QUEENS RENTAL MARKET REPORT
QUEENS RENTAL MARKET REPORT ARCHIVE
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introduction
THE AVERAGE RENT IN QUEENS HAS DECREASED THIS MONTH.
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CHANGE
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$2,805SEPTEMBER 2023
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$2,803OCTOBER 2023
A QUICK LOOK
Through October, the average rental price in Queens decreased by 0.06%, from $2,804.94 to $2,803.12. The average rental price for a studio increased by 1.50%, from $2,222.19 to $2,255.57. The average rental price for a one-bedroom unit decreased by 0.67%, from $2,747.66 to $2,729.38. The average rental price for a two-bedroom unit decreased by 0.60%, from $3,444.97 to $3,424.40.
Out of the eleven neighborhoods tracked by this report, fi ve saw their average rental prices increase month-over-month. The remaining areas decreased this month.
- Long Island City: -0.99%
- Astoria: +1.93%
- Ridgewood: -0.97%
- Flushing: -0.35%
- Rego Park: +1.5%
- Forest Hills: +0.28%
- Jackson Heights: -1.41%
- Jamaica: -1.11%
- Woodside/Maspeth: -0.66%
- Elmhurst: +0.89%
- Sunnyside: +0.95%
The most expensive studio, one-bedroom and two-bedroom units by average price were all in Long Island City, while the most affordable studio units were in Flushing; one and two-bedroom units were in Elmhurst.
Year-over-year, studio and one-bedroom rental prices are up by 5.40%, and 5.46%, respectively; two-bedroom rental prices decreased by 0.48%, with an overall increase of 2.94% since this time last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Long Island City $3,418 | Flushing $1,679 |
| One bedrooms | Long Island City $4,145 | Elmhurst $2,275 |
| Two bedrooms | Long Island City $5,756 | Elmhurst $2,845 |
WHERE PRICES DECREASED
LONG ISLAND CITY
One-Bedroom -2.7%
Two-Bedroom -0.9%
ASTORIA
One-Bedroom -0.5%
Two-Bedroom -2.9%
RIDGEWOOD
One-Bedroom -0.9%
Two-Bedroom -4.3%
FLUSHING
Studios -3.6%
Two-Bedroom -3.5%
FOREST HILLS
One-Bedroom -3.7%
Two-Bedroom -1.9%
JACKSON HEIGHTS
Studios -3.0%
One-Bedroom -3.0%/p>
JAMAICA
Studios -2.3%
One-Bedroom -0.1%
Two-Bedroom -1.1%
WOODSIDE / MASPETH
Studios -2.6%
One-Bedroom -1.6%
ELMHURST
Studios -12.0%
SUNNYSIDE
One-Bedroom -4.7%
Two-Bedroom -0.7%
WHERE PRICES INCREASED
LONG ISLAND CITY
Studios 1.0%
ASTORIA
Studios 12.8%
RIDGEWOOD
Studios 3.4%
FLUSHING
One-Bedroom 6.4%
REGO PARK
Studios 3.0%
One-Bedroom 1.7%
Two-Bedroom 0.3%
FOREST HILLS
Studios 9.4%
JACKSON HEIGHTS
Two-Bedroom 0.9%
WOODSIDE / MASPETH
Two-Bedroom 1.6%
ELMHURST
One-Bedroom 4.2%
Two-Bedroom 7.8%
SUNNYSIDE
Studios 11.7%
QUEENS AVERAGE PRICE
QUEENS AVERAGE PRICE
QUEENS AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
QUEENS RENTS: OCTOBER 2022 VS. OCTOBER 2023
| TYPE | OCTOBER 2022 | OCTOBER 2023 | CHANGE |
|---|---|---|---|
| Studios | $2,140 | $2,256 | 5.40% |
| One bedrooms | $2,588 | $2,729 | 5.46% |
| Two bedrooms | $3,441 | $3,424 | 0.48% |
QUEENS PRICE TRENDS
ASTORIA PRICE TRENDS
THROUGH OCTOBER, THE AVERAGE RENTAL PRICE IN ASTORIA INCREASED BY 1.93%.
ELMHURST PRICE TRENDS
THE AVERAGE RENTAL PRICE IN ELMHURST SLIGHTLY INCREASED BY JUST 0.89% SINCE LAST MONTH.
FLUSHING PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN FLUSHING SLIGHTLY DECREASED BY JUST 0.35%.
FOREST HILLS PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN FOREST HILLS SLIGHTLY INCREASED BY JUST 0.28%.
JACKSON HEIGHTS PRICE TRENDS
THROUGH OCTOBER, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS DECREASED BY 1.41%.
JAMAICA PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN JAMAICA DECREASED BY 1.11%.
LONG ISLAND CITY PRICE TRENDS
THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY SLIGHTLY DECREASED BY JUST 0.99% SINCE LAST MONTH.
REGO PARK PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN REGO PARK INCREASED BY 1.50%.
RIDGEWOOD PRICE TRENDS
THE AVERAGE RENTAL PRICE IN RIDGEWOOD SLIGHTLY DECREASED BY JUST 0.97% SINCE LAST MONTH.
SUNNYSIDE PRICE TRENDS
THROUGH OCTOBER, THE AVERAGE RENTAL PRICE IN SUNNYSIDE SLIGHTLY INCREASED BY JUST 0.95%.
WOODSIDE/MASPETH PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN WOODSIDE/MASPETH SLIGHTLY DECREASED BY JUST 0.66%.
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.
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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.
