Queens Rental Market Report | MNS is Real Impact Real Estate

Queens
Rental Market Report

September 2017

Introduction

Over the last month, the average rent in Queens has decreased by 1.34%, from $2,279.09 to $2,248.53

A QUICK LOOK

Over the last month, the average rent in Queens decreased by 1.3%, from $2,279 to $2,249. Studio rental prices increased by 0.2%, from $1,823 to $1,828. One-bedroom rental prices decreased by 1.3%, from $2,222 to $2,192. Two-bedroom rental prices decreased by 2.38%, from $2,792 to $2,726. Over the last year, studio prices decreased by 2.0%, one-bedroom prices increased by 3.3%, and two-bedroom prices increased by 2.34% As we enter a cyclical slowdown point, rental price decreases during September are expected. In addition to this seasonality, an increased amount in both concessions and supply also exerted downward pressure on rental prices.
September was a predictable month for rental prices in Queens. After a four-month build up, rental prices begin their seasonal correction as we head into Autumn. All neighborhood rental price changes were negative except for: studio prices in Ridgewood (+4.8%), studio prices in Rego Park (+3.1%), studio prices in Jackson Heights (+2.2%), studio prices in LIC (+0.1%), one-bedroom prices in Forest Hills (+1.3%), one-bedrooms prices in LIC (+1.1%), and two-bedroom prices in LIC (+2.5%). Overall neighborhood prices were negative across the board except for Ridgewood (+0.6%) and LIC (+1.4%). Year-over-year, the greatest price changes were seen in LIC, Flushing, and Rego Park, where overall rental prices increased by 6.9%, 8.5% and 4.3%, respectively. LIC remains home to the most expensive rental units in Queens. The least expensive studio rentals this month were in Flushing. The least expensive one-bedroom rentals were in Jackson Heights. The least expensive two-bedroom rentals were in Ridgewood.
The most noteworthy occurrence during September was the 8.5% year-over-year increase seen in Flushing. This increase can be attributed to numerous new development rental units that came onto the market in the past twelve months.
As we enter a traditional slow point for the NYC rental market, rental prices are expected to continue their slight correction.

Notable Trends

Building (Average Prices)
queens quick look 1 bed queens quick look 1 bed queens quick look 2 bed queens quick year over year change
Queens Rents: September 2016 vs. September 2017
Type September 2016 September 2017 Change
Studios $1,865 $1,828 -2.00%
One-bedrooms $2,122 $2,192 3.29%
Two-bedrooms $2,666 $2,726 2.26%

Where Prices Decreased (Monthly)

Astoria
Studios -2.2% One-Bedroom -1.0% Two-Bedroom -2.5%
Ridgewood
One-Bedroom -1.3% Two-Bedroom -0.7%
Flushing
Studios -5.0% One-Bedroom -3% Two-Bedroom -2.3%
Rego Park
One-Bedroom -4.6% Two-Bedroom -3.6%
Forest Hills
Studios -0.9% Two-Bedroom -5.5%
Jackson Heights
One-Bedroom -2.7% Two-Bedroom -7.3%

Where Prices Increased (Monthly)

Long Island City
Studios 0.1% One-Bedroom 1.1% Two-Bedroom 2.5%
Ridgewood
Studios 4.8%
Rego Park
Studios 3.1%
Forest Hills
One-Bedroom 1.3%
Jackson Heights
Studios 2.2%

• During September, overall LIC rental prices grew slightly, increasing by 1.4%. Most of this growth occurred within the two- bedroom rental sub-market, which experienced a price increase of 2.5%. The delay in typical seasonality slowdown in LIC can be explained by the addition of numerous new development rental units, which exerted upward pressure on overall rental prices.

long island city studio apartment price trends

• During the month of September, overall Astoria rental prices fell by 1.9%. A sizable increase in inventory and typical rental seasonality can explain this correction.

astoria studio apartment price trends

• Over the last month, rental prices remained stable in Ridgewood. Overall rental prices grew by just 0.6%. Studio rental prices, however, outpaced the overall market, growing by 4.8%. Most of this price growth in the Ridgewood studio rental sub-market can be attributed to the addition of rental units from new developments, such as The Mill at 16-26 Madison Street.

RIDGEWOOD studio apartment price trends

• Adhering to seasonality trends, overall Flushing rental prices fell by 3.3% during September.

flushing studio apartment price trends

• During September, overall rental prices in Rego Park fell by 2.2%. Studio rental prices, however, grew by 3.1%.

rego park studio apartment price trends

• Following seasonality trends, overall rental prices in Forest Hills fell by 2.0%.

forest hills studio apartment price trends

• During the month of September, overall rental prices in Jackson Heights fell by 3.3%.

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: 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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