Queens is the No. 1 most competitive rental market in NYC, StreetEasy says

As rents increase across the city, more people are searching for rentals in the outer borough in hopes to score a lower price. The demand for rental properties in Queens has skyrocketed over the past months, leading to intense competition among prospective tenants and higher rents. In May, Queens surpassed Brooklyn as the most competitive rental market in New York City, according to the new report from StreetEasy. 

Last month, an average listing in Queens received 133 percent more inquiries compared to May 2019. This surge in demand pushed rents up. The borough-wide asking rent jumped 12 percent year-over-year to $2,800. Queens ranked as the No. 1 most competitive rental market in New York City thanks to the following factors: an increase in the number of inquiries and limited inventory. 

There were 3,983 homes listed for rent in this borough last month, fewer than in Brooklyn or Manhattan. In addition, Queens' inventory was 28.4 percent below its pre-pandemic levels. Neighborhoods in Northwest Queens saw the most interest from NYC renters. Last month, the average listing in Astoria, Long Island City, and Sunnyside got 150 percent more inquiries than in May 2019. 

“As New Yorkers look for more affordable homes across the city, competition is building in Queens as the more affordable alternative to Manhattan and neighboring Brooklyn,” the report reads. “Within Queens, hybrid work is also reshaping the borough’s rental market, with neighborhoods closer to Manhattan rising in popularity. The most popular neighborhoods were Astoria, Long Island City, and Sunnyside, all located in Northwest Queens.”

This is not the first report that mentions the rising popularity of Queens neighborhoods. RentHop named Astoria the hottest NYC neighborhood for renters. However, high demand translated into higher prices. In May, an average apartment in this sought-after Queens neighborhood went for a median of $2,750, up 10 percent from last year. The median asking rent climbed to $4,259 in Long Island City and $2,455 in Sunnyside.

Resources:

“Queens Surpasses Brooklyn as Most Competitive Rental Market Amid Record High Rents in NYC,” by Kenny Lee (StreetEasy, 2023)

“Queens beats Brooklyn for most in-demand rental market in NYC,” by Emily Myers (Brick Underground, 2023)

“Everyone is trying to move to Queens right now,” by Shaye Weaver (Time Out, 2023)

“Queens takes over as NYC’s most competitive rental market,” by TRD Staff (The Real Deal, 2023)