Queens Multifamily Report – September 2022
Despite crosswinds, the borough's rental market has come a long way.
New York City’s largest borough recorded mixed results during the first seven months of the year, but overall demand for multifamily remains elevated. Rates in Queens grew 0.2 percent on a trailing three-month (T3) basis through July, to $2,820. Rent development in the borough was 80 basis points below the U.S. figure, but the overall rate remained far above the national average ($1,717). Meanwhile, occupancy in Queens increased by 10 basis points year-over-year, to 98.3 percent, well above the national figure (96.0 percent).
The unemployment rate in New York City reached 6.1 percent as of June, according to preliminary data from the Bureau of Labor Statistics. Over the 12 months ending in May, NYC added 403,000 jobs, a 5.8 percent expansion, registering above the national rate by 110 basis points. The city’s largest sectors, education and health services (up 3.8 percent), along with professional and business services (up 7.2 percent) recorded significant gains. Leisure and hospitality was still the sector with the most jobs recovered, at 139,200 (up 29.0 percent), while construction was the only sector that lost jobs—down 3,700 positions, or 1.4 percent.
Development activity remained elevated in Queens, with 8,798 units under construction as of July. A total of 2,204 units were completed during the first seven months of the year, representing a 2.1 percent expansion of stock. The borough had another 23,700 units in the planning and permitting stages.