Overall most Queens renters didn’t see much of a change in rates from December to January as prices increased just 0.21 percent to $2,103.96.
However, select areas experienced more significant changes, revealing important neighborhood trends, according to data from MNS Real Estate’s January Queens Rental Market Report.
It’s back over $4,000
The most expensive rents for studios and one- and two-bedroom apartments can be found in Long Island City, as is the norm. But in January, the average rents of two-bedroom apartments in Long Island City climbed over the $4,000 mark for the first time since May of 2014 to an average of $4,044, according to the report. After hitting a low of $3,747 in June of 2014, prices fluctuated for a few months before slowly rising toward the end of the year.
A bargain in Jackson Heights
Tenants paid about an average of $1,514 for rental studios in Forest Hills in January, which is 6.62 percent less than the previous month and the largest percent drop that month. It was a significant decline in rates, but renters looking for a bargain should focus on Jackson Heights studios, where prices are $114 less at an average of $1,400 per month. Of the neighborhoods analyzed in the borough in January, Jackson Heights has the lowest prices for studios.
Rocketing Rego Park
Rego Park is continuing its hot streak. Average prices in the neighborhood are continuing to burn through residents’ wallets as new luxury units recently entered the market. For the month of January, average prices for two-bedrooms in the neighborhood rose a whopping 17.1 percent during the month to $2,598. From November to December 2014, Rego Park rental studios saw an stark increase of 12 percent in average rents.
Click here to read the full report.