Queens Multifamily Report – May 2022
The borough's recovery is well underway.
Queens rent evolution, click to enlarge
New York City’s largest borough started 2022 with promising multifamily fundamentals. The average rent in the borough increased 30 basis points on a trailing three-month (T3) basis through March, to $2,768. While the average rate remained well above the $1,642 U.S. figure, growth trailed the nation’s 0.7 percent pace of growth. Lifestyle properties recorded a 60-basis-point increase to $3,658, while the Renter-by-Necessity rate remained flat, at $2,151.
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Queens sales volume and number of properties sold, click to enlarge
New York City’s unemployment rate dropped to its lowest point since the onset of the health crisis at 5.1 percent, according to preliminary February data from the Bureau of Labor Statistics. In the 12 months ending in February, NYC added 389,600 jobs for a 5.4 percent expansion, 70 basis points above the national average. Leisure and hospitality continued to drive job growth, with 155,400 positions added for a 39.5 percent increase. At the beginning of March, Mayor Eric Adams announced the completion of a $50 million sewage and water main overhaul in southeast Queens meant to alleviate flooding damage in the area.
Developers completed 781 units across the borough in the first quarter of 2022. After plummeting in 2020 from a decade high of 3,782 units in 2019, construction activity picked up momentum in 2021, with 1,186 units added to the inventory. As of March, Queens had 10,741 units under construction.
