Queens
Rental Market Report

NOVEMBER 2018

Introduction

Over the last month, the average rent in Queens has decreased by 1.51%, from $2,252.66 to $2,218.60.

A QUICK LOOK

Over the last month, the average rental price in Queens decreased by 1.51%, from $2,252.66 to $2,218.60. The average rental price for a studio increased by 0.37%, from $1,837.41 to $1,844.13. The average rental price for a one-bedroom unit decreased by 2.37%, from $2,150.00 to $2,099.02. The average rental price for a two-bedroom unit decreased by 2.09%, from $2,770.58 to $2,712.65. Year- over-year, the average rental prices for studios and two-bedroom units were up by 1.90% and 0.63%, respectively. Meanwhile, the average rental price for a one-bedroom unit fell by 0.42% year-over-year. Overall, the average rental price in Queens is up 0.14% from this time last year.

Other than Ridgewood (+1.85%), every tracked neighborhood experienced a decrease in month-over- month rental pricing. Out of all analyzed unit types, studios performed the best on a month-over-month and per neighborhood basis with prices increasing in every neighborhood other than: Long Island City (- 0.90%), Astoria (-4.90%), and Jackson Heights (-1.53%). This past month, the most expensive neighborhood to rent in was Long Island City. The least expensive studios rentals were in Flushing, the least expensive one-bedroom rentals were in Jackson Heights, and the least expensive two-bedroom units were in Ridgewood.

Once again, Long Island City led the charge in terms of year-over-year price gains with the average rent in the neighborhood experiencing a 4.14% price growth from this time last year.

queens quick look 1 bed queens quick look 1 bed queens quick look 2 bed queens quick year over year change

• Adhering to typical rental market seasonality, the average rental price in Long Island City fell by 2.66% this past month.

long island city studio apartment price trends

• Following a stable October, the average rental price in Astoria fell by 2.44% during November.

astoria studio apartment price trends

• Thanks to price increases within studio and two-bedroom pricing, the average rental price in Ridgewood increased by 1.9% during November.

RIDGEWOOD studio apartment price trends

• While studio (+2.59%) and one-bedroom (+3.26%) rental prices increased, the overall rental market in Flushing saw its average rental price fall by 0.49% during November.

flushing studio apartment price trends

• Driven by a 7.08% correction in one-bedroom rental pricing, the average rental price in Rego Park fell by 2.03% this past month.

rego park studio apartment price trends

• The average rental price in Forest Hills experienced a slight correction of 0.49% during November.

forest hills studio apartment price trends

• After an increase last month, the average rental price in Jackson Heights fell by 3.48% during November.

jackson heights studio apartment trends

The Report Explained

The Queens Rental Market Report™ compares fluctuation in the borough’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 efficiently and fairly adjust individual property rents in Queens.

The Queens Rental Market Report™ is based on a cross-section of data from available listings and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific 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. To discuss further with our CEO, Andrew Barrocas, call us on 212-475-9000 or email at asb@mns.com

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).

Queens rental
market report archive

Tools

  • Determine if it's better to rent or to buy by filling in a few numbers and percentages.

  • Check out samples of leases and riders you will find throughout the Manhattan rental market.

  • A list of maps and transit options available in New York City and beyond.

  • Print out our moving checklist so you can be sure to have all your ducks in a row before you move.

  • Know the pertinent steps to buying an apartment in Manhattan. The guidance you receive can make or break your deal. Know before you go.

  • We know real estate terms and abbreviations can get confusing, so we’ve put together a list of terms and definitions for you.