As the first quarter of 2019 ended, average rental prices throughout Queens were still on the rise.
MNS Real Estate recently released their March 2019 Rental Market Report, which took a look at the ongoing trends in rental prices throughout Queens. The report found that throughout the month of March, rental prices rose from $2,212.64 to $2,255.66, marking a 1.94 percent increase compared to February 2019.
Year-over-year, studio, one- and two-bedroom units all saw their average prices increase, by 6.78 percent, 1.99 percent and 2.04 percent, respectively. Average rental prices for studios rose from $1,804.31 to $1,893.99; one-bedroom prices increased from $2,142.78 to $2,177.72; and two-bedrooms rose from $2,690.84 to $2,695.26.
The largest monthly increases for prices of studio apartments took place in Ridgewood, where prices rose from $1,700 to $2,095, marking a 23.3 percent increase in March. Jackson Heights followed with a 10 percent price increase for studio rentals, raising from $1,500 to $1,650.
Flushing saw two of the largest monthly decrease for rental prices this past March. Prices for studio apartments decreased from $1,629 to $1,558 (-4.4 percent) and two bedrooms units decreased from $2,539 to $2,377 (-6.4 percent).
For the third month in a row, Long Island City had the most expensive studio, one-bedroom and two-bedroom units in March, with prices averaging $2,513, $3,130 and $4,063, respectively. Ridgewood had the least expensive two-bedroom units with prices averaging $2,269 in March. Jackson Heights had the least expensive one-bedroom units with pricing averaging $1,794 and Flushing had the least expensive studios.
Neighborhoods that saw overall increases in their average rental prices in March 2019 were Long Island City, Astoria, Jackson Heights and Forest Hills, which saw a 2.02 percent, 1.95 percent, 3.56 percent and 5.03 percent increase, respectively. Ridgewood saw the largest increase with a 23.24 percent increase in their average rental prices, which MNS Real Estate attributes to low inventory along with an increase in luxury listings.
Flushing was the only neighborhood that saw an overall decrease in average rental prices, decreasing 2.49 percent. Rental prices in Rego Park saw a 2.21 percent price correction in March 2019.
Read the full report at www.mns.com/queens_rental_market_report.