QUEENS RENTAL MARKET REPORT

Queens infographics

QUEENS RENTAL MARKET REPORT ARCHIVE

AVERAGE RENT

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THE AVERAGE RENT IN QUEENS HAS DECREASED THIS MONTH.

  • 3.2%
    CHANGE
  • $2,375.24
    AUGUST 2019
  • $2,299.17
    SEPTEMBER 2019

A QUICK LOOK

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Over the last month, the average rental price in Queens decreased by 3.20%, from $2,375.24 to $2,299.17. The average rental price for a studio unit decreased by 4.04%, from $1,934.77 to $1,856.67. The average rental price for a one-bedroom unit decreased by 0.73%, from $2,254.00 to $2,237.48. The average rental price for a two-bedroom unit decreased by 3.54%, from $2,906.37 to $2,803.35. Year-overyear, studio rental rates are down 0.1%, while one and two-bedroom units saw their average prices increase by 1.1% and 1.4%, respectively. In line with rental market seasonality, the Queens rental market experienced some overall price contraction this past month. Out of the seven neighborhoods tracked by this report, five saw their average rental prices fall: Long Island City (-2.42%), Ridgewood (-7.65%), Flushing (-4.80%), Rego Park (-6.66%), and Forest Hills (-2.96%). On a by-neighborhood basis, the best performing unit type were one-bedroom units which saw average price increases in three tracked neighborhoods: Astoria (+0.34%), Ridgewood (+4.07%), and Forest Hills (+0.05%). This past month, the most expensive studio, one-bedroom, and two-bedroom units were all in Long Island City. The least expensive studio and two-bedroom units could be found in Ridgewood, while the least expensive one-bedroom units were in Jackson Heights.

NOTABLE TRENDS

TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Long Island City $2,757 Ridgewood $1,575
One bedrooms Long Island City $3,397 Jackson Heights $1,896
Two bedrooms Long Island City $4,460 Ridgewood $2,380

WHERE PRICES DECREASED

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FLUSHING

Studios -3.9%

One-Bedroom -2.9%

Two-Bedroom -6.8%

FOREST HILLS

Studios -2.2%

Two-Bedroom -5.8%

JACKSON HEIGHTS

Studios -1.0%

LONG ISLAND CITY

Studios -0.7%

One-Bedroom -1.7%

Two-Bedroom -4.0%

REGO PARK

Studios -7.7%

One-Bedroom -3.2%

Two-Bedroom -8.6%

WHERE PRICES INCREASED

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ASTORIA

Studios 3.7%

One-Bedroom 0.3%

Two-Bedroom 1.0%

FOREST HILLS

One-Bedroom 0.1%

JACKSON HEIGHTS

Studios 0.4%

Two-Bedroom 1.0%

RIDGEWOOD

One-Bedroom 4.1%

Two-Bedroom 0.1%

QUEENS AVERAGE PRICE

QUEENS AVERAGE PRICE

QUEENS AVERAGE PRICE

A QUICK LOOK

year over year

CHANGE BY NEIGHBORHOOD

2.75% Astoria 1.17% Jackson Heights 2.40% Rego Park
4.16% Flushing 5.13% Long Island City 3.03% Ridgewood
4.37% Forest Hills

YEAR OVER YEAR

price changes

QUEENS RENTS: SEPTEMBER 2018 VS. SEPTEMBER 2019

TYPE SEPTEMBER 2018 SEPTEMBER 2019 CHANGE
Studios $1,859 $1,857 0.12%
One bedrooms $2,212 $2,237 1.14%
Two bedrooms $2,764 $2,803 1.42%

QUEENS

QUEENS

ASTORIA

BUOYED BY INVENTORY FROM A HANDFUL FROM NEWER BUILDINGS IN THE AREA, THE AVERAGE RENTAL PRICE IN ASTORIA INCREASED BY 1.55% OVER THIS PAST MONTH.

ASTORIA

FLUSHING

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN FLUSHING EXPERIENCED A CORRECTION OF 4.80%. IN ADDITION TO RENTAL MARKET SEASONALITY, A NOTICEABLE DROP IN AVAILABLE LUXURY INVENTORY LED TO THIS PRICE DROP.

FLUSHING

FOREST HILLS

FOLLOWING TWO MONTHS OF INCREASES, THE AVERAGE RENTAL PRICE IN FOREST HILLS FELL BY 2.96%.

FOREST HILLS

JACKSON HEIGHTS

REMAINING STABLE, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS INCREASED BY JUST 0.18%.

JACKSON HEIGHTS

LONG ISLAND CITY

FOLLOWING AN INCREASE IN AUGUST, THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY EXPERIENCED A CORRECTION OF 2.42% THROUGH SEPTEMBER.

LONG ISLAND CITY

REGO PARK

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN REGO PARK FELL BY 6.66%.

REGO PARK

RIDGEWOOD

WHILE BOTH ONE AND TWO-BEDROOM PRICING INCREASED THROUGH SEPTEMBER, THE OVERALL RENTAL PRICE IN RIDGEWOOD FELL BY 7.65%. FOLLOWING A DEARTH OF STUDIO INVENTORY OVER THE SUMMER MONTHS, A HANDFUL OF STUDIO UNITS CAME BACK ONTO THE MARKET THIS PAST MONTH, LEAVING THE OVERALL RENTAL PRICE TO ADJUST ACCORDINGLY.

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 June 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.

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