Queens
Rental Market Report

August 2019

Introduction

Over the last month, the average rent in Queens has increased by 0.42%, from $2,365.19 to $2,375.24.

A QUICK LOOK

Over the last month, the average rental price in Queens increased by 0.42%, from $2,365.19 to $2,375.24. The average rental price for a studio unit decreased by 0.75%, from $1,949.35 to $1,934.77. The average rental price for a one-bedroom unit decreased by 0.73%, from $2,270.55 to $2,254.00. The average rental price for a two-bedroom unit increased by 2.41%, from $2,837.88 to $2,906.37. Year-over-year, studios, one-bedrooms, and two-bedrooms all saw their average rental prices increase, by 3.40%, 2.21%, and 4.10%, respectively.

Out of the seven neighborhoods tracked by this report, only two had their average rental prices fall this past month: Ridgewood (-2.95%) and Jackson Heights (-1.45%). Out of all unit types, two-bedrooms performed the best on a by-neighborhood basis, with pricing improving in all but three areas: Ridgewood (-0.51%), Forest Hills (-1.95%), and Jackson Heights (-0.97%). This past month, the most expensive rentals were in Long Island City. The most affordable studio and one-bedroom units were in Jackson Heights, while the least expensive two-bedroom rental units were in Ridgewood.

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

• Over the last month, the average rental price in Long Island City increased by 2.80%.

long island city studio apartment price trends

• Thanks to an overall slight supply glut coinciding with an increase in higher-priced inventory, we observed the average rental price for a two-bedroom rental in Astoria increase by an impressive 6.29%. Overall, the average rental price in Astoria increased by 1.62% through August.

astoria studio apartment price trends

• Following last month’s explosive price growth, the average rental price in Ridgewood experienced a correction of 2.95% during August.

RIDGEWOOD studio apartment price trends

• Buoyed by a 4.88% increase among two-bedroom rental pricing, the average overall rental price in Flushing increased by 0.54% this past month.

flushing studio apartment price trends

• Following a correction last month, the average rental price in Rego Park rebounded by 0.58% through August.

rego park studio apartment price trends

• Stabilizing after last month’s price increase, the average rental price in Forest Hills increased by just 0.26% through August.

forest hills studio apartment price trends

• Over the last month, the average rental price in Jackson Heights fell by 1.45%.

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. 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).

Queens rental
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