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Queens
Rental Market Report

June 2016

Introduction

Average rents throughout Queens increased by 1.63% from $2,178.54 in May 2016 to $2,214.00 in June 2016.

A QUICK LOOK

Average rents throughout Queens increased by 1.63% from $2,178.54 in May 2016 to $2,214.00 in June 2016. The listing inventory decreased by 3.81% since last month, from 1,442 units to 1,387. From a year-to-year perspective, the Queen’s average rent increased by 7.21%, from $2,065.02 in June 2015 to $2,214.00 At the time sample was taken, the following neighborhoods had a sample size of less than 20 units on the market; Studios in Ridgewood, Rego Park, Forest Hills, Jackson Heights, Flushing and Astoria; and Two Bedrooms in Jackson Heights. Smaller sample sizes often result in inflated price movements in average prices.
Although we saw a decrease in inventory levels this month, the average rental price continued to increase steadily. The largest increase this month was seen in Ridgewood as newly constructed rentals at 494 Seneca Avenue and 60-18 71st Avenue entered the market, causing the average rent to increase by 9.82%. This effect was also seen in the annual average rent which increased by 13.6%. With a sample size consisting of only 73 units, price sensitivity in Ridgewood is more apparent compared to neighborhoods with greater inventory levels.
Overall, the Queens market is showing strong signs of growth, particularly in the emerging areas of Ridgewood, Forest Hills, Flushing, Jackson Heights and Rego Park. As new construction continues to arise in these areas, steady growth is expected.

Notable Trends

Building (Average Prices)
queens quick look studios queens quick look 1 bed queens quick look 2 bed
Queens Rents: June 2015 vs. June 2016
Type June 2015 June 2016 Change
Studios $1,757 $1,857 5.70%
One-bedrooms $1,969 $2,152 9.30%
Two-bedrooms $2,506 $2,633 5.07%

Where Prices Decreased (Monthly)

Long Island City
Studios -1.65% One-Bedroom -1.53% Two-Bedroom -2.39%
Astoria
Two-Bedroom -3.53%
Ridgewood
Two-Bedroom -0.42%
Flushing
Studios -2.02% Two-Bedroom -0.08%
Rego Park
Studios -0.59% One-Bedroom -2.59%
Forest Hills
One-Bedroom -1.36%
Jackson Heights
One-Bedroom -0.05%

A Quick Look

Where Prices Increased (Monthly)

Astoria
Studios 7.07% One-Bedroom 0.07%
Ridgewood
Studios 12.50% One-Bedroom 19.04%
Flushing
One-Bedroom 0.43%
Rego Park
Two-Bedroom 3.22%
Forest Hills
Studios 1.98% Two-Bedroom 4.39%
Jackson Heights
Studios 4.41% Two-Bedroom 5.43%

Neighborhood Price Trends

• Although the average rent decreased by 1.92% since last month, we saw a 1.7% increase since this time last year.

long island city studio apartment price trends long island city one bedroom price trends long island city two bedroom price trends

• While the average rent remained stable this month, at 0.60%, the annual average rent increased by 6.7%, indicating a steady growth in the Astoria market.

astoria studio apartment price trends astoria one bedroom price trends astoria two bedroom price trends

• Ridgewood saw the largest monthly and annual average increases in rent amongst the other analyzed neighborhoods. The monthly average rent increased by 9.82%, and the annual average rent by 13.82%.
• These spikes in rent were predominantly the result of newly constructed rentals at 494 Seneca Avenue and 60-18 71st Avenue entering the market.

RIDGEWOOD studio apartment price trends RIDGEWOOD one bedroom price trends RIDGEWOOD two bedroom apartment price trends

• The Flushing market remained stable this month, moving by only -0.44%. The annual average rent, however, increased by 8.8%.

flushing studio apartment price trends flushing one bedroom price trends flushing two bedroom price trends

• Like Flushing, the Rego Park market remained stable this month, with average prices increasing slightly by 0.25%, while the annual average rent increased by 6.6%.

rego park studio apartment price trends rego park one bedroom apartment price trends rego park two bedroom apartment price trends

• Studios and 2 bedroom units increased by 1.98% and 4.39%, respectively, as 1 bedrooms decreased by 1.36% since last month.
• From an annual perspective, Forest Hills saw a 9.1% increase in average rent as the market continues to grow.

forest hills studio apartment price trends forest hills one bedroom apartment price trends forest hills two bedroom apartment price trends

• The Jackson Heights market increased by 3.44% this month, as listings from the moderately new building at 40-07 73rd Street entered the market.

jackson heights studio apartment trends jackson heights one bedroom apartment price trends jackson heights two bedroom apartment price 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 ™ 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.

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: 212.475.9000

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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