MNS Real Estate released its March 2022 report, showing Queens residents what they already know: rent has gone up.
According to the report, the average rental price for the borough increased by 0.77%, going from $2,390.87 in February 2022 to $2,409,36 in March 2022. Rental prices in Queens are up 12.58% overall from the same time last year.
The report also showed that the average rental prices for studio apartments went up 0.42% from $1,925.94 to $1,934.11. One-bedroom average rental prices increased by 1.36% from $2,306.35 to $2,337.67, and the average rental prices for two-bedroom units increased by 0.54% from $2,940.34 to $2,956.29.
Out of the eight neighborhoods tracked in the MNS Real Estate Report, four saw an increase in average rental prices: Astoria (2% increase), Flushing (1.41% increase), Ridgewood (3.8% increase), and Jamaica (1.57% increase.)
In March 2022, the report found that Long Island City had the most expensive studio, one-bedroom and two-bedroom rentals by average price. The most affordable studio apartments were found in Rego Park, and the most affordable one- and two-bedroom units were in Jackson Heights and Ridgewood, respectively.
But the good news for those looking to rent some real estate is that some prices decreased in certain Queens neighborhoods. According to the report, although, Long Island City had the most expensive average rental prices, the cost of studio and two-bedroom apartments decreased by 0.62% and 2.1% respectively.
The rental price for one-bedroom apartments in Rego Park decreased by 4%; rental prices for studios and one-bedrooms in Jackson Heights decreased by 2.1% and 0.6%; studio apartments in Astoria decreased rental prices by 0.5%; and Forest Hills rental prices decreased by 0.2% for studio apartments and 3% for two-bedroom units.