Queens
Rental Market Report

JANUARY 2019

Introduction

Over the last month, the average rent in Queens has increased by 0.33%, from $2,202.98 to $2,210.32.

A QUICK LOOK

Over the last month, the average rental price in Queens increased by 0.33%, from $2,202.98 to $2,210.32. The average rental price for a studio decreased by 2.80%, from $1,834.60 to $1,783.31. The average rental price for a one-bedroom increased by 1.08%, from $2,094.52 to $2,117.10. The average rental price for a two-bedroom unit increased by just 0.04%, from $2,679.83 to $2,681.02. Year-over-year, the average rental price for a studio fell by 1.53%, while the average rental prices for a both one and two-bedroom units increased, by 1.65% and 2.00%, respectively. Overall, the average rental price in Queens increased by 1.67% year-over-year.

Overall, this was a month of price corrections for the rental market in Queens. Out of all tracked neighborhoods, only three saw their average rents improve month-over-month: Ridgewood (+7.09%), Flushing (+1.88%), and Rego Park (+0.93%). Out of those three, Ridgewood saw rents improve only because of a lack of studio units on the market, which caused the average rent to increase more than usual. Out of all tracked unit types, two-bedrooms performed the best on a by-neighborhood basis with prices increasing in all neighborhoods other than: Long Island City (-1.74%) and Forest Hills (-3.56%). During January, the most expensive units were all in Long Island City, while the least expensive studio and one-bedrooms were in Jackson Heights. The least expensive two-bedroom units were in Ridgewood this past month.

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

• As expected during this part of the rental market cycle, the average rental price in Long Island City experienced some contraction during January. The average rental price in Long Island City fell by 2.13%.

long island city studio apartment price trends

• Following last month’s price correction, the average rental price in Astoria is beginning to stabilize. This past month, the average rental price in Astoria remained relatively unchanged, falling by just 0.10%.

astoria studio apartment price trends

• This past month, the average rental price in Ridgewood increased by 7.1%. This large increase in price is the direct result of a lack of studio supply in the area, which exerts upward pressure on rental pricing.

RIDGEWOOD studio apartment price trends

• Buoyed by a handful of higher-than-average priced luxury rentals that came onto the market in the past month, the average rental price in Flushing increased by 1.88%.

flushing studio apartment price trends

• Following last month’s sizeable price drop, the average rental price in Rego Park rebounded by 0.93% during January.

rego park studio apartment price trends

• This past month, the average rent in Forest Hills fell by 1.74%.

forest hills studio apartment price trends

• Carrying over some momentum from last month’s drop, the average rental price in Jackson Heights fell by 2.11%.

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

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  • We know real estate terms and abbreviations can get confusing, so we’ve put together a list of terms and definitions for you.