{"id":4930,"date":"2022-10-13T11:53:00","date_gmt":"2022-10-13T11:53:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4930"},"modified":"2023-09-13T05:06:52","modified_gmt":"2023-09-13T05:06:52","slug":"queens-multifamily-market-report-september-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-september-2022\/","title":{"rendered":"Queens Multifamily Market Report &#8211; September 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Queens Rent Growth Cools Despite Strong Demand<\/h2>\n\n\n\n<p>New York City\u2019s largest borough recorded mixed results during the first seven months of the year, but overall demand for multifamily remains elevated. <strong>Rates in Queens grew 0.2% <\/strong>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%, well above the national figure (96.0%).<\/p>\n\n\n\n<p>The<strong> unemployment rate in New York City reached 6.1%<\/strong> 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% expansion, registering above the national rate by 110 basis points. The city\u2019s largest sectors, education and health services (up 3.8%), along with professional and business services (up 7.2%) <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/queens-real-estate-market-trends-january-2022\/\">recorded significant gains<\/a><\/strong>. Leisure and hospitality was still the sector with the most jobs recovered, at 139,200 (up 29.0%), while construction was the only sector that lost jobs\u2014down 3,700 positions, or 1.4%.<\/p>\n\n\n\n<p><strong>Development activity remained elevated<\/strong> 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% expansion of stock. The borough had another 23,700 units in the planning and permitting stages.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/2805-MatrixMultifamilyQueensReport-September2022\">Matrix Multifamily Queens Report-September 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:44px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Queens Rent Growth Cools Despite Strong Demand New York City\u2019s 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% on a trailing three-month (T3) basis through July, to $2,820. Rent development in the borough was 80 basis points below [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[444,474],"class_list":["post-4930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2022","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 - September 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"New York City\u2019s largest borough recorded mixed results during the first seven months of the year, but overall demand for multifamily remains elevated.\" \/>\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-september-2022\/\" \/>\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 - September 2022\" \/>\n<meta property=\"og:description\" content=\"New York City\u2019s largest borough recorded mixed results during the first seven months of the year, but overall demand for multifamily remains elevated.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-september-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-13T11:53:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T05:06:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/10\/Queens-iStock-1388940291.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=\"Tudor Scolca-Seusan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Queens Multifamily Market Report - September 2022 - Yardi Matrix Blog","description":"New York City\u2019s largest borough recorded mixed results during the first seven months of the year, but overall demand for multifamily remains elevated.","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-september-2022\/","og_locale":"en_US","og_type":"article","og_title":"Queens Multifamily Market Report - September 2022","og_description":"New York City\u2019s largest borough recorded mixed results during the first seven months of the year, but overall demand for multifamily remains elevated.","og_url":"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-september-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-10-13T11:53:00+00:00","article_modified_time":"2023-09-13T05:06:52+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/10\/Queens-iStock-1388940291.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tudor Scolca-Seusan","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-september-2022\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-september-2022\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Queens Multifamily Market Report &#8211; 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