A recent report found that rental units in Queens saw slight increases in the new year.
MNS Real Estate released their January 2019 Rental Market Report, which took a look at the trends in real estate rental prices throughout January.
According to the report, average rental prices in January 2019 increased from $2,202.98 to $2,210.32, marking a 0.33 percent increase from December 2018. Compared to January 2018, average rental prices have increased 1.67 percent year-over-year.
Compared to December 2018, average rental prices for studios in January 2019 decreased from $1,834.60 to $1,783.31. Average rental prices for one-bedroom units increased from $2,094.52 to $2,117.10 and two-bedroom units increased from $2,679.83 to $2,681.02.
Flushing and Ridgewood each saw the largest increases in average prices for one-bedroom units during January 2019, raising 5.2 percent and 4.3 percent, respectively. The largest decreases in average prices for studio units were found in Jackson Heights and Long Island City, decreasing 9.9 percent and 4.3 percent, respectively.
Neighborhoods that saw overall increases in their average rental prices in January 2019 were Ridgewood, Flushing and Rego Park, which saw a 7.9 percent, 1.88 percent and 0.93 percent increase. MNS Real Estate attributes Ridgewood’s increase to the lack of studio apartments on the market, causing the average price to increase more than usual.
The neighborhoods that saw decreases in rental prices overall included Astoria (-0.10 percent), Long Island City (-2.13 percent), Forest Hills (-1.74 percent) and Jackson Heights (-2.11 percent).
The report found that despite the decrease in rent prices, Long Island City had the most expensive studio, one-bedroom and two-bedroom units in January 2019, with prices averaging $2,435, $3,087 and $4,081 respectively. While Ridgewood had the least expensive two-bedroom units with prices averaging $2,265 in January, Jackson Heights had the least expensive studios and one-bedroom units, with pricing averaging $1,399 and $1,753 respectively.
Read the full report at www.mns.com/queens_rental_market_report.