Rental prices in several western Queens residents have dropped in the past year, according to a report by a real estate brokerage firm.
MNS analyzed prices in studio, one- and two-bedroom apartments in Long Island City, Astoria, Rego Park, Forest Hills, Flushing, Jackson Heights and Ridgewood from May 2016 through May 2017.
According to the report, the average price for a studio in these neighborhoods is $1,838, the lowest its been since rents were recorded last May. In October 2016, the average price for a studio was $2,070.
The average one-bedroom apartment would set you back approximately $2,089 now. In September 2016, the average price was $2,297.
In May 2016, a two-bedroom apartment cost $2,627 but in May 2017, the average price was $2,508.
In Astoria, prices have seen a downward trend since last May. The average price for a two-bedroom apartment did increase slightly in the past month from $2,479 in April 2017 to $2,508 in May 2017, but is still cheaper than the $2,627 in May 2016.
In Long Island City, where rental prices have skyrocketed in recent years, prices are also lower than they were last May.
Other neighborhoods, like Rego Park, have also seen large reductions in average rent prices. In May 2016, an average studio rented out for $1,715 but in May 2017 that number was $1,528. Forest Hills also saw drops in studio and one-bedroom apartments but the price of two-bedroom apartments has risen to $2,578 from $2,447.
The average price of a one-bedroom apartment in Flushing increased dramatically from last year, jumping to $2,053 from $1,870. The average price of a two-bedroom apartment also increased while studio prices remained consistent.
For the full report, visit the MNS website.
