Pandemic Drives 'Record Large' Drop In Queens Rents: Study

QUEENS, NY — Queens rents experienced a "record large" drop this year, thanks to the economic fallout of the coronavirus pandemic, a new study found.

The borough's rental prices were down 5.7 percent in November compared to the previous year, hitting a median asking rent of $2,100 last month, according to StreetEasy's November 2020 Market Report.

As rents plummeted, more and more apartments became available. Rental inventory in Queens was 75 percent higher in November than the same time in 2019, StreetEasy found.

While Queens rents fell at the slowest rate of anywhere in the city, StreetEasy analysts found the decline was notable: Queens has a relatively stable population, so housing metrics tend not to fluctuate as much as they do in other boroughs, where residents move around more.

Even the 2008 financial crisis did little to sway rents in Queens, reports said at the time.

“We expected the rental market to match the weakness seen during the Great Recession, but the fact that the market has surpassed that level in less than one year shows how serious the crisis caused by the pandemic has been,” StreetEasy Economist Nancy Wu said.

Read the full StreetEasy report here.