You are reading

Long Island City ranks among top NYC areas with fastest growing rental inventory: report

The Long Island City waterfront (Photo via Getty Images)

Sept. 15, 2023 By Ethan Marshall

According to StreetEasy’s August 2023 market report, Long Island City experienced the eighth-fastest growth in rental inventory compared to 2019 in all of New York City. It was the only part of Queens to place in the top 10.

According to the report, Long Island City experienced a year-over-year inventory growth of 31%, to 857 rentals. The median asking rent increased by 3.9%, to $4,259. Many rental units in Long Island City are located within modern buildings containing sought-after amenities. Amenity-rich rentals make up 41% of the inventory.

The asking rent experienced a 11% year-over-year increase across Queens, to $2,900 in August. In addition to Long Island City, other northwestern Queens neighborhoods like Astoria and Sunnyside led the way. The median asking rent in the three neighborhoods rose 6.3% year-over-year to $3,400, as renters who prioritize an easy commute to Manhattan look to these areas.

Queens as a whole is experiencing the biggest inventory shortage out of all the boroughs. Average listings in Queens received 76.6% more inquiries last August compared to Aug. 2019, marking the largest increase among the boroughs. Rental inventory rose 4.2% year-over-year to 4,467. However, current levels are still too low compared to the amount of demand. The total number of inquiries on Queens listings last August was up 80% from 2019, but the number of rentals on the market was down 10.4%.

email the author: news@queenspost.com
No comments yet

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.


The reCAPTCHA verification period has expired. Please reload the page.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Arsenal of ghost guns and thousands of rounds seized during Rockaway Park raid: DA

A Rockaway Park man was criminally charged with a slew of crimes after an arsenal of more than 30 firearms, including ghost guns and assault weapons, was uncovered along with thousands of rounds of ammunition and other weapons-related paraphernalia were seized during a raid at his home on Beach 117th Street on Wednesday.

Ryszard Materna, 51, was arraigned Thursday before Queens Criminal Court Judge Germaine Auguste on a 281-count complaint after a long-term investigation into his purchase of polymer-based firearm components that can easily be assembled into operable weapons, known as ghost guns.