According to a new Douglas Elliman report, the median rent in the northwest region of Queens for the month of May was the second-highest on record, just short of the prior month’s record.
The median rental price increased by 15.3% from the previous year. For the month of May, the average rental price was $3,662, which was the same as the prior month. However, May’s average rental price was an 11.1% increase from 2022.
The average rental price for a studio was $3,157 in May, a 4.6% increase from April and a 21.7% increase from 2022.
A one-bedroom unit averaged $3,209 in May, a 6.6% decrease from the prior month and an 8.3% increase from 2022. The average rental price for a two-bedroom unit was $4,691, a 4% increase from April and a 13.4% increase from 2022. The average rental price for a three-bedroom was $4,239, an 8.6% increase from April and an 18.4% increase from 2022.
The luxury median rental price was $6,412, a 3.9% increase from April and a 6% increase from 2022.
