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Rents on the rise in several Queens neighborhoods: Report

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MNS Real Estate has recently released a report on the state of the June 2022 rental market in Queens, which reveals that the average rental prices in the borough have risen by 4.60%, from $2,507 in May to $2,622 in June.

The report tracked rentals in eight neighborhoods: Long Island City, Astoria, Ridgewood, Flushing, Rego Park, Forest Hills, Jamaica and Jackson Heights. Seven neighborhoods saw an increase in their average price, with the exception of Jackson Heights, which decreased at a minuscule rate of -0.69%. Astoria had the largest increase, rising by 12.76%, according to the report.

Unsurprisingly, Long Island City had June’s most expensive studio, and one- and two-bedroom units, with the prices for each averaging $3,144, $3,970, and $5,463, the report states.

Flushing had June’s least expensive studios with prices averaging $1,648. Additionally, Jackson Heights had June’s least expensive one- and two-bedrooms with average prices of $1,917 and $2,505, according to the report.

Rego Park was the neighborhood with the largest month-over-month increase. One-bedrooms are up 13.3%, from $2,074 to $2,350, the report states, while Jackson Heights had the largest month-over-month decrease, with two-bedroom units dropping by 2.7%, from $2,575 to $2,505.

On a year-over-year basis, studio, one- and two-bedroom rental prices are up 11.76%, 15.63% and 22.58%, respectively. The overall average rental price has increased by 17.38% since this time last year, according to the report.

View the full report here.

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