Queens
Rental Market Report

JUNE 2018

Introduction

Over the last month, the average rent in Queens has increased by 1.3%, from $2,200.16 to $2,230.10.

A QUICK LOOK

Over the last month, the average rental price in Queens increased by 1.36%, from $2,200.16 to $2,230.10. The average rental price for a studio increased by 0.58%, from $1,810.14 to $1,820.64. The average rental price for a one-bedroom increased by 2.1%, from $2,123.38 to $2,167.56. The average rental price for a two-bedroom increased by 1.32%, from $2,666.94 to $2,702.11. Year-over-year, studio rental prices are up 0.64%, while one-bedroom and two-bedroom rental prices are up 4.35% and 3.74%, respectively. Overall, the average rental price in Queens in up 3.1% from this time last year.

Overall neighborhood price changes were mostly positive, except for: Flushing (-3.23%) and Forest Hills (-1.46%). Out of all tracked unit types, one-bedrooms performed the best on a per neighborhood basis, with prices dropping in only two neighborhoods: Astoria (-0.6%) and Forest Hills (-0.7%). The most expensive rental units this past month were in Long Island City. The least expensive studios were found in Flushing, while the least expensive one and two-bedroom units were in Jackson Heights.

Once again, strong year-over-year price growth was observed in Long Island City, where prices are up 12.8% from this time last year. This impressive price growth can be directly attributed to numerous new luxury developments that have begun leasing in the past twelve months.

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

• Continuing last month’s trend, the average rental price in Long Island City has increased by 3.10% during June.

long island city studio apartment price trends

• The average rental price in Astoria increased by 0.85% during June.

astoria studio apartment price trends

• After a lukewarm May, rental pricing in Ridgewood shot up by an impressive 4.8% during June. This price increase can be directly attributed to higher-priced listings from buildings like The Ridgewood Theatre at 55-27 Myrtle Avenue.

RIDGEWOOD studio apartment price trends

• During the month of June, the average rental price in Flushing fell by 3.23%. This price drop is thanks, in large part, to units from luxury developments like Skyview Parc being taken off the market, which exerts downward pressure on pricing in the area.

flushing studio apartment price trends

• After a slight correction last month, the average rental price in Rego Park increased by 3.06% during June.

rego park studio apartment price trends

• For the second month in a row, the average rental price in Forest Hills has fallen. This time falling by 1.46% over the last month.

forest hills studio apartment price trends

• The average rental price in Jackson Heights increased by a solid 2.14% during June.

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

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