{"id":1041,"date":"2021-05-21T09:47:38","date_gmt":"2021-05-21T09:47:38","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1041"},"modified":"2023-09-12T15:09:36","modified_gmt":"2023-09-12T15:09:36","slug":"queens-multifamily-market-report-spring-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-spring-2021\/","title":{"rendered":"Queens Multifamily Market Report &#8211; Spring 2021"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Hardships Continue In Queens<\/h2>\n\n\n\n<p>As was the case for most gateway markets, the outbreak of the coronavirus pandemic resulted in sharp rent drops across New York City boroughs. And while nationwide rents were up 0.3% on a trailing three-month (T3) basis through March to $1,407, Queens is yet to see an uptick. As of March, the metro\u2019s average rates were down 0.6% to $2,427, while year-over-year they decreased 9.4%. Meanwhile, the occupancy rate in stabilized communities dropped 130 basis points year-over-year through February to 97.6%.<\/p>\n\n\n\n<p>New York City employment shrank 11.4% in 2020, entailing a loss of more than 750,000 positions, with all sectors in the negative territory. As with the bulk of U.S. metros, COVID-19 restrictions translated into sharp declines for the leisure and hospitality sector, which shed almost 300,000 jobs.<\/p>\n\n\n\n<p>The number of completed units in the 12 months ending in March nosedived 80.9% to 406 units from the previous 12 months, marking a five-year low. Additionally, transaction volume for communities of more than 50 units totaled less than $50 million in the 12 months ending in March, representing a decrease of more than 60% year-over-year. By the end of the year, Yardi Matrix expects the overall average New York City rent to increase 2.2%.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1255-MatrixMultifamilyQueensReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily Queens Report-Spring 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Hardships Continue In Queens As was the case for most gateway markets, the outbreak of the coronavirus pandemic resulted in sharp rent drops across New York City boroughs. And while nationwide rents were up 0.3% on a trailing three-month (T3) basis through March to $1,407, Queens is yet to see an uptick. As of March, [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,474],"class_list":["post-1041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","tag-queens"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Queens Multifamily Market Report - Spring 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Queens rents were down 0.6% on a trailing three-month basis through March to $2,427.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Queens Multifamily Market Report - Spring 2021\" \/>\n<meta property=\"og:description\" content=\"Queens rents were down 0.6% on a trailing three-month basis through March to $2,427.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-21T09:47:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T15:09:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/05\/Queens-Matrix-Report-iStock-1293466748.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Razvan Cimpean\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Queens Multifamily Market Report - Spring 2021 - Yardi Matrix Blog","description":"Queens rents were down 0.6% on a trailing three-month basis through March to $2,427.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-spring-2021\/","og_locale":"en_US","og_type":"article","og_title":"Queens Multifamily Market Report - Spring 2021","og_description":"Queens rents were down 0.6% on a trailing three-month basis through March to $2,427.","og_url":"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-spring-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-05-21T09:47:38+00:00","article_modified_time":"2023-09-12T15:09:36+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/05\/Queens-Matrix-Report-iStock-1293466748.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Razvan Cimpean","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-spring-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-spring-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Queens Multifamily Market Report &#8211; 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