Queens Rental Market Heats Up As Sales Inventory Declines
Throughout the New York City residential market, available properties for sale are at an all-time low. Driven by low interest rates, increased confidence in the economy, and pent-up demand, agents are reporting a strong seller’s market. Properties in ideal locations that have been renovated are typically subject to multiple bids, and buyers who hesitate are losing out. In Queens, the trend is particularly pronounced.
As a result, an increasing number of property owners – responding to supply and demand – are holding on to their homes and investment properties with the expectation that prices will continue to increase, driving a very strong rental market.
According to Vincent Koo, Broker/Owner of Exit Kingdom Realty in Forest Hills, “Rentals continue to be a substantial part of our business. Many of our home buyers today have successfully rented with our firm for years.”
In Forest Hills, one of the most desirable Queens neighborhoods, encompassing 2.5 square miles and with easy access to Manhattan, seventy-six apartments and houses are for rent.
“We currently have 1123 properties for rent throughout Queens, an all-time high,” said Mr. Koo. These range from a house for rent to a one-bedroom in a luxury high-rise. Price varies according to location, with proximity to the subway a key factor.
For anyone in the market for a rental, now is the best time. From condos to co-ops to full houses, the Queens market offers a wide range of choices for all budgets.
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I am a professional real estate agent working in Queens, and I have helped sellers and buyers in Queens and Long Island. I have also served as the president of a co-op board in Forest Hills.
I have lived in Queens my entire life, and I’ve had a successful career in public relations and sales, including more than 5 years as a licensed real estate salesperson. I offer a thorough knowledge of the communities I serve, including their schools, transportation systems, entertainment and shopping, and most importantly, available houses and apartments. I am well-versed in the exceptional training and preparation that sets Exit Kingdom Realty apart from its competitors. Market knowledge, consistent follow-up, enthusiasm, and high energy are the hallmarks of my selling style.