Rental Markets Across Major Cities Experience Fluctuations in Prices

Queens has become the most competitive rental market in New York City, with an average listing receiving 133% more inquiries compared to May 2019. The borough's neighborhoods, such as Astoria, Long Island City, and Sunnyside, are closer to Manhattan and offer more space at a lower rate than Brooklyn. However, rents are rising, with the borough-wide asking rent rising 12% year-over-year to $2,800 in May, setting another record high for the second consecutive month. With demand high and the number of apartments low, competition is fierce.