Queens Rental Market Report | MNS is Real Impact Real Estate

REPORTS

GUIDES

Queens
Rental Market Report

July 2016

Introduction

Average rents in Queens increased 0.91% this month, from $2,214.00 in June 2016 to $2,234.07 in July 2016.

A QUICK LOOK

Average rents in Queens increased 0.91% this month, from $2,214.00 in June 2016 to $2,234.07 in July 2016. To compare, rents only increased by 1.63% the month before that, from May to June. Inventory increased as well, up 6.8% from 1,387 units to 1,481 units. This inventory jump can be attributed to a large increases in Flushing and Long Island City units entering the market, as every other neighborhood experienced decreases in inventory. Since July 2015, prices have increased 6.2%, from $2,104.13 to $2,234.07.
At the time sample was taken, the following neighborhoods had a sample size of less than 20 units on the market; studios in Ridgewood, Flushing, Rego Park, and Jackson Heights; one bedrooms in Ridgewood, and two bedrooms in Jackson Heights. Smaller sample sizes often result in inflated price movements in average prices.
Ridgewood experienced the largest changes of any neighborhood this month, in both average price change and studio price change, which were +5% and +19.1%, respectively. The changes can be attributed to inventory size (as mentioned above) and an influx of new development into the neighborhood, namely 60-18 71st Avenue. Prices will be even more sensitive as inventory drops, which it did in Ridgewood in the last month, from 73 units to only 69, or a 5.5% drop. The inventory of studios also doubled from 1 to 2 units, which will cause large average price changes.
Queens continues to gain recognition as a commuter and family friendly alternative to Brooklyn. As proposed developments like expanded ferry service to Astoria and the Brooklyn Queens Connector gain traction, further development is inevitable.

Notable Trends

Building (Average Prices)
queens quick look studios queens quick look 1 bed queens quick look 2 bed
Queens Rents: July 2015 vs. July 2016
Type July 2015 July 2016 Change
Studios $1,707 $1,943 13.83%
One-bedrooms $2.048 $2,133 4.19%
Two-bedrooms $2,584 $2,626 1.61%

Where Prices Decreased (Monthly)

Long Island City
One-Bedroom -0.39%
Astoria
One-Bedroom -0.15%
Ridgewood
One-Bedroom -1.48% Two-Bedroom -1.82%
Flushing
Studios -0.58% One-Bedroom -3.97%
Rego Park
Two-Bedroom -5.83%
Forest Hills
Studios -5.61% One-Bedroom -0.60% Two-Bedroom -0.54%
Jackson Heights
One-Bedroom -0.67% Two-Bedroom -1.09%

A Quick Look

Where Prices Increased (Monthly)

Long Island City
Studios 1.19% Two-Bedroom 3.23%
Astoria
Studios 1.46% One-Bedroom 0.45%
Ridgewood
Studios 19.05%
Flushing
Two-Bedroom 1.70%
Rego Park
Studios 6.97% One-Bedroom 0.98%
Jackson Heights
Studios 8.18%

Neighborhood Price Trends

• While the price of one bedroom apartments fell this month by 0.4%, the prices of studios and two bedroom apartments rose, by 1.2% and 3.2%, respectively.

• Prices rose 1% over the last year.

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

• Astoria prices remained relatively stable this month, rising at most 1.5% (the price of studios), and falling at most only 0.2% (the price of one bedrooms).
• Prices rose 1.9% over the last year.

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

• Ridgewood prices fluctuated this month, as they did over the last year. While the prices of one and two bedrooms fell 1.5% and 1.8%, respectively, the price of studios rose 19.1%.
• Over the last year, studio prices rose a drastic 65.8%, which led to an average yearly price increase of 24.3%. This is due to the limited inventory of studios and major developments over the last year, including on and around Myrtle Avenue, and on 60-18 71 same as was the case this month which consists of large oversized studios.

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

• The largest change in the last month was a 4% decrease in the price of one bedroom apartments, followed by a 1.7% increase in the price of two bedroom apartments.
• Prices rose 6.2% over the last year.

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

• Although Rego Park prices decreased by only an average of 0.1% over the last month, when that number is broken down by apartment size, there is great variation. Studio prices rose 7%, one bedroom prices rose 1%, and two bedroom prices fell 5.8%. Variations can largely be accredited to inventory shifts and units at The Alexander at Rego Park (61-55 Junction Blvd), which were the most expensive in the entire neighborhood.
• Over the last year, prices have increased by 6%.

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

• Forest Hills rental prices fell across the board since last month, with decreases ranging from 5.6% in the price of studios, to 0.5% in the price of two bedrooms. The average monthly decrease was 1.9%.
• Over the last year, however, prices have increased by 2.6% on average.

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

• Jackson Heights studio prices increased by 8.2% this month, which was the largest price change and the only price increase. This jump can be attributed to low inventory.
• One bedroom and two bedroom prices, on the other hand, both fell; by 0.7% and 1.1%, respectively.
• Over the last year, prices have increased across all apartment sizes, by an average of 6%.

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).

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.