Rental prices in Queens continue to drop: Report

Red For Rent sign closeup against brick building
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Rental prices across Queens decreased slightly last month, according to a new report.

The biggest drop in price was seen in Astoria, where the price of studio apartment rentals fell by nearly 4 percent, from $1,871 in September to $1,799 in October, according to the report from real estate firm MNS.

Similar trends were seen in Forest Hills, where two-bedroom units fell from $2,684 to $2,589 and in Jamaica, where two-bedrooms dropped 3.5 percent, from $2,763 to $2,666, the report said.

The month’s rental prices are also down when compared to October of last year.

Though not drastic, the average studio dropped by about a dollar, from $1,811.98, to $1,810.46. The average one-bedroom dropped from $3,122.63 to $2,106.07, and the average two-bedroom dropped from $2,684.31 to $2,642.90, according to the report.

However, there were some price increases in rentals in Queens in October.

Studios in Jamaica rented 3.3 percent higher in October than they did in September, jumping from $1,618 to $1,672, the report said. Studios in Long Island City also hiked up a little, going from $2,401 to $2,424.

The decrease in pricing follows a five month trend in the borough, dating back to May. Studio rental prices have fallen every month since May 2020, as have one-bedrooms, which have fallen every month since March, and two-bedrooms, which, after seeing a slight increase in June, have fallen every month since.

To read the full report, click here.

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