BY KULSOOM KHAN
According to a new report released this week on housing prices in Queens, the average price for rentals has dropped 2. 1 percent in comparison to last year. In addition, the number of new leases signed jumped to 19 percent.
The report was published by Miller Samuel Inc. Real Estate Appraisers and Douglas Elliman Real Estate. Johnathan Miller, President of Miller Samuel, Inc. researched and wrote the reports and said there’s been the most growth in housing prices in the Rockaways and Northwest Queens, which includes Long Island City, Astoria, Sunnyside, and Woodside.
“In Northwest Queens, prices have gone up, but sales have slipped,” Miller said. He also said that there’s been an increase in new leases and about a quarter of the transactions are new developments. “There’s still resistance to rent levels in Queens, so if you’re that tenant who gets that renewal notice and you opt not to renew, that apartment becomes a new lease once it’s rented.”
Most of the new developments are being constructed in Northwest Queens- specifically in Long island City, which has seen a great deal of revitalization in the past few years. “Long Island City would be among the highest (rental prices), just because so much of that product is similar to Manhattan.”
Miller believes that Northwest Queens is one of the most expensive areas in the borough.
“Generally speaking, anything in the Northwest region tends to be sort of like ‘Brownstone Brooklyn’-where the highest rents are,” he said comparing the area to Brooklyn’s pricey neighborhoods such as Williamsburg, Park Slope, and Cobble Hill.
The report also cites a “spillover demand from Brooklyn”, which is playing a part in driving housing prices up in Queens. Miller describes this trend as an “outward push” meaning Brooklyn residents who are being priced out of the borough are starting to move to Queens.
Furthermore, Miller noted that Queens residents who are now dealing with the same problem are starting to look for more affordable housing options in the Bronx.
“I use to say that Queens is the new Brooklyn, but now I’m starting to say that the Bronx is the new Queens,” Miller said.