QUEENS RENTAL MARKET REPORT
QUEENS RENTAL MARKET REPORT ARCHIVE
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introduction
THE AVERAGE RENT IN QUEENS HAS INCREASED THIS MONTH.
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CHANGE
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$2,919JULY 2024
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$2,926AUGUST 2024
A QUICK LOOK
Through August, the average rental price in Queens increased by 0.21%, from $2,919 to $2,926. The average rental price for a studio increased by 0.39%, from $2,363 to $2,372. The average rental price for a one-bedroom unit decreased by 0.19%, from $2,844 to $2,839. The average rental price for a two-bedroom unit increased by 0.42%, from $3,551 to $3,566.
Out of the eleven neighborhoods tracked by this report, eight saw their average rental prices increase month-over-month. The remaining areas decreased this month.
- Long Island City: +1.65%
- Astoria: +1.54%
- Ridgewood: +0.93%
- Flushing: +0.51%
- Rego Park: -4.63%
- Forest Hills: +5.58%
- Jackson Heights: -2.47%
- Jamaica: +1.74%
- Woodside/Maspeth: +1.26%
- Elmhurst: +1.35%
- Sunnyside: -5.32%
The most expensive studio, one-bedroom and two-bedroom units by average price were all in Long Island City, while the most affordable studio units were in Flushing. The most affordable one-bedroom units were in Jackson Heights; and the most affordable two-bedroom units were in Elmhurst.
Year-over-year, studio, one-bedroom and two-bedroom rental prices are up by 5.92%, 3.73%, and 4.41%, respectively, with an overall increase of 4.07%.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Long Island City $3,464 | Flushing $1,795 |
| One bedrooms | Long Island City $4,223 | Jackson Heights $2,359 |
| Two bedrooms | Long Island City $5,975 | Elmhurst $3,006 |
WHERE PRICES DECREASED
ASTORIA
Studios -0.6%
RIDGEWOOD
Two-Bedroom -0.1%
REGO PARK
Studios -0.8%
One-Bedroom -7.7%
Two-Bedroom -4.9%
JACKSON HEIGHTS
Studios -6.1%
One-Bedroom -1.2%
Two-Bedroom -1.1%
JAMAICA
One-Bedroom -2.3%
Two-Bedroom -1.9%
WOODSIDE / MASPETH
One-Bedroom -4.2%
ELMHURST
Studios -1.8%
SUNNYSIDE
Studios -14.0%
Two-Bedroom -3.9%
WHERE PRICES INCREASED
LONG ISLAND CITY
Studios 2.3%
One-Bedroom 1.9%
Two-Bedroom 1.1%
ASTORIA
One-Bedroom 0.3%
Two-Bedroom 4.1%
RIDGEWOOD
Studios 1.3%
One-Bedroom 1.7%
FLUSHING
Studios 1.1%
One-Bedroom 0.4%
Two-Bedroom 0.3%
FOREST HILLS
Studios 10.1%
One-Bedroom 5.7%
Two-Bedroom 2.9%
JAMAICA
Studios 13.0%
WOODSIDE / MASPETH
Studios 1.0%
Two-Bedroom 6.4%
ELMHURST
One-Bedroom 4.1%
Two-Bedroom 1.5%
SUNNYSIDE
One-Bedroom 0.3%
QUEENS AVERAGE PRICE
QUEENS AVERAGE PRICE
QUEENS AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
QUEENS RENTS: AUGUST 2023 VS. AUGUST 2024
| TYPE | AUGUST 2023 | AUGUST 2024 | CHANGE |
|---|---|---|---|
| Studios | $2,240 | $2,372 | 5.92% |
| One bedrooms | $2,737 | $2,839 | 3.73% |
| Two bedrooms | $3,415 | $3,566 | 4.41% |
QUEENS PRICE TRENDS
ASTORIA PRICE TRENDS
THROUGH AUGUST, THE AVERAGE RENTAL PRICE IN ASTORIA INCREASED BY 1.54%.
ELMHURST PRICE TRENDS
THE AVERAGE RENTAL PRICE IN ELMHURST INCREASED BY 1.35% SINCE LAST MONTH.
FLUSHING PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN FLUSHING SLIGHTLY INCREASED BY JUST 0.51%.
FOREST HILLS PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN FOREST HILLS INCREASED BY 5.58%.
JACKSON HEIGHTS PRICE TRENDS
THROUGH AUGUST, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS DECREASED BY 2.47%.
JAMAICA PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN JAMAICA INCREASED BY 1.74%.
LONG ISLAND CITY PRICE TRENDS
THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY INCREASED BY 1.65% SINCE LAST MONTH.
REGO PARK PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN REGO PARK DECREASED BY 4.63%.
RIDGEWOOD PRICE TRENDS
THE AVERAGE RENTAL PRICE IN RIDGEWOOD SLIGHTLY INCREASED BY JUST 0.93% SINCE LAST MONTH.
SUNNYSIDE PRICE TRENDS
THROUGH AUGUST, THE AVERAGE RENTAL PRICE IN SUNNYSIDE DECREASED BY 5.32%.
WOODSIDE/MASPETH PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN WOODSIDE / MASPETH INCREASED BY 1.26%.
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.
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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.
