Queens Apartments Lag On Concessions As More Rentals Go On Market

QUEENS, NY — The Queens rental market seems to be on its way back, according to a new study that cites a recent surge of inventory.

The city's depleted rental inventory in December rose for the second straight month, StreetEasy found, meaning that increased demand for apartments is no longer driving up prices.

Rental inventory in New York City rose 2.6 percent and 1.5 percent in the past two months, which was the first time it did since May 2021, the study found.

"However, current inventory levels are still too low to deliver meaningful relief to NYC renters," the study states. "Typical asking rents declined slightly by 0.2% month-over-month to $3,331 in December, based on the StreetEasy Rent Index, but were still up 14% from a year ago."

In comparison, asking rents across the nation were up 7.4 percent over the year, according to the study.

Another catch for Queens renters, according to the study, is that landlords in Queens are offering the lowest share of concessions—or rent discounts or adjustments — when compared to the rest of the city. In December, 13.9% of Queens rental listings advertised concessions on StreetEasy, whereas in Manhattan, 15.8% of listings offered at least one month of free rent.

However, rising inventory, along with such price cuts and concessions, are signs of a long-awaited reprieve for renters, according to the study.

"While still close to an all-time high, asking rents will continue to decline this year as the rental market continues to rebalance," the study states. "At a minimum, renters can expect a less competitive rental market this spring and summer compared to 2022."

Read the full StreetEasy study here.