New Showing Features: See Apartments (virtually) with video and 3d tours or View in-person with (social distancing friendly) Contactless Access.

QUEENS RENTAL MARKET REPORT

Queens infographics

QUEENS RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN QUEENS HAS INCREASED THIS MONTH.

  • 0.18%
    CHANGE
  • $2,350
    MARCH 2020
  • $2,354
    APRIL 2020

A QUICK LOOK

queens

Over the last month, the average rental price in Queens increased by 0.18%, from $2,350.05 to $2,354.39. The average rental price for a studio unit increased by just 0.05%, from $1,847.14 to $1,848.10. The average rental price for a one-bedroom unit fell by 1.04%, from $2,278.76 to $2,254.98. The average rental price for a two-bedroom unit increased by 1.22%, from $2,924.26 to $2,960.08. Year-over-year, average studio rental prices are down 1.53%, while one and two-bedroom units are up 3.43% and 9.80%, respectively.

Through April, half of the neighborhoods tracked by this report saw their average rental prices drop: Rego Park (-0.59%), Forest Hills (-0.47%), Jackson Heights (-0.96%), and Jamaica (-0.72%). Out of the four neighborhoods that experienced some price growth, only two saw their pricing improve by more than 0.20%: Astoria (+1.64%) and Flushing (+2.16%). Both of these neighborhoods experienced an inventory crunch through April which, in their situations, caused overall average prices to increase as luxury rental units became a larger share of overall inventory. Pricing in these neighborhoods can be expected to adjust as demand for rentals becomes more defined as we progress through this pandemic. This past month, the most expensive rentals by average price could be found in Long Island City. The least expensive studio and two-bedrooms rentals were observed in Ridgewood, while the least expensive one-bedroom rentals were in Jackson Heights.

NOTABLE TRENDS

queens
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Long Island City $2,755 Ridgewood $1,500
One bedrooms Long Island City $3,272 Jackson Heights $1,903
Two bedrooms Long Island City $4,463 Ridgewood $2,463

WHERE PRICES DECREASED

price_down_icon

LONG ISLAND CITY

Two-Bedroom -0.4%

RIDGEWOOD

One-Bedroom -4.2%

FLUSHING

Studios -0.9%

REGO PARK

Studios -1.1%

One-Bedroom -3.8%

FOREST HILLS

Studios -2.8%

Two-Bedroom -0.6%

JACKSON HEIGHTS

Studios -5.5%

One-Bedroom -3.8%

JAMAICA

One-Bedroom -0.9%

Two-Bedroom -3.6%

WHERE PRICES INCREASED

price_up_icon

LONG ISLAND CITY

Studios 0.9%

One-Bedroom 0.4%

ASTORIA

Studios 4.7%

One-Bedroom 1.0%

Two-Bedroom 0.0%

RIDGEWOOD

Studios 0.0%

Two-Bedroom 4.3%

FLUSHING

One-Bedroom 0.6%

Two-Bedroom 5.1%

REGO PARK

Two-Bedroom 2.5%

FOREST HILLS

One-Bedroom 1.6%

JACKSON HEIGHTS

Two-Bedroom 4.0%

JAMAICA

Studios 4.3%

QUEENS AVERAGE PRICE

QUEENS AVERAGE PRICE

QUEENS AVERAGE PRICE

A QUICK LOOK

year over year PRICE CHANGE BY NEIGHBORHOOD

year over year
ASTORIA
FLUSHING
FOREST HILLS
5.77%
8.26%
4.04%
JACKSON HEIGHTS
LONG ISLAND CITY
7.27%
6.66%
REGO PARK
RIDGEWOOD
6.85%
1.68%

YEAR OVER YEAR Price change

QUEENS RENTS: APRIL 2019 VS. APRIL 2020

price changes
TYPE APRIL 2019 APRIL 2020 CHANGE
Studios $1,877 $1,848 1.5%
One bedrooms $2,180 $2,255 3.4%
Two bedrooms $2,696 $2,960 9.8%
QUEENS

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN ASTORIA INCREASED BY 1.64%. THE MAJORITY OF THIS GROWTH WAS OBSERVED AMONG THE STUDIO RENTAL SUB-MARKET, WHERE INVENTORY CONSOLIDATION LED TO A PRICE INCREASE OF 4.73%.

ASTORIA

SIMILAR TO LAST MONTH, THE AVERAGE RENTAL PRICE IN FLUSHING EXPERIENCED AN INCREASE DUE TO A GROWING PROPORTION OF AVAILABLE LUXURY UNITS VERSUS NON-LUXURY UNITS. THIS TIME, THE AVERAGE RENTAL PRICE INCREASED BY 2.16%.

FLUSHING

FOLLOWING TWO MONTHS OF PRICE GROWTH, THE AVERAGE RENTAL PRICE IN FOREST HILLS EXPERIENCED A CORRECTION OF 0.47%.

FOREST HILLS

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS FELL BY 0.96%.

JACKSON HEIGHTS

THROUGH APRIL, THE AVERAGE RENTAL PRICE IN JAMAICA FELL BY 0.72%.

JAMAICA

THANKS TO A DROP IN OVERALL RENTAL DEMAND, THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY REMAINED RELATIVELY STABLE THROUGH APRIL, INCREASING BY JUST 0.20%.

LONG ISLAND CITY

FOLLOWING AN INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN REGO PARK EXPERIENCED A CORRECTION OF 0.59% THROUGH APRIL.

REGO PARK

REMAINING STABLE, THE AVERAGE RENTAL PRICE IN RIDGEWOOD INCREASED BY JUST 0.16% THROUGH APRIL.

RIDGEWOOD

THE REPORT EXPLAINED

THE QUEENS RENTAL MARKET REPORT COMPARES FLUCTUATION IN THE CITY’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 EFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN QUEENS.

The Queens Rental Market Repor TM is based on a cross-section of data from available listings and priced under $10,000, with ultraluxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specifc 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

thank you