QUEENS RENTAL MARKET REPORT

Queens infographics

QUEENS RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN QUEENS HAS DECREASED THIS MONTH.

  • 1.31%
    CHANGE
  • $2,179
    NOVEMBER 2020
  • $2,151
    DECEMBER 2020

A QUICK LOOK

queens

Over the last month, the average rental price in Queens fell by 1.31%, from $2,179.48 to $2,150.95. The average rental price for a studio fell by 1.10%, from $1,781.87 to $1,762.19. The average rental price for a one-bedroom unit fell by 1.68%, from $2,119.69 to $2,084.14. The average rental price for a two-bedroom unit fell by 1.15%, from $2,636.87 to $2,606.53. Year-over-year, studio, one-bedroom, and two-bedroom rental prices are down 5.99%, 6.73%, and 5.99%, respectively. Overall, rental prices are down 6.23% from this time last year.

This past month, out of the eight neighborhoods tracked by this report, only one neighborhood saw its’ average rental price increase month-over-month: Rego Park (+0.79%).

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

NOTABLE TRENDS

queens
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Long Island City $2,364 Jackson Heights $1,574
One bedrooms Long Island City $2,821 Jackson Heights $1,820
Two bedrooms Long Island City $3,660 Jackson Heights $2,278

WHERE PRICES DECREASED

price_down_icon

LONG ISLAND CITY

Studios -2.6%

One-Bedroom -1.9%

Two-Bedroom -2.9%

ASTORIA

Studios -3.5%

One-Bedroom -1.6%

Two-Bedroom -2.1%

RIDGEWOOD

Studios -1.1%

FLUSHING

Studios -1.4%

One-Bedroom -0.8%

Two-Bedroom -2.8%

REGO PARK

One-Bedroom -2.1%

FOREST HILLS

Studios -0.8%

One-Bedroom -1.1%

Two-Bedroom -1.7%

JACKSON HEIGHTS

Studios -3.0%

One-Bedroom -3.5%

Two-Bedroom -1.8%

JAMAICA

One-Bedroom -2.6%

WHERE PRICES INCREASED

price_up_icon

RIDGEWOOD

One-Bedroom 0.3%

Two-Bedroom 0.1%

REGO PARK

Studios 1.9%

Two-Bedroom 2.4%

JAMAICA

Studios 2.3%

Two-Bedroom 0.4%

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
12.36%
6.26%
4.12%
JACKSON HEIGHTS
JAMAICA
LONG ISLAND CITY
6.86%
5.33%
14.42%
REGO PARK
RIDGEWOOD
1.97%
4.83%

YEAR OVER YEAR Price change

QUEENS RENTS: DECEMBER 2019 VS. DECEMBER 2020

price changes
TYPE DECEMBER 2019 DECEMBER 2020 CHANGE
Studios $1,874 $1,762 6.0%
One bedrooms $2,234 $2,084 6.7%
Two bedrooms $2,773 $2,607 6.0%
QUEENS

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN ASTORIA FELL BY 2.31%.

ASTORIA

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN FLUSHING FELL BY 1.80%.

FLUSHING

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN FOREST HILLS FELL BY 1.28%.

FOREST HILLS

FOLLOWING A SLIGHT INCREASE IN NOVEMBER, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS EXPERIENCED A CORRECTION OF 2.67% OVER THE PAST MONTH.

JACKSON HEIGHTS

THROUGH DECEMBER, THE AVERAGE RENTAL PRICE IN JAMAICA REMAINED STABLE, FALLING BY JUST 0.08%.

JAMAICA

CONTINUING THE TREND THAT ALSO WE SAW LAST MONTH, THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY FELL BY AN ADDITIONAL 2.51% THROUGH DECEMBER.

LONG ISLAND CITY

THANKS TO A STEADY TRICKLE OF LUXURY INVENTORY IN THE AREA, THE AVERAGE RENTAL PRICE IN REGO PARK INCREASED BY 0.79% THROUGH DECEMBER.

REGO PARK

REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE IN RIDGEWOOD FELL BY JUST 0.18% THROUGH DECEMBER.

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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