The Real Deal New York

That didn’t last long: concessions in Queens are going back up

Amount of deals with concessions in the borough rose after dropping for two consecutive months
By Eddie Small | October 11, 2018 07:00AM

Long Island City (Credit: iStock)

After a two-month break, concessions in Northwest Queens are on the rise once again.

The market share of concessions in the borough had dropped for two months in a row in July and August, but it was back up in September, according to the latest report from Douglas Elliman.

The amount of deals with concessions in the area rose from 42.8 percent to 55.6 percent year over year, while the size of the concession went up from 1.1 months to 1.4 months.

Despite the concession increase, net effective median rents still rose by 2.6 percent to hit $2,788. The number of new leases in Queens rose for the third month in a row, hitting 313 for a 13.4 percent year-over-year increase, and units spent 23 days on the market, down 23.3 percent from last September.

Listing inventory in Northwest Queens dropped 15.5 percent to 436.

In Brooklyn, the market share of concessions continued to rise year over year for the 32nd month in a row. It hit 43.1 percent in September, up from 20.3 percent a year ago. The size of concessions went up slightly as well, going from 1.3 months to 1.4 months.

Net effective median rent in the borough dropped for the ninth time in the past 10 months, but the drop was just 0.5 percent to hit $2,744. The number of new leases also dropped, hitting 1,189 for a 0.7 percent decline, and the listing inventory dropped 23.8 percent to hit 1,880.

Listings in Brooklyn spent an average of 26 days on the market, down from 41 this time last year.