise their prices, StreetEasy adds. .
But for many, the rent can be too damn high. The city’s lower and medium-sized rental housing is far from pre-pandemic-level, with StreetEasy adding that prices have only recently begun to recover — and are doing so slowly. This means that, depending on the tenants’ budgets, there are still offers to pick up.
Overall, Queens is still relatively more affordable compared to Manhattan and Brooklyn. Queens’ median rent was $ 2,200 in July – compared to $ 3,000 for Manhattan and $ 2,600 for Brooklyn. The report does not mention The Bronx or Staten Island.
In the first quarter of 2021, as rents across the city continued to fall to record levels, Queens saw median rents at $ 1,999. For Manhattan and Brooklyn, they fell to $ 2,700 and $ 2,390, respectively.
In addition, StreetEasy also predicts that the borough’s rental stock will return to pre-COVID levels by December, meaning higher rents should follow. Inventories in Manhattan and Brooklyn, also made possible by the number of New Yorkers leaving the city in 2020 when the pandemic raged, will take longer. StreetEasy estimates Manhattan will see rental availability fall to pre-November 2022 and March 2022 pandemics for Brooklyn.