The average rental price across Queens continued to fall in September following a slow summer market, according to a new report.
Continuing to drop in a market marred by COVID-19, the average rental price in the borough fell by 1.4 percent, from $2,237 to $2,206, according to a report from real estate company MNS. Including September’s prices, the year-over-year average rental price is down by a little over 4 percent.
The drop was most steep in two bedroom units, where the average rental price fell by around $70, from $2,750.28 to $2,684, in September, the report said. One bedroom units fell by 0.32 percent and studio apartments dropped by 1.15 percent, according to MNS.
The drop in the average rental price was felt across the borough. Of the eight neighborhoods tracked by the report, seven saw drops in the average rental price, including Long Island City, Astoria, Flushing, Rego Park, Forest Hills, Jackson Heights and Jamaica.
Ridgewood, however, saw a slight increase in the average price, ticking up by 0.41 percent in September, the report said.
The report, which tracks rental prices in Queens, Manhattan, Brooklyn and the Bronx, found that all four boroughs saw a decrease in the average rental price.
In both Manhattan and Brooklyn, the price dropped by nearly 3 percent, according to the report. The Bronx saw the smallest drop – a decrease of 0.74 percent.
