A recent report found that rental prices throughout Queens are still on the decline.
MNS Real Estate recently released their November 2019 Rental Market Report, which tracked the rental trends throughout that month. According to their findings, average rental prices in Queens dropped from $2,335 to $2,281 in September, marking a 2.34 percent decrease.
Compared to October 2019, average prices for studio, one- and two-bedroom units all saw decreases in November 2019. Studio prices dropped from $1,905.16 to $1,823.16, one-bedrooms fell from $2,260.64 to $2,238.36, and two-bedrooms went down from $2,803.28 to $2,780.58. Year-over-year, studio rental rates are down 1.14 percent. However, despite these drops in prices, one- and two-bedroom units saw their average prices increase by 6.64 percent and 2.50 percent, respectively.
According to the report, all of the neighborhoods that MNS Real Estate tracked (with the exception of Jamaica, which MNS began tracking in November) saw overall price decreases. Ridgewood saw the biggest drop, with average prices decreasing 9.69 percent, while the smallest decrease came from Jackson Heights, which had a 0.40 percent price drop. Long Island City, Astoria, Flushing and Rego Park saw a 2.26 percent decrease, a 2.40 percent decrease, a 0.76 percent decrease and a 2.07 percent decrease, respectively.
Despite the decrease in prices, like in months past Long Island City had November’s most expensive studios, one- and two-bedroom units with prices averaging $2,688, $3,277 and $4,366, respectively. Ridgewood had the lowest priced studio and two-bedroom units with prices averaging $1,550 and $2,242, respectively, while Jackson Heights had the lowest priced one-bedroom units with prices averaging $1,867.
Studio apartments in Rego Park saw the largest monthly increase in November, increasing from $1,757 to $1,826 (+3.9 percent). One-bedroom units in Forest Hills are up 4.7 percent in November, raising from $2,128 to $2,229.
Rego Park also had the largest monthly decreases for two-bedroom units, dropping from $2,781 to $2,619 (-5.8 percent). Studio prices in Astoria saw a 4.6 percent drop, decreasing from $1,987 to $1,897 in November 2019.
Read the full report at mns.com/queens_rental_market_report.