QUEENS YEAR END REPORT
QUEENS YEAR END REPORT ARCHIVE
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introduction
WE ARE PROUD TO PRESENT MNS’ SEVENTH ANNUAL YEAR END REPORT
MNS is proud to present our seventh annual Year End Report for Queens, the summation of a year’s worth of data collected from our monthly Queens Rental Market Reports. We hope you fi nd this report useful in determining the rental trends present in Queens’ major neighborhoods, as well as the overall climate of the Queens rental market.
Compared to last year, the average rental prices in Queens for 2022 increased by 14.51%, from $2,248 in 2021 to $2,574 this past year. Studio rental prices are up by 12.16% year-over-year, from $1,817 to $2,038. The average rental price for one-bedroom units are up by 13.96%, from $2,167 in 2021 to $2,470 in 2022. The average rental price for two-bedroom units increased by 16.48%, from $2,761 to $3,215.
Areas where there is traditionally a higher supply of new construction residential development saw their average rents increase the most year over year, led by Long Island City (+25.49%), Astoria (+22.25%), and Jamaica (+18.59%), where large buildings like 5 Pointz, Astoria West, The Crossing at Jamaica Station, and Alvista Rise hit the market putting upward pressure on the average rents.
NOTABLE TRENDS
Growth and Borough Trends
Long Island City saw their average rents increase the most this past year, at 25.49%. Not far behind was Astoria at 22.25%, and Jamaica with an increase of 18.59%.
QUEENS RENTS: 2021 VS. 2022
| TYPE | 2021 | 2022 | CHANGE |
|---|---|---|---|
| Studios | $1,817 | $2,038 | 12.16% |
| One bedrooms | $2,167 | $2,470 | 13.96% |
| Two bedrooms | $2,761 | $3,215 | 16.48% |
MEAN RENTAL PRICES
2022 MEAN QUEENS RENTAL PRICES
-
$2,038
Studios
-
$2,470
One bedrooms
-
$3,215
Two bedrooms
QUEENS PRICE TRENDS
ASTORIA - Price changes of 2022*
*This figure represents the percentage change in the total average pricing from 2021 to 2022 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 15.50% |
| One bedrooms | 22.98% |
| Two bedrooms | 26.67% |
FLUSHING - Price changes of 2022*
*This figure represents the percentage change in the total average pricing from 2021 to 2022 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 2.60% |
| One bedrooms | 3.77% |
| Two bedrooms | 3.92% |
FOREST HILLS - Price changes of 2022*
*This figure represents the percentage change in the total average pricing from 2021 to 2022 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 12.24% |
| One bedrooms | 9.46% |
| Two bedrooms | 15.08% |
JACKSON HEIGHTS - Price changes of 2022*
*This figure represents the percentage change in the total average pricing from 2021 to 2022 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 8.17% |
| One bedrooms | 7.81% |
| Two bedrooms | 7.27% |
JAMAICA - Price changes of 2022*
*This figure represents the percentage change in the total average pricing from 2021 to 2022 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 17.24% |
| One bedrooms | 17.56% |
| Two bedrooms | 20.30% |
LONG ISLAND CITY - Price changes of 2022*
*This figure represents the percentage change in the total average pricing from 2021 to 2022 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 24.41% |
| One bedrooms | 24.74% |
| Two bedrooms | 26.68% |
REGO PARK - Price changes of 2022*
*This figure represents the percentage change in the total average pricing from 2021 to 2022 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 0.68% |
| One bedrooms | 3.60% |
| Two bedrooms | 5.13% |
RIDGEWOOD - Price changes of 2022*
*This figure represents the percentage change in the total average pricing from 2021 to 2022 for each unit type.
| TYPE | percentage |
|---|---|
| Studios | 9.63% |
| One bedrooms | 15.29% |
| Two bedrooms | 21.50% |
QUEENS PRICE TRENDS
Average prices over the year
THE REPORT EXPLAINED
THE QUEENS RENTAL MARKET REPORT IS THE ONLY REPORT THAT COMPARES FLUCTUATION IN THE CITY’S RENTAL DATA ON A MONTHLY BASIS. IT IS AN ESSENTIAL TOOL FOR POTENTIAL RENTERS SEEKING TRANSPARENCY IN THE NYC APARTMENT MARKET AND A BENCHMARK FOR LANDLORDS TO EFFICIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN QUEENS.
The Queens Rental Market Report is based on data cross-sectioned from over 10,000 currently available listings priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific 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 at 718-222-0211
Note All market data is collected and compiled by MNS’ 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.
