According to MNS Real Estate’s September 2023 rental market report for Queens, there was a 0.23% decrease in the average rent compared to the previous month, from $2,811.34 to $2,804.94. However, the average rental price is still 4.41% more than in September 2o22.
The report shows that, compared to August, the average rental price for a studio unit went down 0.78%, from $2,239.70 to $2,222.19. However, the average rental price for a one-bedroom unit increased 0.40%, from $2,736.71 to $2,747.66. Two-bedroom units also experienced an increase, from $3,415.06 to $3,444.97, for a 0.88% rise.
Of the 11 areas in Queens tracked in the report, all but 4 experienced a month-over-month increase in average rental prices. The only exceptions were Astoria, Flushing, Forest Hills and Sunnyside. Year-over-year, the rental prices have gone up for studio, one-bedroom and two-bedroom units by 3.15%, 7.43% and 2.90%, respectively.
The largest month-over-month increase in price was seen with studio units in Rego Park, which went up 11.4%, from $2,138 to $2,382. Studio units in Astoria experienced the most significant month-over-month decrease, which was 12.3%, from $2,383 to $2,090.
Long Island City had the most expensive units across the board for the month of September. The average prices there were $3,383 for studio units, $4,259 for one-bedroom units and $5,809 for two-bedroom units. Flushing had the least expensive studio units, at $1,742. One-bedroom and two-bedroom units were cheapest in Elmhurst, at $2,183 and $2,638 respectively.
MNS Real Estate’s Queens Rental Market Report is based on a cross-section of data from available listings under $10,000. In order to obtain a true monthly rental average, ultraluxury properties are omitted from the data-collecting. The data is aggregated from the MNS proprietary database and sampled from a specific mid-month point in order to record current rental rates offered by landlords during that particular month. This is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).
