Rental prices drop in Queens for fifth straight month: Report

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Rental prices in Queens dropped for the fifth straight month in August, according to a new report.

As the coronavirus pandemic continued to affect the New York City real estate market, the average rental price in Queens fell by 1.15 percent last month, down from around $2,263 to $2,237, according to a report from real estate firm MNS.

The biggest drop came in the average price of a one bedroom unit, which dropped by 1.25 percent, from $2,156 to $2,129, according to the report. The average price of two-bedroom unit fell by 1.24 percent and the average price of a studio fell by a little less than 1 percent, according to MNS.

However, the decrease in the rental price wasn’t uniform across Queens, the report said. The neighborhoods that saw the biggest drops were the neighborhoods where the average rental price was highest in the borough. Neighborhoods including Long Island City and Astoria saw the largest drops in rental price, according to the report.

Several neighborhoods saw an increase in the average rental price, including Ridgewood, Rego Park and Forest Hills, where the rental price increased by 2.45 percent, according to MNS.

The decrease in average rental price was steeper elsewhere in New York City.

In August, the price in Manhattan decreased by 3.34 percent, according to the report. In Brooklyn, the average rental price dropped by 2.34 percent.