Matrix Multifamily Queens Report-September 2022 September 30, 2022

Queens Rent Growth Cools Despite Strong Demand

Queens’ multifamily rent growth slowed to 0.2 percent on a T3 basis, reaching $2,820 in July, although occupancy climbed to 98.3 percent, hinting at strong levels of demand. Developers brought 2,204 units online, accounting for 2.1 percent of existing inventory.