Queens rent is steadily on the rise according to a market report from MNS Real Estate, which showed that properties in Long Island City, Ridgewood and Jamaica saw the biggest increases last month.
The April report from the real estate company showed that average rental prices rose 5.57% in Long Island City, 4.46% in Ridgewood and 3.27% in Jamaica. Other Queens neighborhoods that saw average rental price increases included Jackson Heights at 2.39%, Astoria at 1.98%, Rego Park at 1.55% and Forest Hills at 0.51%.
Overall, the borough’s average rental prices rose from $2,409.36 in March to $2,472.23 in April.
Average prices of studio apartments in Long Island City went from $2,962 in March to $2,971 in April. In Ridgewood, the rent for studio apartments went from $1,735 in March to $1,740 in April. In Jamaica, average rentals rose from $2,009 in March to $2,049 in April.
Over the same time period, the average prices of one-bedroom apartments rose from $3,696 to $3,898 in Long Island City, $2,151 to $2,289 in Ridgewood and $2,379 to $2,410 in Jamaica.
For two-bedroom apartments, the average prices went from $4,922 to $5,356 in Long Island City, $2,459 to $2,599 in Ridgewood and $3,142 to $3,320 in Jamaica.
The report showed that Long Island City had the most expensive studio, one-bedroom and two-bedroom rentals by average price. The most affordable studios were in Flushing and the most affordable one- and two-bedroom apartments were in Jackson Heights.
MNS data showed that rental prices in Queens are up an overall 14.56% from the same time last year.
Read the full report here.
