QUEENS RENTAL MARKET REPORT
QUEENS RENTAL MARKET REPORT ARCHIVE
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introduction
THE AVERAGE RENT IN QUEENS HAS INCREASED THIS MONTH.
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CHANGE
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$2,158APRIL 2021
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$2,195MAY 2021
A QUICK LOOK
Through May, the average rental price in Queens increased by 1.73%, from $2,157.95 to $2,195.37. The average rental price for a studio increased by 1.88%, from $1,751.52 to $1,784.49. The average rental price for a one-bedroom unit increased by 1.54%, from $2,064.41 to $2,096.19. The average rental price for a two-bedroom unit increased by 1.79%, from $2,657.92 to $2,705.44. Year-over-year, studio, one-bedroom, and two-bedroom rental prices are down 9.02%, 5.45%, and 4.54%, respectively. Overall, rental prices are down 6.08% from this time last year.
This past month, out of the eight neighborhoods tracked by this report, seven saw their average rental prices increase: Long Island City (+5.82%), Astoria (+1.29%), Ridgewood (+1.58%), Flushing (+0.73%), Rego Park (+0.58%), Jackson Heights (+1.26%), and Jamaica (+2.26%).
This past month, the most expensive studio, one-bedroom, and two-bedroom rentals by average price were all in Long Island City. Conversely, the most affordable studio and one-bedroom units were seen in Jackson Heights, while the most affordable two-bedroom units were in Ridgewood.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Long Island City $2,410 | Jackson Heights $1,508 |
| One bedrooms | Long Island City $2,953 | Jackson Heights $1,777 |
| Two bedrooms | Long Island City $4,250 | Ridgewood $2,165 |
WHERE PRICES DECREASED
RIDGEWOOD
Two-Bedroom -2.0%
FLUSHING
Studios -0.8%
One-Bedroom -0.2%
FOREST HILLS
Studios -1.1%
One-Bedroom -0.1%
Two-Bedroom -3.0%
JACKSON HEIGHTS
Studios -0.9%
WHERE PRICES INCREASED
LONG ISLAND CITY
Studios 3.6%
One-Bedroom 2.8%
Two-Bedroom 9.4%
ASTORIA
Studios 2.7%
One-Bedroom 1.2%
Two-Bedroom 0.3%
RIDGEWOOD
Studios 3.7%
One-Bedroom 3.9%
FLUSHING
Two-Bedroom 2.4%
REGO PARK
Studios 1.2%
One-Bedroom 0.7%
Two-Bedroom 0.2%
JACKSON HEIGHTS
One-Bedroom 1.7%
Two-Bedroom 2.4%
JAMAICA
Studios 5.8%
One-Bedroom 2.0%
Two-Bedroom 0.2%
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: MAY 2020 VS. MAY 2021
| TYPE | MAY 2020 | MAY 2021 | CHANGE |
|---|---|---|---|
| Studios | $1,961 | $1,784 | 9.0% |
| One bedrooms | $2,217 | $2,096 | 5.5% |
| Two bedrooms | $2,834 | $2,705 | 4.5% |
QUEENS PRICE TRENDS
ASTORIA PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN ASTORIA HAS INCREASED BY 1.29%.
FLUSHING PRICE TRENDS
THROUGH MAY, THE AVERAGE RENTAL PRICE IN FLUSHING INCREASED BY 0.73%.
FOREST HILLS PRICE TRENDS
FOLLOWING AN INCREASE LAST MONTH, THE AVERAGE RENTAL PRICE IN FOREST HILLS EXPERIENCED A CORRECTION OF 1.57% THROUGH MAY.
JACKSON HEIGHTS PRICE TRENDS
THROUGH MAY, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS INCREASED BY 1.26%.
JAMAICA PRICE TRENDS
OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN JAMAICA INCREASED BY 2.26%.
LONG ISLAND CITY PRICE TRENDS
THANKS TO A SIGNIFICANT INCREASE IN THE PROPORTION OF AVAILABLE LUXURY UNITS ON THE MARKET, THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY INCREASED BY 5.82% THROUGH MAY.
REGO PARK PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN REGO PARK INCREASED BY 0.58%.
RIDGEWOOD PRICE TRENDS
THROUGH MAY, THE AVERAGE RENTAL PRICE IN RIDGEWOOD INCREASED BY 1.58%.
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.
