A new report that tracks real estate trends throughout the borough found that average rental prices in Queens took a slight decline last month.
MNS Real Estate recently released their September 2019 Rental Market Report, which took a look at the ongoing rental trends throughout that month. According to their findings, average rental prices in Queens dropped from $2,375.24 to $2,299.17 in September, marking a 3.2 percent decrease.
Compared to August 2019, studio, one- and two-bedroom units all saw their average prices. Average studio prices decreased from $1,934.77 to $1,856.67 (-4.04 percent); one-bedroom pricing decreased from $2,254.00 to $2,237.48 (-0.73 percent); and two-bedroom prices dropped from $2,906.37 to $2,803.35 (-3.54 percent). However, year-over-year studio rental rates are down 0.1 percent, while one- and two-bedroom units saw their average prices increase by 1.1 percent and 1.4 percent, respectively.
Astoria saw a 3.7 percent increase in prices for studio units, which raised from $1,888 to $1,959 in September. One-bedroom units in Ridgewood are up 4.1 percent in September, raising from $1,928 to $1,998.
Studio apartments in Rego Park saw the largest monthly decrease in September, decreasing from $1,826 to $1,686 (-7.7 percent). Prices for two-bedroom units in Rego Park also saw one the biggest decreases in September, dropping from $2,798 to $2,558 (-8.6 percent). Flushing’s two-bedroom units also saw a big drop in price, decreasing from $2,727 to $2,543 (-6.8 percent) last month.
Like in previous months, Long Island City continued to have the most expensive studio, one-bedroom and two-bedroom units in September, with prices averaging $2,757, $3,397 and $4,460, respectively. Ridgewood had the lowest priced studio and two-bedroom units with prices averaging $1,575 and $2,380, respectively, while Jackson Heights had the lowest priced one-bedroom units with prices averaging $2,380.
Despite the expensive prices, Long Island City experienced a 2.42 percent price correction in September. Flushing also experienced at 4.8 percent price correction throughout the month. Astoria and Jackson Heights each experienced a 1.55 percent and 0.18 percent increase, respectively.
According to the report, Ridgewood’s prices fell 7.65 percent despite the increase in prices for two-bedroom units. MNS Real Estate attributes the decrease to the lack of inventory in the neighborhood. Other neighborhoods that saw price decreases in September were Forest Hills (-2.96 percent) and Rego Park (-6.66 percent).
Read the full report at mns.com/queens_rental_market_report.