{"id":5680,"date":"2023-02-25T11:58:00","date_gmt":"2023-02-25T11:58:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5680"},"modified":"2023-09-12T19:50:21","modified_gmt":"2023-09-12T19:50:21","slug":"queens-multifamily-market-report-january-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-january-2023\/","title":{"rendered":"Queens Multifamily Market Report \u2013 January 2023"},"content":{"rendered":"<h2>Good Run Despite Seasonal Slowdown<\/h2>\n<p>The Queens multifamily market saw <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-september-2022\/\">demand maintain relatively strong levels this year<\/a><\/strong>. Overall, rents were up by 0.6% on a trailing three-month basis through November, 70 basis points above the U.S. rate, to $2,883. Steady demand, mostly in the upscale segment, resulted in occupancy growth, even as the rate fell across most of the country. In the 12 months ending in October, Queens\u2019 occupancy rate climbed 30 basis points, to a strong 98.7%.<\/p>\n<p><iframe id=\"datawrapper-chart-P08NN\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Queens vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/P08NN\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\n<\/script><\/p>\n<p>New York City employment expanded by 5.8% in the 12 months ending in September, with 359,200 jobs added. This was 160 basis points higher than the U.S. rate of growth. Meanwhile, unemployment clocked in at 5.9% as of October, according to preliminary data from the Bureau of Labor Statistics. Professional and business services led growth in the city, with 83,200 jobs added, representing a 7.5% expansion. Statewide, job growth will likely be impacted by Micron\u2019s historic $100 billion investment in a new semiconductor plant in Syracuse. An initial $20 billion is projected to be invested by the end of the decade. Following completion, the factory is expected to generate more than 9,000 permanent positions, as well as about 40,000 jobs during development.<\/p>\n<p><iframe id=\"datawrapper-chart-ywtvA\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Queens Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/ywtvA\/1\/\" height=\"583\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\n<\/script><\/p>\n<p>Construction activity maintained a positive trend since 2020. In 2022 through November, Queens added 2,343 units, or a 2.2% expansion of existing stock, 20 basis points higher than the U.S. rate. The borough had an additional 10,764 units underway.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3361-MatrixMultifamilyQueensReport-January2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily Queens Report-January 2023<\/strong><\/a><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Good Run Despite Seasonal Slowdown The Queens multifamily market saw demand maintain relatively strong levels this year. Overall, rents were up by 0.6% on a trailing three-month basis through November, 70 basis points above the U.S. rate, to $2,883. Steady demand, mostly in the upscale segment, resulted in occupancy growth, even as the rate fell [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,474],"class_list":["post-5680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","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 \u2013 January 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"NYC\u2019s largest borough maintained a good pace, with rents up 7.2% YoY, to $2,883 as of November, 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