Queens
Rental Market Report

May 2019

Introduction

Over the last month, the average rent in Queens has increased by 0.87%, from $2,250.92 to $2,270.59.

A QUICK LOOK

Over the last month, the average rental price in Queens increased by 0.87%, from $2,250.92 to $2,270.59. The average price for a studio increased by 0.32%, from $1,876.79 to $1,882.87. The average rental price for a one-bedroom unit increased by 0.95%, from $2,180.12 to $2,200.84. The average rental price for a two-bedroom unit increased by 1.19%, from $2,695.86 to $2,728.05. Year-over-year, studios, one-bedrooms, and two-bedrooms all saw their average rental prices increase, by 4.02%, 3.65%, and 2.29%, respectively.

Out of the seven neighborhoods tracked by this report, only two experienced price contractions: Ridgewood (-2.60%) and Jackson Heights (-1.98%). Out of all tracked unit types, two-bedrooms performed the best on a by-neighborhood basis, with pricing falling in only Jackson Heights (-1.69%). This past month, the most expensive rentals could be found in Long Island City. The most affordable studio and one-bedroom units were in Jackson Heights, while the most affordable two-bedroom units were in Ridgewood.

As we approach peak leasing months, rental pricing can be expected to continue increase accordingly.

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

• Thanks to typical rental market seasonality, the average price for a rental in Long Island City increased by 1.79% during May.

long island city studio apartment price trends

• Driven by an impressive 4.57% increase in studio pricing, the average overall rental price in Astoria increased by 2.04% during May.

astoria studio apartment price trends

• Continuing the trend that emerged last month, the average rental price in Ridgewood experienced a 2.60% price correction during May.

RIDGEWOOD studio apartment price trends

• Following last month’s large increase, the average rental price in Flushing stabilized slightly during May, increasing by just 1.01%.

flushing studio apartment price trends

• Following two months of price decreases, the average rental price in Rego Park increased by 4.00% during May.

rego park studio apartment price trends

• This past month, the average rental price in Forest Hills increased by 1.12%.

forest hills studio apartment price trends

• During May, the average rental price in Jackson Heights experienced a correction of 1.98%.

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. 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).

Queens rental
market report archive

Tools

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