Many Queens renters probably didn’t realize it, but average rents in the borough fell in most neighborhoods, according to the April MNS Real Estate Queens Rental Market Report.
Renters were likely to pay an average of $2,074.17 per month in April, which was down .41 percent from March, the report found. However, while most neighborhoods saw decreases, overall rents in Jackson Heights saw an average rental price increase of 7.45 percent from March to April.
Jackson Heights two-bedroom apartment prices saw the borough’s largest increase of 17.44 percent over the month, or $356 more, to $2,395 per month. The report indicated that the price jump is a result of very low inventory in Jackson Heights, which had just six two-bedroom rental apartments in April.
To compare, Astoria had the most available two-bedroom units in the borough in April with 115 apartments, according to the report.
Astoria was the only other neighborhood in the survey that saw an increase in average rents, although it was just .2 percent more. The increase was due to rising prices in one- and two-bedroom apartments in the neighborhood caused by high demand.
But despite the overall increase, studio rents in Astoria actually dropped nearly six percent to an average of $1,748 per month.
To view the full report, click here.
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