In 2022, the most expensive Queens neighborhood was Long Island City, with an average rental price of $3,874 for a one-bedroom, according to MNS Real Estate.
In Long Island City, rental prices rose 17.38% year over year. A studio in Long Island City averages rent at $3,302. Astoria follows closely behind with an average rental price of $2,143 for a studio and $2,678 for a one-bedroom. According to MNS, Astoria rental prices rose 20.71%.
Another report from Douglas Elliman found that the average rental price in Queens in November was $3,402, a 16.7% increase compared to last year’s rental price of $2,914. In October of this year, reports indicated the average rental price in northwest Queens was approximately $3,323.
The least expensive neighborhoods reported by MNS are Flushing and Jackson Heights, where the average rental prices are $1,636 and $2,646, respectively.
Elliman economists are seeing that prices are leveling off since they peaked in July of this year.
“I suspect it’s because we have reached an ‘affordability threshold’ where consumers are at their max,” Miller said.
According to Douglas Elliman experts, there has been heavy demand for listings for the past 18 months, and the inventory has been unable to keep up.
As far as hoping for any affordability in rental prices, Elliman economists say: don’t hold your breath.
“I don’t think we will see a significant improvement in affordability shortly,” Miller said. “High mortgage rates have helped keep rents elevated as buyers that were priced out move into rentals.”
Though prices are no longer rising, Elliman experts warn that rents will not lower anytime soon.
“Expect to see rents continue to soften slightly over the next few months,” said Hal D. Gavzie, a real estate broker with Douglas Elliman. “[We’re] likely to see landlord concessions continue to rise during slow rental months ahead. Unless we see major job losses, don’t expect rents to decrease significantly.”
