A new report found that prices for rentals throughout the “World’s Borough” have increased across the board.
MNS Real Estate released their Year End Market Report for Queens, which tracks the price trends for rentals throughout the borough. While their recent monthly report found that rental prices were dropping in December, their 2018 Year End Report found that average rental prices had increased overall during 2018.
Last year, according to the report, Queens saw price increases across all rental unit types, with average prices for studio apartments raising from $1,781 to $1,827 (+2.6 percent), one-bedrooms raising from $2,110 to $2,140 (+1.4 percent) and two-bedrooms raising from $2,659 to $2,701 (+1.6 percent).
Overall, Long Island City saw a 6.3 percent increase in average rental prices throughout 2018. MNS partially attributes the increase to the number of luxury apartments that were introduced to the neighborhood last year as well as Amazon’s intentions to bring their HQ2 to Long Island City.
Other neighborhoods that saw average rental price increase were Ridgewood (+0.7 percent), Rego Park (+1.81 percent), Forest Hills (+2.86 percent), and Jackson Heights (+1.38 percent). Astoria and Flushing each saw average rental price decreases in 2018, dropping down by 1.02 percent and 2.08 percent, respectively.
The largest average price changes for one-bedroom and two-bedroom units were both found in Long Island City, which increased by 5.26 percent and 9.11 percent, respectively. Rego Park had the largest change for studio apartments, increasing 7.41 percent overall.
According to the report, MNS believes that Queens will benefit from the increased attention not just from renters and developers, but from entire industries and multi-national corporations.
Click here to read the full report.