MNS Real Estate’s recently released rental report for the month of August in 2023 shows that the average rent price in Queens is still rising. According to the data collected, the average rent has risen 2.81% from July to August, from $2,735 to $2,811.
Studio, one-bedroom and two-bedroom units each experienced increases in the average rental price over the last month, according to the rental report. Studio units rose 3.32%, from $2,167.67 to $2,239.70. One-bedroom units increased on average by 1.92%, from $2,685.04 to $2,736.71. Two-bedroom units went up 1.91%, from $3,351.12 to $3,415.06.
Eight of the 11 neighborhoods in Queens that were analyzed experienced an average increase. The only ones to see a decrease were Astoria (0.07%), Jamaica (1.54%) and Elmhurst (7.42). Long Island City had the most expensive studio ($3,413), one-bedroom ($4,154) and two-bedroom ($5,694) units, while Elmhurst had the cheapest studio ($1,800), one-bedroom ($2,234) and two-bedroom ($2,749) units.
Compared to August 2022, the average rent for studio and one-bedroom units in Queens rose 4.44%, from $2,134 to $2,240 and 5.76%, from $2,588 to $2,737, respectively. Two-bedrooms units saw just a 0.83% increase in that time, from $3,387 to $3,415. Overall, rent increased 3.88% since the same time last year.
MNS Real Estate’s rental report for Queens is based on a cross-section of data from available listings and priced under $10,000, with ultraluxury property omitted to obtain a true monthly rental average. The data is aggregated from the MNS proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that month before being combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).