QUEENS, NY – Borough President Melinda Katz stated the following in response to a report by StreetEasy released today on 2015-2016 New York City housing market trends, which projects a “surge of new demand” in Queens. Five of New York City’s top 10 hottest neighborhoods projected to see the greatest increase in housing demand in 2016 are in Queens, including Jamaica, Jamaica Estates, Woodside, Elmhurst and Kew Gardens Hills. The ranking is based on StreetEasy’s Hot Markets Index, which ranks neighborhoods based on changes in asking rent, asking sales price and population.
“Demand and value continue to rise in Queens,” said Borough President KATZ. “It is of no surprise that Queens’ neighborhoods will lead among the City’s hottest markets. The strong growth is a testament to the borough’s appeal, especially for families. While the growth is necessary and encouraged, the challenge for government will be to aggressively expand affordable housing stock to meet the ever-growing demand. When we do, however, it must be done right.”
For Jamaica, StreetEasy attributed its rise to a number of favorable factors, including “a healthy growth in population since 2011, strong growth in interest among buyers and renters, comparatively low prices and convenient access to the New York City subway and Long Island Rail Road systems. What is true in Jamaica is also true in greater Queens. Strong competition in Manhattan and the Prospect Park submarket of Brooklyn may push more buyers to Queens, but there is a pull factor as well. Relatively lower prices, easy access to large job centers in Midtown Manhattan and Long Island City, and more living space for families will pull more New York buyers and renters towards Queens in 2016.”
In Q2 of 2015, Borough President Katz and Mayor de Blasio’s administration launched the “Jamaica Now Action Plan”, a blueprint for economic growth and development in Jamaica, including a holistic 21-point plan for the revitalization and growth of Jamaica, Queens into a thriving residential and commercial neighborhood. The Jamaica Now Leadership Council, a new group charged by Borough President Katz to oversee and evaluate efforts to unleash Jamaica’s vast potential for economic growth, now meets regularly at Borough Hall.
In 2015, Queens experienced the highest growth in home sales prices and the second highest growth in rental prices across the five boroughs, according to StreetEasy. For 2016, StreetEasy projects a cooling in both sales and rental markets throughout the city, including Queens. The full report is available online at streeteasy.com/blog/streeteasy-2016-nyc-housing-predictions.
In the past year, Queens has been increasingly recognized and ranked as a destination, including Condé Nast Traveler, MSNMoney’s Top 15 “Hottest American Cities for 2015”, and Lonely Planet’s “#1 Best in the US 2015”.