Here's How Much Bayside Rents Dropped In 2020: Study

Maya Kaufman

BAYSIDE, QUEENS — The economic fallout of the coronavirus pandemic is driving down rents in Bayside, a new study found.

Rents in the neighborhood were down 6.3 percent in November compared to the same time last year, hitting a median asking rent of $2,000, according to StreetEasy's November 2020 Market Report.

Across Queens, rental prices dropped 5.7 percent in November compared to the same time in 2019.

The declines were notable for Queens, whose relatively stable population means housing metrics tend not to fluctuate as much as they do in other boroughs, where residents move around more, the StreetEasy report found.

Even the 2008 financial crisis did little to sway rents in Queens, reports said at the time.

"We expected the rental market to match the weakness seen during the Great Recession, but the fact that the market has surpassed that level in less than one year shows how serious the crisis caused by the pandemic has been," StreetEasy Economist Nancy Wu said.

Read the full StreetEasy report here.

This article originally appeared on the Bayside-Douglaston Patch