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Long Island City rents slip for a third month as new supply lands
Two free months are now common on new leases in the largest buildings.
Long Island City · 3 h ago · Based on 4 documents
AreaLong Island City
Key facts
Asking rents down for three months
About 2,300 new apartments this year
Vacancy highest since 2021
Up to two months of free rent
1Long Island City from above. Pin 1 marks the new towers along Jackson Avenue.
Imagery: USDA NAIP
Rents in Long Island City slipped again in October, the third monthly fall in a row, as another 2,300 apartments reached the market this year. Two towers on Jackson Avenue are now offering up to two months free on new leases.
The rent rolls show the same order in each building. The newest towers cut asking rents first. Older rentals nearby have held their prices, which has narrowed the gap between them. The city lists more deliveries scheduled for next year.
2 months
Free rent now offered on new leases in the largest towers
Rents have slipped for three straight months.
Chart: Matchai News. Data: source 1
Where the cuts are
Rent rolls filed with the city show concessions rising in buildings completed since 2023. Asking rents have fallen more slowly than net rents.
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Still in this story
The buildings offering the most
What the rent rolls show in return
The buildings that have not cut at all
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Sources
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