A recent report found that while overall rental prices in Queens saw slight decreases, certain neighborhoods are still experiencing climbing rental prices.
MNS Real Estate recently released their April 2019 Rental Market Report, which took a look at the ongoing trends in Queens rental prices. The report found that throughout the month of April, average rental prices dropped from $2,255.66 to $2,250.92, marking a 0.21 percent decrease compared to March 2019.
Despite the slight decrease, year-over-year average prices for studio, one- and two-bedroom units all saw their average prices increase, by 4.6 percent, 2.83 percent and 2.58 percent, respectively. From March to April, average rental prices for studios dropped from $1,893.99 to $1,876.79; one-bedroom prices increased from $2,177.72 to $2,180.12; and two-bedrooms rose from $2,695.26 to $2,695.86.
The largest monthly increases took place in Flushing and Jackson Heights. Studio apartments in Flushing saw a 7.2 percent increase in price, raising from $1,558 to $1,669 on average. Jackson Heights had the highest price jump for two-bedroom units, raising from $2,311 to $2,449 (+6 percent).
The prices of studio apartments saw huge dips in Rego Park and Forest Hills, with prices decreasing from $1,745 to $1,616 in Rego Park (-7.4 percent) and $1,885 to $1,760 in Forest Hills (-6.6 percent).
For the fourth month in a row, Long Island City had the most expensive studio, one-bedroom and two-bedroom units in April, with prices averaging $2,608, $3,146 and $4,080, respectively. Like in March, Ridgewood had the least expensive two-bedroom units with prices averaging $2,237 in April. Jackson Heights had the least expensive one-bedroom units with pricing averaging $1,836 and Rego had the least expensive studios with prices averaging $1,616.
Neighborhoods that saw overall increases in their average rental prices in April 2019 were Long Island City, Astoria, Flushing and Jackson Heights, which saw a 3.78 percent, 0.14 percent, 4.11 percent and 3.17 percent increase, respectively. Rego Park was the only neighborhood that saw an overall decrease in average rental prices, decreasing 2.92 percent. Rental prices in Ridgewood and Forest Hills saw a 2.46 percent and 4.85 percent price correction, respectively.
Read the full report at www.mns.com/queens_rental_market_report.