MNS Real Estate’s January market report shows increase in sale of rental units in Queens

MNS Real Estate
Photo courtesy of MNS Real Estate

MNS Real Estate releases its January Market Reports for rental units in Queens. MNS reported a 0.89% increase in sales, from the previous month. 

Year-over-year, the company’s rental prices rose 12.49%, with the most price increase from studio and two-bedroom apartments. 

The neighborhoods affected most by the increase were Rego Park and Astoria. Studios in Rego Park increased by 8.5%, followed by a 7.8% increase in two-bedroom apartments, and a 5.7% increase in one-bedroom apartments. 

Prices in Astoria are followed by the increases in Rego Park, with a 2.9% to 3.2% across studios, one-bedroom and two-bedroom apartments.

Flushing and Jamaica rental prices decreased the most in Queens. Flushing was reported to have an 0.31% decrease in average rental prices. One-bedroom apartments in Jamaica decreased at 3.6%. Flushing was reported to have the least expensive studios, averaging at $1,675. 

Neighborhoods like Ridgewood, Jackson Heights, Jamaica, Flushing and Forest Hills saw a decrease in month-over-month sales. The most price decrease in these neighborhoods came from Forest Hills at 3%, Flushing at 4.4% and Jamaica at 3.6%.

Long Island City rental prices have stayed mainly consistent with an increase of 1.6% in studios, and a 0.6% price increase for one-bedroom apartments. MNS states that Long Island City rentals are “January’s most expensive studio, one- and two-bedroom units with prices averaging $3,237, $4,011 and $5,563, respectively.”

Meanwhile, rental prices in Jackson Heights haven’t experienced much change in January. In that neighborhood, the average rental prices are $1,774, $2,034 and $2,676 for studios, one-bedroom and two-bedrooms, respectively.