Rents across Queens dropped ever so slightly during September, according to a recent report that examined last month’s rental market in the “World’s Borough.”
The report, which was released by MNS Real Estate, breaks down the increases and decreases in rental prices throughout the borough.
Throughout the month of September, Queens saw an overall 0.48 percent decrease in average rent prices, dropping from $2,289.48 to $2,278.41. The average rental studio price saw a decrease $1,871.23 to $1,858.89, however one-bedroom rental apartments saw a 0.31 percent increase, raising from $2,205.34 to $2,212.19. Two-bedroom rentals overall also saw a decrease in price, lowering from $2,791.87 to $2,764.15.
However, year-over-year rental prices for studios, one-bedrooms and two-bedrooms saw slight increases, 1.71 percent, 0.93 percent and 1.4 percent, respectively, compared to September 2017.
The average rental prices in Queens neighborhoods were split throughout September. While Ridgewood saw a 1.84 percent price decrease, the neighborhood had a 1.49 percent increase in the price of one-bedroom rentals. Other neighborhoods that had an overall decrease in rental prices were Long Island City, (-0.66 percent), Forest Hills (-1.47 percent) and Rego Park (-1.9 percent).
Despite the decrease in rental prices in Long Island City, the most expensive rentals were found in this neighborhood. Rego Park also saw an slight increase in price for one-bedroom rentals as well.
Neighborhoods that saw rental price increases include Astoria, Flushing, and Jackson Heights with 1.16 percent, 0.66 percent and 1.16 percent increases, respectively. The prices for one-bedroom rentals also saw a 0.42 percent increase in Jackson Heights and a 2.59 percent increase in Astoria.
The least expensive studio, one-bedroom and two-bedroom rentals overall were found in Flushing, Jackson Heights and Ridgewood, respectively.
To read the full report, visit mns.com/queens_rental_market_report.