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Queens
Rental Market Report

April 2016

Introduction

Average rents throughout Queens increased by 0.65% from $2,150.59 in March 2016 to $2,164.51 in April 2016.

A QUICK LOOK

The Queens average rent increased by 0.65% this month, from $2,150.59 in March 2016 to $2,164.51 in April 2016. The listing inventory increased by 7.45% since last month, from 1,315 rental units to 1,413. From a year-to-year perspective, the Queen’s average rent increased by 4.36%, from $2, 074.17 in April 2015 to $2,165.51.
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 and Flushing; One Bedrooms in Ridgewood; and Two Bedrooms in Jackson Heights and Flushing. Smaller sample sizes often result in extreme price movements in average prices.
Most Neighborhoods are starting to see larger increases in rent, particularly in Long Island City which saw a 5% increase in rent and Ridgewood which saw a 3.12% increase. On a sector level, overall average rents illustrated a trend toward One and Two Bedroom units, as Studios decreased by 1.92%, One Bedrooms increased by 2.24% and Two Bedrooms increased by 2.32%. On an annual scale, Studios and Two Bedroom rents are relatively level, increasing by 4.13% and 3.18%, as One Bedrooms increased by 7.08%. This larger increase in One Bedrooms is also seen in the number of units on the market from each unit sector. Taking the 2 largest neighborhoods in the sample – Astoria and Long Island City – combined this month there were 134 Studios on the market, 547 One Bedrooms and 360 Two Bedroom units. Another interesting trend was the emerging markets appearing in Rego Park and Ridgewood where average rents increased by 8.89% and 8.34%, respectively.

Notable Trends

Building (Average Prices)
queens quick look studios queens quick look 1 bed queens quick look 2 bed
Queens Rents: April 2015 vs. April 2016
  April '15 April '16 Change
Studios $1,669 $1,738 4.13%
One-bedrooms $1,975 $2,115 7.08%
Two-bedrooms $2,560 $2,641 3.18%

A Quick Look

Where Prices Increased (Monthly)

Long Island City
One-Bedroom 3.53% Two-Bedroom 9.91%
Astoria
One-Bedroom 4.79%
Ridgewood
Studios 8.03% One-Bedroom 2.75%
Flushing
One-Bedroom 2.60%
Rego Park
Two-Bedroom 2.18%
Forest Hills
Studios 2.1% One-Bedroom 2.2%
Jackson Heights
Two-Bedroom 3.84%

Where Prices Decreased (Monthly)

Long Island City
Studios -0.77%
Astoria
Studios -5.76% Two-Bedroom -1.44%
Ridgewood
Two-Bedroom -0.53%
Flushing
Studios -5.93% Two-Bedroom -1.19%
Rego Park
Studios -4.82% One-Bedroom -0.86%
Forest Hills
Two-Bedroom -0.50%
Jackson Heights
Studios -3.19% One-Bedroom -0.13%

Neighborhood Price Trends

• Although studio rents remained stable this month, One Bedrooms increased by 3.53% as Two Bedrooms increased by 9.91%, the result of lower priced units exiting the market and higher priced units entering.

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

• Astoria saw dips in the prices of Studios (-5.76%) and Two bedroom units (-1.44%) this month, as One bedroom rents increased by 4.79%. This coincides with inventory changes as well as an 18% increase in apartments on the market.

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

• Studios in Ridgewood saw an increase of 8.03% this month as a higher priced studio loft at 494 Seneca Ave entered the market. • From an annual perspective, rents increased by 8.34% since April 2015, indicative of a strong emerging market.

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

• Although the overall average rent dipped by 1.26% this month, rents increased by an average of 4.6% since this time last year

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

• After last month’s entrance of higher priced studio units, rents stabilized this month as those apartments left the market, balancing out the overall monthly average movement at -0.72%
• Since last year, Rego Park saw the greatest growth amongst the other analyzed area, increasing by 8.89%, which like Ridgewood, is indicative of a very strong emerging market

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

• Forest Hills saw its studio and one bedroom rent increase by 2.11% and 2.24%, respectively this month, as Two Bedrooms dipped slightly by -0.50%. Overall, we saw an average increase of 1.06% since last month.

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

• The Jackson Heights market remained stable this month, increasing by only 0.59%.

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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