QUEENS RENTAL MARKET REPORT

Queens infographics

QUEENS RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN QUEENS HAS INCREASED THIS MONTH.

  • 0.58%
    CHANGE
  • $2,281
    NOVEMBER 2019
  • $2,294
    DECEMBER 2019

A QUICK LOOK

queens

Over the last month, the average rental price in Queens increased by 0.58%, from $2,280.70 to $2,293.86. The average rental price for a studio unit increased by 2.81%, from $1,823.16 to $1,874.39. The average rental price for a one-bedroom unit fell by 0.17%, from $2,238.36 to $2,234.46. The average rental price for a two-bedroom unit decreased by 0.28%, from $2,780.58 to $2,772.75. Year-over-year, rental prices are up across-the-board, with studio, one, and two-bedroom prices increasing by 2.17%, 6.68%, and 3.47%, respectively.

Out of the eight neighborhoods tracked by this report, only three saw their average rental prices fall: Flushing (-1.11%), Forest Hills (-1.55%), and Jamaica (-1.52%). Out of all unit types, studio units performed the best on a by-neighborhood basis through December, with pricing falling in only three neighborhoods: Long Island City (-1.57%), Flushing (-0.29%), and Rego Park (-3.99%). This past month, the most expensive units in the market, by average price, were in Long Island City. The least expensive studios were in Flushing, while the least expensive one-bedroom units were in Jackson Heights. The most affordable two-bedroom units were found in Ridgewood.

NOTABLE TRENDS

queens
TYPE MOST EXPENSIVE LEAST EXPENSIVE
Studios Long Island City $2,646 Flushing $1,576
One bedrooms Long Island City $3,294 Jackson Heights $1,930
Two bedrooms Long Island City $4,397 Ridgewood $2,233

WHERE PRICES DECREASED

price_down_icon

LONG ISLAND CITY

Studios -1.6%

RIDGEWOOD

One-Bedroom -1.6%

Two-Bedroom -0.4%

REGO PARK

Studios -4.0%

One-Bedroom -0.1%

FLUSHING

Studios -0.3%

One-Bedroom -1.3%

Two-Bedroom -1.4%

FOREST HILLS

One-Bedroom -1.6%

Two-Bedroom -2.6%

JACKSON HEIGHTS

Two-Bedroom -0.2%

JAMAICA

One-Bedroom -1.5%

Two-Bedroom -3.7%

WHERE PRICES INCREASED

price_up_icon

LONG ISLAND CITY

One-Bedroom 0.5%

Two-Bedroom 0.7%

ASTORIA

Studios 2.5%

One-Bedroom 0.8%

Two-Bedroom 0.9%

RIDGEWOOD

Studios 25.8%

REGO PARK

Two-Bedroom 4.1%

FOREST HILLS

Studios 0.2%

JACKSON HEIGHTS

Studios 2.7%

One-Bedroom 3.4%

JAMAICA

Studios 2.0%

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
6.6%
3.2%
2.8%
Jackson Heights
Long Island City
9.4%
5.4%
Rego Park
Ridgewood
7.2%
4.1%

YEAR OVER YEAR Price change

QUEENS RENTS: DECEMBER 2018 VS. DECEMBER 2019

price changes
TYPE DECEMBER 2018 DECEMBER 2019 CHANGE
Studios $1,835 $1,874 2.2%
One bedrooms $2,095 $2,234 6.7%
Two bedrooms $2,680 $2,773 3.5%
QUEENS

FOLLOWING LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE IN ASTORIA REBOUNDED BY 1.32% THROUGH DECEMBER.

ASTORIA

IN-LINE WITH SEASONALITY, THE AVERAGE RENTAL PRICE IN FLUSHING FELL BY 1.11% THROUGH DECEMBER.

FLUSHING

FOLLOWING LAST MONTH’S INCREASE, THE AVERAGE RENTAL PRICE IN FOREST HILLS EXPERIENCED A CORRECTION OF 1.55% THROUGH DECEMBER.

FOREST HILLS

THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS INCREASED BY 1.71%.

JACKSON HEIGHTS

OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN JAMAICA FELL BY 1.52%.

JAMAICA

REMAINING STABLE, THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY INCREASED BY JUST 0.05% THROUGH DECEMBER.

LONG ISLAND CITY

THANKS TO A 4.14% AMONG TWO-BEDROOM PRICING, THE AVERAGE OVERALL RENTAL PRICE IN REGO PARK REMAINED STABLE, INCREASING BY JUST 0.51%.

REGO PARK

ONCE AGAIN, RIDGEWOOD EXPERIENCED A LARGER-THAN-NORMAL CHANGE IN AVERAGE PRICING, THIS TIME INCREASING BY 6.09%. THIS INCREASE IS THE DIRECT RESULT OF THE RE-INTRODUCTION OF STUDIO INVENTORY TO THE AREA WHICH LEAVES OVERALL PRICING TO ADJUST.

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.

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