{"id":6040,"date":"2023-06-27T13:31:40","date_gmt":"2023-06-27T13:31:40","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6040"},"modified":"2024-03-12T16:06:05","modified_gmt":"2024-03-12T16:06:05","slug":"queens-multifamily-market-report-may-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-may-2023\/","title":{"rendered":"Queens Multifamily Market Report \u2013 May 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/queens-multifamily-market-report\/\">Queens Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Quality Segment Split Makes for Odd Mix<\/h2>\n<p>A slowing economy and other woes have <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/queens-multifamily-market-report-january-2023\/\">affected the borough\u2019s high-end rental sector<\/a><\/strong>, exacerbating the divide between quality segments. Overall, Queens rents were down 0.7% on a trailing three-month basis, to an average of $2,788, while U.S. figures plateaued. The metro\u2019s slide was due to a sharp 1.4% drop in the Lifestyle segment, while Renter-by-Necessity rates saw a 0.1% uptick. Occupancy was still very tight, at 98.7%, following a trend-bucking, 10-basis-point increase year-over-year, showcasing New York City\u2019s enduring multifamily appeal.<\/p>\n<p><iframe id=\"datawrapper-chart-Z3Z8C\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Queens vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/Z3Z8C\/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(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>New York City employment saw steep losses during the pandemic, and the market has been striving to recover the jobs lost. New York City added 289,500 positions in 2022, for a 5.0% uptick, outperforming the 3.7% national rate. No sector lost jobs last year, as strong gains in education and health services and leisure and hospitality provided boosts. Spanning five city blocks, Innovation QNS is one of the largest development projects in the metro, set to take shape in Astoria.<\/p>\n<p><iframe id=\"datawrapper-chart-QXfoU\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Queens Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/QXfoU\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Transaction activity has been limited, with only $640 million in rental assets trading in the borough since 2019, $340 million less than 2018\u2019s total. Development rebounded after a tough stint during the early days of the pandemic, with 2,517 units delivered in 2022. Another 11,628 apartments were under construction in Queens as of March.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3929-MatrixMultifamilyQueensReport-May2023\">Matrix Multifamily Queens Report-May 2023<\/a><\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>Quality Segment Split Makes for Odd Mix A slowing economy and other woes have affected the borough\u2019s high-end rental sector, exacerbating the divide between quality segments. Overall, Queens rents were down 0.7% on a trailing three-month basis, to an average of $2,788, while U.S. figures plateaued. The metro\u2019s slide was due to a sharp 1.4% [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6041,"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-6040","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 May 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Already the cheaper alternative to nearby Brooklyn and Manhattan, Queens saw rents decrease 0.7% on a T3 basis as of March.\" \/>\n<meta name=\"robots\" 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