Queens
Rental Market Report

AUGUST 2018

Introduction

Over the last month, the average rent in Queens has increased by 0.34%, from $2,281.70 to $2,289.48

A QUICK LOOK

Over the last month, the average rental price in Queens increased by 0.34%, from $2,281.70 to $2,289.48. The average rental price for a studio increased by 0.41%, from $1,863.52 to $1,871.23. The average rental price for a one-bedroom unit increased by 1.42%, from $2,174.39 to $2,205.34. The average price for a two-bedroom unit decreased by 0.55%, from $2,807.18 to $2,791.87. Year-over-year, studio rental prices are up 2.63%, while one and two-bedroom rental prices are down 0.73% and 0.02%, respectively. Overall, the average rental price in Queens is up 0.46% year-over-year.

Overall neighborhood price swings were split with Long Island City (+0.87%), Astoria (+0.28%), Ridgewood (+2.87%), and Forest Hills (+0.83%) all experiencing price growth while Flushing (-0.26%), Rego Park (-1.39%), and Jackson Heights (-1.02%) experienced some price corrections. Out of the tracked unit types, one-bedrooms experienced the best month. One-bedroom rental prices increased all but two neighborhoods: Astoria (-0.5%), and Jackson Heights (-1.2%). This past month, the most expensive rental units were all in Long Island City. The least expensive studios and one-bedroom rentals were in Jackson Heights, while the least expensive two-bedroom units were in Ridgewood.

This month, Long Island City experienced 3.76% year-over-year price growth, which is second only to Ridgewood’s 4.21% increase in that same period. As more new developments are announced in Long Island City, positive year-over-year price growth can be expected in the short term.

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

• This past month, the average rental price in Long Island City increased by just 0.87%.

long island city studio apartment price trends

• After a sizeable increase last month, the average rental price in Astoria increased by a subdued 0.28% during August.

astoria studio apartment price trends

• During August, the average rental price in Ridgewood increased by 2.9%. Most of this growth occurred within one-bedroom pricing, which increased by 4.7% from last month.

RIDGEWOOD studio apartment price trends

• After experiencing impressive growth last month, the average rental price in Flushing corrected slightly, falling by 0.26%.

flushing studio apartment price trends

• Following last month’s explosive price growth, the average rental price in Rego Park fell by 1.39% during August. As higher-priced inventory is leased up, rental prices in Rego Park can be expected to continue their correction into next month.

rego park studio apartment price trends

• The average rental price in Forest Hills increased by 0.83% during August.

forest hills studio apartment price trends

• Following an increase last month, the average rental price in Jackson Heights experienced a correction of 1.02% during August.

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: 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.