A recent report found that rental prices in Queens are continuing to rise as we head deeper into the summer season.
MNS Real Estate recently released their June 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 June, average rental prices rose from $2,270.59 to $2,308.56, marking a 1.67 percent increase compared to May 2019.
Year-over-year, studio, one- and two-bedroom units all saw their average prices increase, by 3.80 percent, 3.36 percent and 3.469 percent, respectively. Compared to May 2019, average studio prices rose from $1,882.87 to $1,889.76; one-bedroom pricing rose from $2,200.84 to $2,240.39; and two-bedroom prices rose from $2,728.05 to $2,795.53.
The neighborhood with the largest price increase for studio apartments in June was Rego Park, with prices rising from $1,742 to $1,915 (a 9.9 percent increase). Rego Park also saw the largest increase in prices for one-bedroom units, which increased from $2,041 to $2,158 (a 5.7 percent increase overall).
Ridgewood and Jackson Heights each saw decreases in their average studio pricing in June 2019. Studios in Ridgewood decreased from $1,738 to $1,675, marking a 3.6 percent drop, while studios in Jackson Heights decreased from $1,741 to $1,702, marking a 2.2 percent drop.
Like in months past, Long Island City had the most expensive studio, one-bedroom and two-bedroom units in June, with prices averaging $2,670, $3,281 and $4,354, respectively. Jackson Heights had the least expensive studios and one-bedrooms units, averaging $1,659 and $1,850 respectively, while Ridgewood had the lowest priced two-bedroom units with prices averaging $2,379.
Rego Park had the largest increase in average rental prices this June, rising 5.33 percent overall. MNS Real Estate attributes the increase to the influx of new luxury developments in the neighborhood.
Other neighborhoods that saw average price increases were Long Island City (+2.94 percent), Ridgewood (+1.46 percent), Jackson Heights (+1.16 percent) and Forest Hills (+0.04 percent). However, Astoria saw a 0.63 percent price correction in June.
Read the full report at www.mns.com/queens_rental_market_report.