Matrix Multifamily Queens Report-Spring 2021 May 18, 2021

Queens continues to face hardships

Queens rents were down 0.6% on a trailing three-month basis through March to $2,427. Development has also tanked: the number of completed units in the 12 months ending in March dropped 80.9% to 406 units from the previous 12 months, marking a five-year low.