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.