Queens
Rental Market Report

July 2019

Introduction

Over the last month, the average rent in Queens has increased by 2.45%, from $2,308.56 to $2,365.19.

A QUICK LOOK

Over the last month, the average rental price in Queens increased by 2.45%, from $2,308.56 to $2,365.19. The average rental price for a studio increased by 3.15%, from $1,889.76 to $1,949.35. The average rental price for a one-bedroom unit increased by 1.35%, from $2,240.39 to $2,270.55. The average rental price for a two-bedroom unit increased by 1.51%, from $2,765.53 to $2,837.88. Year-over-year, studios, one-bedrooms, and two-bedrooms all saw their average rental prices increase, by 4.61%, 4.42%, and 1.09%, respectively.

Out of the seven neighborhoods tracked by this report, only one had average rental prices fall month-over-month: Rego Park (-1.79%). Out of all unit types, one-bedroom units performed the best on a by-neighborhood scale, with pricing improving in: Long Island City (+1.36%), Astoria (+1.44%), Forest Hills (+4.79%), and Jackson Heights (+3.24%). Studio units also saw pricing improve in four out of seven neighborhoods, but one-bedroom unit pricing experienced larger movements. This past month, the most expensive rentals were in Long Island City. The least expensive rental studio units were in Forest Hills, while the least expensive one-bedroom rental units were in Jackson Heights, and, finally, the least expensive two-bedroom rental units were in Ridgewood.

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

• Over the last month, the average rental price in Long Island City increased by 2.68%.

long island city studio apartment price trends

• The average rental price in Astoria remained relatively stable from last month, increasing by just 0.08%.

astoria studio apartment price trends

• While the average rental price for one and two-bedroom units remained stable, the overall average rental price in Ridgewood increased by an impressive 8.66% from this point last month. This increase, however, is the direct result of a dearth of studio rental inventory, which skewed pricing in the area. Moving forward, the average rental price in Ridgewood can be expected to normalize as studio inventory comes onto the market.

RIDGEWOOD studio apartment price trends

• Over the last month, the average rental price in Flushing increased by 0.96%. The majority of this growth occurred within the studio rental market, where prices increased by 4.02% month-over-month.

flushing studio apartment price trends

• Through July, the average rental price in Rego Park experienced a correction of 1.79%.

rego park studio apartment price trends

• Thanks to a large increase in the number of listings from a handful on luxury developments in the area, the average rental price in Forest Hills increased by 4.48% over the last month.

forest hills studio apartment price trends

• Carrying over some momentum from last month, the average rental price in Jackson Heights increased by 2.59% through July.

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

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

  • Check out samples of leases and riders you will find throughout the Manhattan rental market.

  • A list of maps and transit options available in New York City and beyond.

  • Print out our moving checklist so you can be sure to have all your ducks in a row before you move.

  • Know the pertinent steps to buying an apartment in Manhattan. The guidance you receive can make or break your deal. Know before you go.

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