Queens
Rental Market Report

January 2018

Introduction

Over the last month, the average rent in Queens has decreased by 0.75%, from $2,190.51 to $2,174.10.

A QUICK LOOK

Over the last month, the average rental price in Queens decreased by 0.75%, from $2,190.51 to $2,174.10. The average rental price for a studio increased by 0.76%, from $1,797.39 to $1,811.03. The average rental price for a one-bedroom remained essentially the same month-over-month, increasing by 0.01%, from $2,081.93 to $2,082.70. The average rental price for a two-bedroom decreased by 2.36%, from $2,692.21 to $2,628.55. Year-over-year, studio rental prices increased by 4.73%, one-bedroom rental prices increased by 0.94%, and two-bedroom rental prices increased by 0.85%. Overall, the average rental price in Queens increased by 1.93% year-over-year.
January saw the continuation of the seasonal trend that originally emerged during September. Studio rental price changes by neighborhood were all positive, except for Long Island City (-0.01%) and Flushing (-1.56%). One-bedroom rental price changes by neighborhood were mostly negative, except for Rego Park (+2.05%), Forest Hills (+3.60%), and Jackson Heights (+0.91%). Two-bedroom rental price changes were negative across the board. Long Island City remains home to the most expensive rentals in Queens. The least expensive studio rentals during January were in Forest Hills, while the least expensive one and two-bedroom rentals were in Jackson Heights.
Year-over-year, the most impressive rental price change was observed in Flushing, where the average rental price increased by 7.93%. This increase can be directly attributed to the numerous new development units that came onto the Flushing rental market in the past twelve months, particularly from the Sky View Parc Buildings.
As we make our way through the first quarter of 2018, rental prices in Queens can be expected to continue their seasonal correction.

Notable Trends

Building (Average Prices)
queens quick look 1 bed queens quick look 1 bed queens quick look 2 bed queens quick year over year change
Queens Rents: January 2017 vs. January 2018
Type January 2017 January 2018 Change
Studios $1,729 $1,811 4.73%
One-bedrooms $2,063 $2,083 0.94%
Two-bedrooms $2,606 $2,629 0.85%

Where Prices Decreased (Monthly)

Long Island City
Studios 0.0% One-Bedroom -2.0% Two-Bedroom -2.1%
Astoria
One-Bedroom -2.0% Two-Bedroom -0.4%
Ridgewood
One-Bedroom -0.9% Two-Bedroom -1.8%
Flushing
Studios -1.6% One-Bedroom -0.1% Two-Bedroom -4.9%
Rego Park
Two-Bedroom -1.9%
Forest Hills
Two-Bedroom -0.9%
Jackson Heights
Two-Bedroom -4.3%

Where Prices Increased (Monthly)

Astoria
Studios 0.3%
Ridgewood
Studios 1.8%
Rego Park
Studios 1.5% One-Bedroom 2.1%
Forest Hills
Studios 1.5% One-Bedroom 3.6%
Jackson Heights
Studios 2.5% One-Bedroom 0.9%

• Continuing the seasonal trend that emerged in September, the average price for a rental in Long Island City fell by 1.5% over the month of January.

long island city studio apartment price trends

• The average rental price in Astoria remained relatively stable, falling by just 0.7% over the last month.

astoria studio apartment price trends

• After an increase in December, the average rental price in Ridgewood fell by 1.4% during January. This decline can be explained by the number of luxury units that came off the market over the last month, which left prices time to correct.

RIDGEWOOD studio apartment price trends

• After an approximately 3% increase in December, rental prices in Flushing experienced a correction during January, falling by 2.6%.

flushing studio apartment price trends

• After a correction of 5.8% in December, rental prices in Rego Park remained stable during January, increasing by 0.3%.

rego park studio apartment price trends

• The average rental price in Forest Hills increased by 1.1% during January.

forest hills studio apartment price trends

• During the month of January, the average rental price in Jackson Heights fell by just 0.8%.

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 NYC 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: 212.475.9000

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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