By MICHAEL STAHL
A recent report posted on StreetEasy.com revealed that the gap between Manhattan and Queens rents is shrinking, most notably in the outer borough’s rapidly developing neighborhood of Long Island City.
The median asking rent in LIC reached $2,756 per month in August, just 11 percent lower than Manhattan’s mark of $3,092. The report also indicated that rent prices in LIC have leaped 12.8 percent over the past five years.
“[LIC’s] proximity to Manhattan and subway connectivity have always been an attractive pull for New Yorkers,” Alan Lightfeldt, a StreetEasy data scientist, wrote to the Tribune. “More recently, the influx of modern high-rise rental buildings to the area have pushed up rent levels.”
Lightfeldt was quick to point out that other figures unveiled in the report should arguably be more alarming to Queens residents though.
“Although [LIC] remains the most expensive rental market in Queens, its five-year growth rate is a fraction of what other Queens neighborhoods have experienced.”
Building owners in Kew Gardens, Sunnyside, Jackson Heights and Rego Park have enjoyed five-year rental growth rates ranging between 14.8 percent and 24.2 percent. But hikes in those neighborhoods—all of which out-ranked LIC—pale in comparison to the vaulting rates present in two others.
Corona’s median asking rent price in August was $1,597 per month, a robust 34.8 percent increase from five years ago, while Astoria tied Morningside Heights for the biggest jump in the entire city with an astounding 78.6 percent growth rate over that same time period.
“This is a telling sign of a mature rental market,” Lightfeldt observed.
The StreetEasy report centered around the fact that four Brooklyn neighborhoods have in fact surpassed Manhattan rent rates, with Dumbo representing the fourth most-expensive neighborhood to rent in all of New York. Williamsburg, Cobble Hill and Downtown Brooklyn also have median asking rent figures that surpass Manhattan’s.
Still, that offers little consolation for LIC renters, either pre-existing or those hopeful to move into arguably the city’s most burgeoning neighborhood.
“It’s unlikely that rents will see the same degree of growth [in LIC] as more up-and-coming neighborhoods like Corona or Astoria,” Lightfeldt wrote, “but the growing tide of renters pushed out of Manhattan and parts of Brooklyn will likely mean that rents in Long Island City will continue to climb.”
To read the entire report, visit www.StreetEasy.com/blog/price-gap-separating-manhattan-brooklyn-and-queens-getting-smaller/