New LIC Developments Drive Up Rents Around Queensboro Plaza: Study

LONG ISLAND CITY, QUEENS — Renters already battling record-breaking prices this year will spend even more if they choose to live near a major transit hub — including in Long Island city, where a pair of big apartment towers have contributed to rising rents near neighborhood subway stops, according to a new study.

Apartment prices near the city's major transit hubs — and almost all subway stops, for that matter — have skyrocketed as a post-pandemic market spikes rents citywide, according to a new study from RentHop.

The area around Queensboro Plaza area saw one of the largest increases, with prices soaring by around 28.6 percent to a median of $3,390 this year, according to the study. The 36th Street E-M-R station saw an even larger increase, at 29.6 percent.

Those hikes were driven in part by new upscale apartment buildings like Rise LIC, a 10-story building at 29-17 40th Ave., and Sven, the 71-story tower at 29-59 Northern Blvd., according to the study. (Both buildings did, however, list a few affordable apartments for rent through the city's housing lottery.)

Neighborhoods full of high-rise luxury rental buildings were especially vulnerable to high increases this year as landlords reduced "the unprecedented concessions they were offering during the pandemic," authors wrote.

The cost increases in Long Island City come amid a citywide surge in rent prices.

The spikes come as deals offered during the pandemic expire, leaving record-high rent prices, low inventory and very few concessions for the rest of the year, according to a recent StreetEasy report.

Still, RentHop researchers advise choosing a location wisely, as not all increases are the same.

Use the map below to see what subway stops saw prices rise the most: