Oct. 14, 2016 By Hannah Wulkan
The average cost to rent a Jackson Heights apartment continues to surge, according to a recent study by the Manhattan real estate firm MNS.
MNS released its September report detailing the cost of studio, one-bedroom, and two-bedroom apartments in various Queens neighborhoods for the 12 months ending September 30, and showed the most drastic price increase in Jackson Heights.
For the 12 months period, rental prices in Jackson Heights increased overall by 12.4 percent, according to the study, while the average rent across the entire borough increased by 2 percent.
In September 2015, a Jackson Heights two-bedroom cost on average $2,134 per month, compared to this year’s figure of $2,660. Prices for studios and one-bedrooms also rose over the year, albeit less drastically. Last September a studio went for $1,445 per month, and now goes for $1,533, and a one-bedroom last year went for $1,780 and now goes for $1,830.
Other popular neighborhoods experienced mixed results.
Astoria rents rose on average about 3.6 percent in the past year.
The largest change in cost for Astoria was for a one-bedroom apartment, with a 6.8 percent increase in cost from $2,151 per month in September 2015 to $2,297 per month this September.
Meanwhile, Long Island City rental prices were flat compared to a year ago.
Studios saw the largest decrease in value, with prices falling 2.5 percent from last year. In September 2015 a studio rented for $2,488 per month, and this year went for $2,427.
Prices for one-bedrooms also fell from $2,986 per month to $2,942 per month over the 12 month period.
To view the entire study, visit http://www.mns.com/queens_rental_market_report.
