Reports indicate that rental prices are dropping in Queens

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Over the last month, MNS Real Estate reported a .73% decrease in the average rental price in Queens, dropping from $2,706 to $2,687 in September.

The neighborhood with the largest month over month decrease was Ridgewood, where prices of two bedroom rentals dropped 7.9%, from $3,138 to $2,891. The largest month over month increase was also in Ridgewood, where studio prices increased 6.3%, from $2,118 to $2,250.

According to MNS Real Estate, August trends indicated Long Island City had the most expensive studio, one and tw0-bedroom units, with prices averaging $3,275, $3,986 and $5,698, respectively.

MNS Real Estate also reported that the least expensive units were in Jackson Heights, with two-bedroom prices averaging $2,625.

Douglas Elliman also reported median and median net effective rent fell month over month from the prior month’s records. In northwest Queens, the average rental price was $3,368 in August, compared to $3,426 in July. Last year, the average rent was $2,960, according to the Elliman report. 

MNS Real Estate also reported that though prices are dropping month to month, they have drastically increased compared to the last year. Queens rental pricing is up 14.67% from this time last year, according to MNS Real Estate.

Rental prices in Astoria decreased, with a one-bedroom unit dropping 7.9%, as reported by MNS Real Estate. However, studio prices increase 2% in Astoria. The year over year average price increased 26.28% in Astoria, 7.19% in Jackson Heights, 21.27 % in Long Island City and 18.60% in Ridgewood.

Elliman had previously reported that the northeast Queens rental market is becoming similar to prices in Manhattan.

“Northeast Queens is pretty much dead even with rent prices in certain neighborhoods in  Manhattan,” said Douglas Elliman’s Executive Manager of Sales Robert Glessman. “Queens as a whole hasn’t seen such a robust rental market like this before. Long Island City has been equal to Manhattan rental prices for quite some time now.”