Queens saw the average price of rent increase by more than 2 percent in August, the largest monthly increase this year, according to a new report.
The average rental price in the borough went up from $2,274.92 to $2,323.02, a 2.11 percent increase, according to a report by MNS real estate.
Different unit types saw an increase of at least 0.5 percent, while two-bedroom units saw the biggest increase by more than 3 percent from $2,758.83 to $2,857.65.
Studio and one-bedroom rental prices are up by almost 3 percent and 4.5 percent, respectively, on a year-over-year basis, according to the report. In the same time span, the average two-bedroom rentals went up by almost 4 percent.
The report found rental prices in Queens are up by nearly 4 percent compared to this time last year.
The report tracks eight neighborhoods in Queens: Long Island City, Astoria, Ridgewood, Forest Hills, Jackson Heights, Rego Park, Flushing and Jamaica.
Five out of those eight saw their average rental prices increase by more than 1 percent: Long Island City (4.33 percent), Astoria (3.94 percent), Ridgewood (1.29 percent), Forest Hills (1.04 percent), Jackson Heights (1.26 percent) and Jamaica (6.89 percent).
In August, the most expensive studio, one-bedroom and two-bedroom rentals by average price were all in Long Island City.
The most affordable studios were in Flushing, while the most affordable one-bedroom rentals were in Jackson Heights and two-bedroom rentals were in Ridgewood.
Meanwhile, one-bedroom units in Jamaica are up nearly 6 percent, from $2,147 to $2,272 in August, making it the largest monthly decrease in average rental prices of the eight neighborhoods.
MNS’ report is consistent with other rent reports, such as Douglas Elliman’s recent report that found northwest Queen saw the median rent rose annually for the first time since the peak of COVID-19.
New York City has also surpassed San Francisco as the most expensive rental market in the country, amid the 18 months of the COVID-19 pandemic, according to a report by Zumper. Previously, San Francisco held the distinction of most expensive city to rent since 2014, according to Patch.
The city’s average one-bedroom rent is at $2,810, while San Francisco’s average one-bedroom rent is at $2,800.
