QUEENS RENTAL MARKET REPORT

Queens infographics

QUEENS RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN QUEENS HAS INCREASED THIS MONTH.

  • 1.6%
    CHANGE
  • $2,299.17
    SEPTEMBER 2019
  • $2,335.28
    OCTOBER 2019

A QUICK LOOK

queens

Over the last month, the average rental price in Queens increased by 1.57%, from $2,299.17 to $2,335.28. The average rental price for a studio unit increased by 2.61%, from $1,856.67 to $1,905.16. The average rental price for a one-bedroom unit increased by 1.03%, from $2,237.48 to $2,260.64. The average rental price for a three-bedroom unit remained virtually unchanged, decreasing slightly from $2,803.35 to $2,803.28. Year-over-year, studio rental rates are up 3.69%, while one and two-bedroom units saw their average prices increase by 5.15% and 1.18%, respectively. Out of the seven neighborhoods tracked by this report, three experienced some type of price contraction this past month: Long Island City (-0.40%), Flushing (-1.44%), and Forest Hills (-3.13%). On a by-neighborhood basis, studio units performed the best with pricing falling in only two tracked neighborhoods: Flushing (-3.06%) and Forest Hills (-3.98%). This past month, the most expensive studio, one-bedroom, and two-bedroom units were all in Long Island City. The least expensive studio and one-bedroom units could be found in Flushing, while the least expensive two-bedroom units were in Ridgewood.

NOTABLE TRENDS

queens
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Long Island City $2,766 Flushing $1,609
One bedrooms Long Island City $3,394 Jackson Heights $1,901
Two bedrooms Long Island City $4,411 Ridgewood $2,283

WHERE PRICES DECREASED

price_down_icon

LONG ISLAND CITY

One-Bedroom -0.1%

Two-Bedroom -1.1%

RIDGEWOOD

Two-Bedroom -4.1%

FLUSHING

Studios -3.1%

One-Bedroom -1.7%

Two-Bedroom -0.2%

FOREST HILLS

Studios -4.0%

One-Bedroom -2.0%

Two-Bedroom -3.5%

WHERE PRICES INCREASED

price_up_icon

LONG ISLAND CITY

Studios 0.3%

ASTORIA

Studios 1.5%

One-Bedroom 1.6%

Two-Bedroom 0.4%

RIDGEWOOD

One-Bedroom 2.2%

REGO PARK

Studios 4.2%

One-Bedroom 7.0%

Two-Bedroom 8.7%

JACKSON HEIGHTS

Studios 1.3%

One-Bedroom 0.9%

Two-Bedroom 0.4%

QUEENS AVERAGE PRICE

QUEENS AVERAGE PRICE

QUEENS AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
3.71%
0.82%
0.53%
Astoria
Flushing
Forest Hills
0.88%
6.63%
Jackson Heights
Long Island City
4.16%
8.83%
Rego Park
Ridgewood

YEAR OVER YEAR Price change

QUEENS RENTS: OCTOBER 2018 VS. OCTOBER 2019

price changes
TYPE OCTOBER 2018 OCTOBER 2019 CHANGE
Studios $1,837 $1,905 3.69%
One bedrooms $2,150 $2,261 5.15%
Two bedrooms $2,771 $2,803 1.18%
QUEENS

CARRYING OVER MOMENTUM FROM LAST MONTH, THE AVERAGE RENTAL PRICE IN ASTORIA INCREASED BY 1.10% THROUGH OCTOBER.

ASTORIA

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN FLUSHING FELL BY 1.44%.

FLUSHING

CONTINUING THE TREND THAT EMERGED LAST MONTH, THE AVERAGE RENTAL PRICE IN FOREST HILLS FELL BY 3.13% THROUGH OCTOBER.

FOREST HILLS

DURING OCTOBER, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS INCREASED BY 0.82%.

JACKSON HEIGHTS

REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY FELL BY JUST 0.40%.

LONG ISLAND CITY

FOLLOWING A LARGER-THAN-NORMAL DROP IN PRICING LAST MONTH, THE AVERAGE RENTAL PRICE IN REGO PARK INCREASED BY 6.96% THROUGH OCTOBER. THIS INCREASE COINCIDES WITH THE RE-INTRODUCTION OF LUXURY UNITS FROM NEWER BUILDINGS IN THE AREA.

REGO PARK

DUE TO LACK OF STUDIO INVENTORY IN THE AREA, THE AVERAGE RENTAL PRICE IN RIDGEWOOD INCREASED BY 8.98%. MOVING FORWARD, THIS PRICE CAN BE EXPECTED TO ADJUST AS STUDIO UNITS RE-ENTER THE MARKET.

RIDGEWOOD

THE REPORT EXPLAINED

THE QUEENS RENTAL MARKET REPORT COMPARES FLUCTUATION IN THE CITY’S RENTAL DATA ON A MONTHLY BASIS. IT IS AN ESSENTIAL TOOL FOR POTENTIAL RENTERS SEEKING TRANSPARENCY IN THE QUEENS APARTMENT MARKET AND A BENCHMARK FOR LANDLORDS TO EFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN QUEENS.

The Queens Rental Market Repor TM is based on a cross-section of data from available listings and priced under $10,000, with ultraluxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specifc mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).

Author: MNS has been helping Queens landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help.

Contact Us Now: 718-222-0211
Note: All market data is collected and compiled by MNS’s marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice. If you would like to republish this report on the web, please be sure to source it as the “Queens Rental Market Report” with a link back to its original location.

HTTP://WWW.MNS.COM/QUEENS_ RENTAL_MARKET_REPORT

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