Opening of Hunters Point South Drives LIC Rents Down, Expert Says
(DNAINFO) Jeanmarie Evelly — Rents in the neighborhood dipped slightly this summer, a new report says — likely driven by a surge in new apartments hitting the market, including the opening of the affordable complex atHunters Point South.
Rent prices in Long Island City during the third quarter of the year averaged $3,123, down nearly 3 percent from $3,207 the previous quarter, according to a market report released by realty firm Modern Spaces.
The drop was even more marked when looking specifically at luxury apartments in Long Island City: according to the report, the average rent for luxury units was $3,979 this quarter, compared to $4,290 this spring and $4,029 during the first three months of the year.