Queens
Rental Market Report

MARCH 2019

Introduction

Over the last month, the average rent in Queens has increased by 1.94%, from $2,212.64 to $2,255.66.

A QUICK LOOK

Over the last month, the average rental price in Queens increased by 1.94%, from $2,212.64 to $2,255.66. The average price for a studio increased by 4.97%, from $1,804.31 to $1,893.99. The average rental price for a one-bedroom unit increased by 1.63%, from $2,142.78 to $2,177.72. The average rental price for a two-bedroom unit increased by 0.16%, from $2,690.84 to $2,695.26. Year-over-year, studio, one-bedroom, and two-bedrooms all saw their average prices increase, by 6.78%, 1.99%, and 2.04%, respectively.

Out of the seven neighborhoods tracked by this report, only two experienced price corrections during March: Flushing (-2.49%) and Rego Park (-2.21%). Out of all unit types, one-bedrooms performed the best on a by-neighborhood basis, with prices falling in only two neighborhoods: Ridgewood (-2.66%) and Rego Park (-1.56%). This month, the most expensive units were all in Long Island City. The most affordable studio rentals were in Flushing, while the most affordable one-bedroom rentals were in Jackson Heights. The least expensive two-bedroom rentals were in Ridgewood.

Moving forward, it remains to be observed exactly what kind of effect the sudden Amazon pullout has on the greater Queens rental market.

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

• Due, in large part, to rental market seasonality, the average rental price in Long Island City increased by 2.02%.

long island city studio apartment price trends

• This past month, the average rental price in Astoria increased by 1.95%. The majority of this growth occurred within the one and two-bedroom submarkets.

astoria studio apartment price trends

• Once again, studio pricing in Ridgewood experienced a larger-than-normal increase, growing by 23.24% during March. This growth is the direct result of low inventory along with an increase in luxury listings, both of which exert upward pressure on pricing in the area. Overall, the average rental price in Ridgewood increased by 6.13%. this past month.

RIDGEWOOD studio apartment price trends

• One of only two Queens neighborhoods to experience a correction during March, the average rental price in Flushing fell by 2.49%.

flushing studio apartment price trends

• After a large increase last month, rental pricing in Rego Park experienced a correction of 2.21% during March.

rego park studio apartment price trends

• Continuing the trend that emerged last month, the average rental price in Forest Hills increased again, this time by an impressive 5.03%.

forest hills studio apartment price trends

• During March, the average rental price in Jackson Heights increased by 3.56%.

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. 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

  • Determine if it's better to rent or to buy by filling in a few numbers and percentages.

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  • We know real estate terms and abbreviations can get confusing, so we’ve put together a list of terms and definitions for you.