Rental prices are continuing to rise in the borough, according to the Queens Rental Market Report by MNS Real Estate.
Rents in Queens jumped about 1.76 percent from approximately $2,077 in June to $2,113 in July, according to the report, which targeted several Queens neighborhoods, including Long Island City, Astoria, Ridgewood, Flushing, Forest Hills, Jackson Heights and Rego Park.
The largest percentage increase in rent prices was seen in studios in Jackson Heights, which saw a 21 percent jump over a month. Studios in the neighborhood shot up from $1,238 in June to about $1,500 in July.
Two-bedrooms in Flushing also experienced a huge surge as prices soared more than 15 percent—an increase of $345 from $2,254 in June to $2,599 in July.
The most expensive neighborhood was Long Island City. Although prices fell 0.65 percent for the month because of “a maturing luxury rental market,” according to the report, the average rent prices ranged from $2,410 for a studio to $3,908 for a two-bedroom apartment.
“The rental market throughout Queens is still following the patterns of recent months as the borough continues to see major growth, particularly in Long Island City and Astoria,” the report points out. “With new developments and conversions hitting the market recently, renters have flocked to these areas seeking more options and value for their money.”
Studios in Forest Hills had the largest percentage decrease. Prices for a studio in the neighborhood dropped 27 percent ($501) from $1,851 in June to $1,350 in July.
To see the full report, click here.
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