FOREST HILLS, QUEENS – The asking price for a home in Forest Hills rose between March and April of this year, while rents remained flat between the two months, according to a new study released by StreetEasy, reflecting a gradual rebound in the market housing in New York. .
The study, who broke down the city’s real estate market by neighborhood, found that people were asking $ 435,000 for homes in Forest Hills in April 2021, compared to March of this year, while the median asking price in the neighborhood was $ 430,000. Over the two months, the median asking rent price in the neighborhood remained stable at $ 1,950.
These stable results coincide with the first time in 12 consecutive months that rent has not dropped precipitously across the city – the city-wide median rent rose to $ 2,499 in April, $ 4 more than in March.
In Forest Hills, where rents have fallen throughout the pandemic, monthly rent stability indicates a gradual return to pre-pandemic normal.
In addition, the increase in asking prices for homes in the neighborhood – and in other suburban neighborhoods of the borough – reflects a continuing trend in New Yorkers’ interest in moving from more densely populated areas of the borough. town to single family homes outside. boroughs in the midst of the pandemic.
However, StreetEasy economist Nancy Wu warned that New York was “not yet on a solid footing” when it came to stabilizing rents, citing high unemployment, a large number of empty apartments and the probable persistence of working from home, which could disrupt the geography of the city.
Queens experienced the most significant rent increase in the entire city, and the rental stock open in the borough continued to climb as the number of open rentals declined across the city.
In the Borough of the World, the median asking rent rose by $ 50 last month to $ 2,050, and there were in fact 14 more units open in April from the record high in August.
While a high number of available rentals could signal an overall drop in rents – as was the case last year – the simultaneous increase in rents and available units in Queens indicates a different phenomenon.
When Patch spoke to Matthew Murphy, executive director of the NYU Furman Center, about rent changes in March, he pointed out that rents have gone up and down in the borough in trends largely segmented by race and income.
While rents have fallen in some of the borough’s affluent and predominantly white neighborhoods, they have increased in some areas of central Queens, which are among the hardest hit by the pandemic throughout the city – a trend that has persisted in Queens, and the city as a whole in the midst of the pandemic.
According to Murphy, these low-income households then ended up in neighborhoods where “registered rents increased” because “demand remained high,” he explained, adding that “given this segmentation, low-income households do not see the benefit of rent. decreases. “
This trend did not fully dissipate in April, as rents continued to rise in hard-hit neighborhoods including Flushing and The Rockaways, while falling 15% in high-income neighborhoods like Astoria and Long Island City. .