Certain Queens neighborhoods saw significant changes in rent prices in November, according to a recent report.
MNS Real Estate released their November 2018 Rental Market Report, which examined the increases and decreases in average rent prices in neighborhoods throughout the borough.
The report found that throughout the month of November, Queens saw the average rent price drop from $2,252.66 to $2,218.60, marking a 1.51 percent decrease overall. However, year-over-year rent prices have increased by 0.14 percent compared to November 2017.
Average rental prices for studio apartments saw a slight increase in November, raising from $1,837.41 to $1,844.13. One-bedroom and two-bedroom apartments each saw a decrease in month-to-month average rental prices, decreasing from $2,150 to $2,099.02 and $2,770.58 to $2,712.65, respectively. However, studios and two-bedroom apartments were up 1.90 percent and 0.63 percent, respectively, year-over-year while one-bedroom units saw a 0.42 percent decrease.
While most neighborhoods saw a decrease in month-to-month average rental prices, Ridgewood saw a 1.9 percent increase overall. While one-bedroom units saw a slight decrease from $1,961 to $1,946, two-bedroom units saw an increase from $2,237 to $2,304. Studio apartments saw the largest increase throughout the borough, raising from $1,763 to $1,821, marking a 3.3 percent increase.
Long Island City saw the average rental price decrease 2.66 percent in November, However, despite this change Long Island City was still the most expensive neighborhood in terms of average rental prices with studios, one-bedroom and two-bedroom units averaging $2,528, $3,101 and $4,020 respectively.
Other neighborhoods in Queens that saw decreases in average rental prices were Astoria (-2.44 percent), Flushing (-0.49), Rego Park (-2.03 percent), and Jackson Heights (-3.48 percent). Forest Hills saw a slight correction of average rental prices of 0.49 percent in November.
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.
