Many Queens neighborhoods saw a decrease in rental prices in December, according to a recent report.
MNS Real Estate released their December 2018 Rental Market Report, which looks at the changes in rental prices throughout the borough.
The report found that the average Queens rental prices dropped from $2,218.60 to $2,202.98, marking a 0.70 percent decrease overall. However, compared to December 2017, the average rental price in Queens rose 0.57 percent year-over-year.
Compared to November 2018, average rental prices of studios, one-bedroom and two bedroom units in Queens saw price decreases. Prices of studio units decreased from $1,844.13 to $1,834.60, one-bedroom units decreased from $2,099.02 to $2,094.52 and two-bedroom units dropped from $2,712.65 to $2,679.83.
While the average price of a two-bedroom unit fell 0.46 percent year-over-year, average rental prices for studios and one-bedroom units increased by 2.07 percent and 0.60 percent, respectively.
After having the lowest priced studio apartment in November 2018, Flushing saw prices increase from $1,576 to $1,634 in December 2018, marking a 3.7 percent increase overall. The lowest priced studio apartment was found in Jackson Heights, which saw the average price drop from $1,608 to $1,553.
The least expensive one-bedroom and two-bedroom units were found in Jackson Heights and Ridgewood, respectively.
Long Island City was the neighborhood that had the most expensive studio, one-bedroom and two-bedroom unit in December 2018. In addition to Flushing, which saw a 1.07 percent increase month-to-month, Long Island City saw a 1.68 percent average price increase month-to-month.
While Ridgewood saw a 1.9 percent increase overall in November, the average rental price in the neighborhood dropped 1.7 percent in December. Other neighborhoods that saw month-to-month price decreases were Astoria (-1.34 percent), Rego Park (-2.42), Jackson Heights (-3.28 percent) and Forest Hills (-0.38).
Read the full report at www.mns.com/queens_rental_market_report.
