Fueled by hot luxury listings, studio apartment rents in Rego Park are going through the roof after another huge monthly increase in December.
Rego Park renters were likely to pay $184, or about 12 percent, more on average for a studio apartment in December than November, according to MNS Real Estate’s monthly Queens Rental Market Report, which was released Thursday.
The change in rates was quite drastic over a relatively short period of time. Studio renters in Rego Park were likely to pay an average of just $1,325 per month in August, instead of the current $1,717, according to MNS.
The real estate firm highlighted the neighborhood in the report and called its monthly increase “surprising.” That’s probably how future renters will feel when they realize the popular neighborhood of Astoria currently has an average asking rent of about $127 less per studio.
But the top rates in Rego Park were caused by the change in inventory, according to the report.
“Rego Park saw a decrease in studio inventory with various lower price rentals coming off the market, leaving a small number of higher priced units, namely at The Contour on 97-45 Queens Boulevard,” the report said.
In Jackson Heights there was a similar trend in two-bedroom rates over the month, which rose $230 to an average price of $2,317 per month. Jackson Heights, which has an inventory problem, has the lowest availability of two-bedroom apartments in the borough with just six, the report said. The neighborhood also has the highest demand for two-bedroom apartments as units have an average of 19 days on the market.
Long Island City led the pack again with the highest rental prices for studios and one- and two-bedroom apartments in December, according to the report.
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