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QUEENS RENTAL MARKET REPORT

Queens infographics

QUEENS RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN QUEENS HAS DECREASED THIS MONTH.

  • 2.88%
    CHANGE
  • $2,331
    JUNE 2020
  • $2,264
    JULY 2020

A QUICK LOOK

queens

Over the last month, the average rental price in Queens fell by 2.88% from $2,330.66 to $2,263.59. The average rental price for a studio fell by 4.05%, from $1,927.52 to $1,849.42. The average rental price for a one-bedroom unit fell by 1.38%, from $2,186.52 to $2,156.42. The average rental price for a two-bedroom unit fell by 2.06%, from $2,843.59 to $2,784.92. Year-over-year, studio, one-bedroom, and two-bedroom rentals prices are down 5.13%, 5.03%, and 1.87%, respectively.

Through July, seven out of the eight neighborhoods tracked by this report saw their average rental price drop: Long Island City (-1.82%), Astoria (-0.75%), Ridgewood (-9.33%), Rego Park (-3.22%), Forest Hills (-4.31%), Jackson Heights (-2.97%), and Jamaica (-3.54%). Thanks to an influx of availability at luxury buildings in the area, Flushing (+2.45%) was the only neighborhood tracked by this report that saw its’ average rental price increase.

This past month, the most expensive studio, one-bedroom, and two-bedroom rentals by average price were observed in Long Island City. The most affordable studio and one-bedroom units were observed in Jackson Heights, while the most affordable two-bedroom units were in Ridgewood.

NOTABLE TRENDS

queens
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Long Island City $2,580 Jackson Heights $1,636
One bedrooms Long Island City $3,149 Jackson Heights $1,871
Two bedrooms Long Island City $4,181 Ridgewood $2,338

WHERE PRICES DECREASED

price_down_icon

LONG ISLAND CITY

Studios -1.8%

One-Bedroom -2.2%

Two-Bedroom -1.6%

ASTORIA

Two-Bedroom -2.4%

RIDGEWOOD

One-Bedroom -2.8%

Two-Bedroom -2.3%

FLUSHING

Two-Bedroom -0.7%

REGO PARK

Studios -9.0%

One-Bedroom -4.2%

FOREST HILLS

Studios -2.5%

One-Bedroom -0.8%

Two-Bedroom -7.8%

JACKSON HEIGHTS

Studios -6.8%

One-Bedroom -0.1%

Two-Bedroom -2.4%

JAMAICA

Studios -6.4%

One-Bedroom -4.9%

Two-Bedroom -0.6%

WHERE PRICES INCREASED

price_up_icon

ASTORIA

Studios 0.3%

One-Bedroom 0.4%

FLUSHING

Studios 5.4%

One-Bedroom 4.1%

REGO PARK

Two-Bedroom 1.7%

QUEENS AVERAGE PRICE

QUEENS AVERAGE PRICE

QUEENS AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
ASTORIA
FLUSHING
FOREST HILLS
0.86%
4.05%
4.09%
JACKSON HEIGHTS
LONG ISLAND CITY
2.06%
6.34%
REGO PARK
RIDGEWOOD
3.97%
9.79%

YEAR OVER YEAR Price change

QUEENS RENTS: JULY 2019 VS. JULY 2020

price changes
TYPE JULY 2019 JULY 2020 CHANGE
Studios $1,949 $1,849 5.1%
One bedrooms $2,271 $2,156 5.0%
Two bedrooms $2,838 $2,785 1.9%
QUEENS

FOLLOWING A LARGE DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN ASTORIA FELL BY A SUBDUED 0.75% THROUGH JULY.

ASTORIA

THANKS TO AN INCREASE IN THE NUMBER OF LUXURY AVAILABILITIES IN THE AREA, THE AVERAGE RENTAL PRICE IN FLUSHING INCREASED BY 2.45% THROUGH JULY.

FLUSHING

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN FOREST HILLS FELL BY 4.31%.

FOREST HILLS

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS FELL BY 2.97%.

JACKSON HEIGHTS

FOLLOWING AN INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN JAMAICA EXPERIENCED A CORRECTION OF 3.54% THROUGH JULY.

JAMAICA

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY FELL 1.82%.

LONG ISLAND CITY

FOLLOWING AN INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN REGO PARK EXPERIENCED A CORRECTION OF 3.22% THROUGH JULY.

REGO PARK

ADJUSTING TO THE REINTRODUCTION OF STUDIO INVENTORY TO THE AREA, THE AVERAGE RENTAL PRICE IN RIDGEWOOD FELL BY 9.33%. ONCE INVENTORY LEVELS STABILIZE, PRICING CHANGES CAN BE EXPECTED TO NORMALIZE.

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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