A recent report found that Queens rental prices are continuing to climb, particularly in western neighborhoods.
MNS Real Estate released their July 2019 Rental Market Report, which explores ongoing trends in rental prices throughout Queens in the past month. According to their findings, average rental prices rose from $2,308.56 to $2,365.19 in July, marking a 2.45 percent increase compared to June 2019.
Year-over-year, studio, one- and two-bedroom units all saw their average prices increase compared to June 2019. Average studio prices rose from $1,889.76 to $1,949.35 (+4.61 percent); one-bedroom pricing rose from $2,240.39 to $2,270.55 (+4.42 percent); and two-bedroom prices rose from $2,795.53 to $2,837.88 (+1.09 percent).
Rego Park and Astoria each saw a decrease in prices for one-bedroom and two-bedroom units, respectively. Rego Park’s one-bedroom units dropped from $2,158 to $2,148, marking a 1.7 percent decrease from June, while Astoria’s two-bedroom units dropped from $2,503 to $2,443, a 2.3 percent decrease from June.
Meanwhile, Forest Hills saw the largest monthly increases for one-bedrooms and two-bedroom units in July. One-bedroom units rose from $2,095 to $2,195, a 4.8 percent increase, while two-bedroom units rose from $2,621 to $2,830, an 8 percent increase.
Long Island City continues to expensive studio, one-bedroom and two-bedroom units in July, with prices averaging $2,774, $3,325 and $4,482, respectively. Forest Hills had the least expensive studios, averaging $1,680; Jackson Heights had the lowest priced one-bedroom units with prices averaging $1,910; and Ridgewood had the lowest priced two-bedroom units with prices averaging $2,390.
According to the report’s findings, despite their low prices for two bedrooms, Ridgewood had the highest average monthly neighborhood price increase, up 8.66 percent in July. MNS Real Estate attributes the dramatic increase to the apparent lack of studio rental inventory, which they expect will even out going forward. Following behind Ridgewood with a high monthly increase was Forest Hills, which saw a 4.48 percent increase in July. MNS cites the increase to the number of listings from luxury developments in the area.
Other neighborhoods that saw average price increases were Long Island City (+2.68 percent), Jackson Heights (+2.59 percent), Flushing (+0.96 percent) and Astoria (+0.08 percent). However, Rego Park saw a 1.79 percent price correction in July.
Read the full report at www.mns.com/queens_rental_market_report.