The fluctuating Queens rental market saw a decrease in prices in August, after increases in July, according to the “Queens Rental Market Report” by MNS Real Estate.
Average rents throughout the borough dropped 3.74 percent from $2,113 in July to $2,034 in August, the report stated.
The report focused on several neighborhoods, including Long Island City, Astoria, Ridgewood, Flushing, Rego Park, Forest Hills and Jackson Heights.
The biggest changes occurred in studio apartments in Ridgewood, where prices dropped 43.5 percent — about $848 — to $1,100, the least expensive rental price for any type of apartment in the borough. The average price of a studio in the borough is $1,550, according to the report.
Also, two-bedroom units in Jackson Heights dipped 26.12 percent to $1,841 from $2,494 in July, a decrease of $653.
“Smaller neighborhoods in Queens are seeing slower progression, however more new developments are scheduled to open their doors in the coming months offering high-end amenities and exceptional convenience,” the report said. “As is evident from the overall decrease in prices this month Queens is expected to have up and down monthly fluctuations, but long-term projections have prices increasing steadily.”
Flushing had the largest decrease in overall average rents with 7.47 percent. Two-bedroom units in Flushing experienced a fall of 17.8 percent from $2,599 in July to $2,136 in August.
The biggest increase was in Ridgewood, where prices for one-bedroom apartments rose 15.3 percent or $260 to $1,960.
Prices in Astoria and Long Island City remained fairly stable, although dropped slightly, according to the report.
Click here to view the full report.
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