AI summary
Summary of article:
Competition for rental housing in Queens, New York is increasing, with an average of 11 people competing for a vacant room, which is rented within 37 days. At the same time, rents in New York City have reached a new high, and North Jersey is even more competitive than Queens due to its higher lease renewal rates.
Want to live in New York, according to the New York Postqueens Renting a house is probably becoming more difficult now. The latest report shows competition in the rental market in Queens continues to grow, with the ranking of large rental housing markets in the United States rising 10 places to 22nd. There is an average of 11 people per vacant apartment in the area.Tenant Due to competition, vacant houses are usually rented out in less than 40 days, making finding a home even more difficult.brooklyn (Brooklyn).
A rental competitiveness report released in October by real estate data company RentCafe showed that there are currently an average of 11 potential tenants competing for every vacant apartment in Queens, which has an occupancy rate of 95.2%. Vacant apartments are rented out on average only 37 days, indicating that the local rental market is quite tight.
Vacancy time in Queens has also decreased significantly, from about 44 days in the summer of 2025 to 37 days this year. Although the lease renewal rate declined slightly, the rapid rental of housing units increased Queens’ rental competitiveness score by 2.6 points.
In terms of rent, rental costs in New York City also continue to rise. The average asking rent reached a record high of $3,785 in the third quarter, up 4.5% from the same period last year, with rents in Manhattan, Brooklyn and Queens seeing annual increases.
It’s worth noting that North Jersey, which was originally considered a rental option by many New Yorkers, is now even more competitive than Queens. The report shows that among large rental markets in the United States, North Jersey ranked 18th, Queens ranked 22nd, and Brooklyn ranked 26th.
There are an average of 10 tenants competing for every vacant apartment in North Jersey, and the occupancy rate is near 95%. Approximately 71% of existing tenants choose to renew their leases, resulting in a limited number of apartments being released onto the market.
Doug Ressler, business intelligence manager for Yardi Matrix, told the New York Post that the North Jersey rental market is highly competitive. The main reason is not a sudden increase in people looking for apartments, but a lower proportion of existing tenants moving out, resulting in less rental property available.
In contrast, rental competition has decreased in Brooklyn. The local ranking dropped from seventh in the country to 26th. On average, there are about 10 tenants competing for each vacant apartment. The occupancy rate dropped from about 95.9% to 94.6%. It takes an average of 39 days to rent an apartment.
However, less rental competition in Brooklyn doesn’t necessarily mean rents have declined. Local leasing activity in September reached its hottest record since 2020, with average rents still 5% higher than the same period last year, and the number of available rental properties down 25%.
The report shows that North Jersey has a rental competitiveness score of 78 points (out of 100 points), slightly higher than Queens’ 77.3 points and Brooklyn’s 76.4 points.
Ressler said it is still possible to gain an advantage in terms of rent or living space by moving across the Hudson River to New Jersey, but there is no guarantee that finding a home will be easier than living in New York City.
Summary FAQ
-
There are an average of 11 tenants competing for every vacant apartment in Queens, which has an occupancy rate of 95.2%, RentCafe reports. Vacant apartments are rented out in an average of only 37 days, which shows that the market is quite tight.
-
The average asking rent in New York City reached a record high of $3,785 in the third quarter, up 4.5% from the same period last year. Manhattan, Brooklyn and Queens all saw year-over-year rent increases.
-
The problem in North Jersey is not that the number of people looking for housing is increasing, but rather that the proportion of existing tenants renewing their leases is too high. About 71% chose to renew their leases, resulting in fewer newly released homes and therefore more competition than in Queens.
