Prices for a studio in Ridgewood or two-bedroom apartment in Long Island City have jumped since March, according to a study by real estate firm MNS.
The report found that studios in Ridgewood jumped 8.03 percent from $1,713 in March 2016 to $1,850 in April 2016. Meanwhile, two-bedroom apartments in Long Island City rose by 9.91 percent, from $3,697 in March 2016 to $4,063 in April 2016. These were the largest monthly increases.
Long Island City is consistently home to some of the most expensive apartment units and MNS CEO Andrew Barrocas does not see that changing anytime soon.
“I think LIC is an incredible market, and it always fascinates me how quick the absorption rate is there,” Barrocas said. “I don’t see it changing at all. More families are moving to the neighborhood, and as the area continues to be developed, more retail and restaurants are coming in. It is truly becoming one of the premier rental markets in New York, and demand will continue.”
Flushing and Astoria saw the largest monthly decreases in the borough. The price for studios in Flushing decreased by 5.93 percent from $1,480 in March 2016 to $1,392 in April 2016.
In Astoria, studio prices decreased by 5.76 percent, from $1,875 in March 2016 to $1,767 in April 2016. But prices for a one-bedroom increased by 4.79 percent to $2,267. Astoria was also the only Queens neighborhood to be placed on a list of top 15 gentrifying neighborhoods by the NYU Furman Center.
The average rent in Queens rose by 3.26 percent between March 2015 and March 2016, from $2,082.78 to $2,150.59. Rego Park is the home of the largest yearly increase in overall rent, according to the report with a 7.8 percent increase.
Ridgewood comes in at a close second with rent prices jumping 6.7 percent within one year.
Not surprisingly, April’s most expensive studios, one-bedroom and two-bedroom apartments were located in Long Island City. Prices averaged $2,417, $2,921 and $4,062 respectively.
To view the full report, click here.
