A recent report found that rents are continuing to rise throughout the “World’s Borough.”
MNS Real Estate released their February 2019 Rental Market Report, which explored the trends in rental prices throughout Queens. The report found that over the past month, rental prices rose from $2,210.32 to $2,212.64, marking a 0.33 percent increase from January 2019. Year-over-year, rental prices in Queens saw a 1.36 percent increase.
Compared to January 2019, average rental prices for studios in February 2019 increased from $1,783.31 to $1,804.31. Average rental prices for one-bedroom units increased from $2,117.10 to $2,142.78 and two-bedroom units increased from $2,681.02 to $2,690.84.
Jackson Heights saw the largest increase for studio rental prices, raising from $1,399 to $1,500. The largest increases for one-bedroom and two-bedroom units in February were in Rego Park, with one-bedroom units raising from $1,956 to $2,044 and two-bedroom units raising from $2,516 to $2,697.
Neighborhoods that saw overall increases in their average rental prices in February 2019 were Rego Park, Jackson Heights and Forest Hills, which saw a 5.25 percent, 2.03 percent and 3.69 percent increase. MNS Real Estate attributes Forest Hills’ increase to the reintroduction of units from Parker Towers and cites the spike in developments as the cause for Rego Park’s increase.
The neighborhoods that saw decreases in rental prices overall included Astoria (-0.21 percent) and Long Island City (-1.54 percent). Ridgewood and Flushing each saw price corrections of 6.5 percent and 1.54 percent, respectively.
Like in January, Long Island City had the most expensive studio, one-bedroom and two-bedroom units in February 2019, with prices averaging $2,469, $3,080 and $3,965 respectively.
Additionally, trends for one-bedroom and two-bedroom units from January continued into February as well; like in the last reported month, Ridgewood had the least expensive two-bedroom units with prices averaging $$2,243 in February, and Jackson Heights had the least expensive studios and one-bedroom units, with pricing averaging $1,500 and $1,771 respectively.
Read the full report at www.mns.com/queens_rental_market_report.