Queens
Rental Market Report

OCTOBER 2018

Introduction

Over the last month, the average rent in Queens has decreased by 1.13%, from $2,278.41 to $2,252.66.

A QUICK LOOK

Over the last month, the average rental price in Queens decreased by 1.13%, from $2,278.41 to $2,252.66. The average rental price for a studio decreased by 1.16%, from $1,858.89 to $1,837.41. The average rental price for a one-bedroom unit decreased by 2.81%, from $2,212.19 to $2,150.00. The average rental price for a two-bedroom unit increased by 0.23%, from $2,764.15 to $2,770.58. Year- over-year, average rental prices in Queens were up across the board. Studios, one-bedrooms, and two- bedrooms experienced year-over-year price growths of 2.16%, 0.50%, and 2.05%, respectively. Overall, the average rental price in Queens is up 0.88% from this time last year.

Overall month-over-month neighborhood price changes were mostly positive, except for: Long Island City (-1.81%), Ridgewood (-2.90%), and Flushing (-4.77%). Out of all analyzed unit types, two-bedrooms performed the best on an average and per-neighborhood basis. Two-bedroom pricing experienced drops in only three neighborhoods: Long Island City (-2.60%), Ridgewood (-2.27%), and Flushing (- 1.99%). The most expensive rentals this past month were in Long Island City. The least expensive studio and one-bedroom units were in Flushing, while the least expensive two-bedroom rentals were in Ridgewood.

Long Island City led the charge in year-over-year price gains, this time with an impressive growth of 4.37%. Excluding Flushing and Ridgewood, every tracked Queens neighborhood experienced moderate year-over-year price increases. These gains in pricing can be directly attributed to the current development boom that is underway in Queens.

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

• Following a slight correction last month, rental pricing in Long Island City once again fell, but this time by 1.81%. This drop can be attributed to typical rental seasonality and a general slowdown in the New York City rental market.

long island city studio apartment price trends

• This month proved to be a stable one for rental pricing in Astoria, with the average rental price increasing by just 0.16%.

astoria studio apartment price trends

• Continuing the downtrend that emerged last month, the average rental price in Ridgewood fell by 2.9% during October. In addition to seasonality, a number of higher-end units were taken off the market which led to downward pressure on rental pricing.

RIDGEWOOD studio apartment price trends

• Due to a limited number of listings from new developments, such as Sky View Parc, along with an uptick in lower-than-average priced units in the area, Flushing rental prices fell by 4.77% during October.

flushing studio apartment price trends

• After a noticeable drop last month, the average rental price in Rego Park stabilized during October, increasing by a subdued 0.22%.

rego park studio apartment price trends

• During October, two-bedroom pricing in Forest Hills increased by 4.60%, however, these gains were offset by the 4.82% price drop seen in studio pricing. Overall, the average rental price in Forest Hills increased by 0.56% this past month.

forest hills studio apartment price trends

• This past month, the average rental price in Jackson Heights increased by 1.12%.

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.