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QUEENS RENTAL MARKET REPORT

Queens infographics

QUEENS RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN QUEENS HAS DECREASED THIS MONTH.

  • 1.40%
    CHANGE
  • $2,238
    AUGUST 2020
  • $2,206
    SEPTEMBER 2020

A QUICK LOOK

queens

Over the last month, the average rental price in Queens fell by 1.40%, from $2,237.56 to $2,206.31. The average rental price for a studio fell by 1.15%, from $1,833.01 to $1,811.98. The average rental price for a one-bedroom unit fell by 0.32%, from $2,129.41 to $2,122.63. The average rental price for a twobedroom unit fell by 2.40%, from $2,750.28 to $2,684.31. Year-over-year, studio, one-bedroom, and two-bedroom rental prices are down 2.41%, 5.13%, and 4.25%, respectively. Overall, rental prices are down 4.04% year-over-year.

Following a tepid summer market, rental pricing in Queens’ submarkets continues to adjust as we enter the fall season. Out of the eight neighborhoods tracked by this report, only Ridgewood (+0.41%) saw its average rental price increase.

This past month, the most expensive studio, one-bedroom, and two-bedroom rentals by average price were all in Long Island City. On the other hand, the most affordable studio, one-bedroom, and two-bedroom units were in Jamaica, Jackson Heights, and Ridgewood, respectively.

NOTABLE TRENDS

queens
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Long Island City $2,401 Jamaica $1,618
One bedrooms Long Island City $2,876 Jackson Heights $1,867
Two bedrooms Long Island City $3,850 Ridgewood $2,263

WHERE PRICES DECREASED

price_down_icon

LONG ISLAND CITY

Studios -0.4%

One-Bedroom -0.7%

Two-Bedroom -1.7%

ASTORIA

Two-Bedroom -3.7%

Studios -1.0%

One-Bedroom -1.4%

FLUSHING

Studios -3.6%

One-Bedroom -0.4%

Two-Bedroom -4.8%

REGO PARK

Two-Bedroom -5.8%

FOREST HILLS

Studios -0.2%

Two-Bedroom -5.8%

JACKSON HEIGHTS

Studios -0.48%

Two-Bedroom -1.0%

JAMAICA

Studios -6.7%

One-Bedroom -2.9%

WHERE PRICES INCREASED

price_up_icon

RIDGEWOOD

Studios 0.02%

One-Bedroom 1.0%

Two-Bedroom 0.2%

REGO PARK

Studios 3.0%

One-Bedroom 1.9%

FOREST HILLS

One-Bedroom 0.2%

JACKSON HEIGHTS

One-Bedroom 0.03%

JAMAICA

Two-Bedroom 3.7%

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
7.14%
4.98%
1.51%
JACKSON HEIGHTS
LONG ISLAND CITY
1.72%
14.00%
REGO PARK
RIDGEWOOD
1.91%
1.21%

YEAR OVER YEAR Price change

QUEENS RENTS: SEPTEMBER 2019 VS. SEPTEMBER 2020

price changes
TYPE SEPTEMBER 2019 SEPTEMBER 2020 CHANGE
Studios $1,857 $1,812 2.4%
One bedrooms $2,237 $2,123 5.1%
Two bedrooms $2,803 $2,684 4.2%
QUEENS

MIRRORING THE GREATER NEW YORK CITY MARKET, RENTAL PRICING IN ASTORIA CONTINUES TO ADJUST TO THE ONGOING MARKET ENVIRONMENT, FALLING BY AN ADDITIONAL 2.17% THROUGH SEPTEMBER.

ASTORIA

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN FLUSHING FELL BY 3.06%.

FLUSHING

DUE A SIGNIFICANT DROP IN TWO-BEDROOM PRICING IN THE AREA, THE AVERAGE OVERALL RENTAL PRICE IN FOREST HILLS FELL BY 2.49% THROUGH SEPTEMBER.

FOREST HILLS

REMAINING RELATIVELY STABLE, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS FELL BY JUST 0.52% THROUGH SEPTEMBER.

JACKSON HEIGHTS

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN JAMAICA FELL BY 1.16%.

JAMAICA

FOLLOWING A LARGE DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY FELL A SUBDUED 1.05% THROUGH SEPTEMBER.

LONG ISLAND CITY

FOLLOWING A SLIGHT INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN REGO PARK EXPERIENCED A CORRECTION OF 1.00% THROUGH SEPTEMBER.

REGO PARK

SIMILAR TO LAST MONTH, A SURPLUS OF LUXURY INVENTORY ALLOWED PRICING IN RIDGEWOOD TO REMAIN STABLE, INCREASING OVERALL PRICING IN THE NEIGHBORHOOD BY 0.41% THROUGH SEPTEMBER.

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.

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