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Photo courtesy of Flickr/Leo Gomez
Photo courtesy of Flickr/Leo Gomez
Long Island City and Jackson Heights saw large increases in rental prices in just one month.

A report released Friday by real estate brokerage firm MNS shows that rents across the borough increased by 1.43 percent in the last month, with the largest monthly jump in Jackson Heights.

The firm analyzed data from seven Queens neighborhoods including Long Island City, Astoria, Jackson Heights, Ridgewood, Forest Hills, Rego Park and Flushing. Last December, the average rent price was $2,094 and that number jumped slightly to $2,124.26 in January 2016. Supply decreased throughout these neighborhoods with listing inventory declining by 3.34 percent.

According to the report, studio prices last month averaged $1,747, up from $1,685 in December 2015. The average price of one-bedrooms in these neighborhoods increased from $2,011 to $2,035 during the same time. Two-bedroom rental prices also increased from $2,547 to $2,550.

Surprisingly, in just one month from December 2015 to January 2016 studio rents in Jackson Heights rose by 10 percent, from $1,417 to $1,558, for the largest monthly jump. During the same period, studio rents in Long Island City jumped 5 percent, from $2,303 to $2,418.

Jackson Heights was also the site of the largest monthly decrease, with two-bedroom rents decreasing 1.93 percent, from $2,186 to $2,144.

Not surprisingly, Long Island City has the most expensive studios, one-bedroom and two-bedroom rentals out of the group with prices averaging $2,418, $2,754 and $3,621 respectively.

Fewer than 20 studios were available for rent in Ridgewood, Flushing, Rego Park and Jackson Heights. There were also fewer than 20 one-bedroom apartments for sale in Ridgewood and Flushing and two-bedrooms in Jackson Heights, when data was collected.

Long Island City and Astoria, two neighborhoods that have seen rapid development in the last several years, account for nearly 71 percent of the inventory analyzed by MNS.

“What was interesting in both [Long Island City and Astoria] was a noticeable shift toward studios, as opposed to larger unit types, as was observed in dips in pricing since last year, particularly amongst two-bedroom units,” the report read. “Conversely, the opposite held true in Ridgewood, Flushing and Rego Park where studio rents decreased as the two-bedroom average rent increased between 3.7 percent and 6.7 percent.”

Those looking for cheaper options should look for studios and one-bedroom rentals in Flushing, with prices averaging $1,456 and $1,588. Two-bedroom rentals are cheapest in Ridgewood, with prices averaging $2,092.


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