There was a 2.94% increase in the average rental price in Queens in October 2023 compared to the same month last year, according to a report from the MNS Real Estate firm.
The year-over-year increase came despite the fact that rental prices for two-bedroom units actually went down 0.48%, from $3,441 to $3,424. This is largely due to more significant increases experienced with studio (5.40%) and one-bedroom (5.46%) units. Rental prices increased in studio units from $2,140 to $2,256 and in one-bedroom units from $2,588 to $2,729.
Despite the significant increase in the average rental price by the end of October this year compared to the same time last year, there was very little change compared to September 2023. Month-over-month, there was a 0.06% decrease in average rental price, from $2,804.94 to $2,803.12.
Month-over-month, the average rental price of studio units increased 1.5% from $2,222.19 to $2,255.57. However, the average rental price for one-bedroom and two-bedroom units both went down. There was a 0.67%, decrease for one-bedroom units, from $2,747.66 to $2,729.38. Two-bedroom units experienced a 0.60% decrease in average rental price, from $3,444.97 to $3,424.40.
Five Queens neighborhoods tracked in the report, Astoria (1.93%), Rego Park (1.5%), Forest Hills (0.28%), Elmhurst (0.89%) and Sunnyside (0.95%), experienced an increase in the average rental price in October compared to September. The remaining six Queens neighborhoods, Long Island City (0.99%), Ridgewood (0.97%), Flushing (0.35%), Jackson Heights (1.41%), Jamaica (1.11%) and Woodside/Maspeth (0.66%), had a decrease over that same period of time.
Astoria saw the largest month-over-month increase in studio units, rising 12.8%, from $2,090 to $2,358. The most significant decrease during this same period of time was seen with studio units in Elmhurst, which went down 12%, from $1,988 to $1,749.
Long Island City had the most expensive studio ($3,418), one-bedroom ($4,145) and two-bedroom ($5,756) units in terms of average price. Flushing had the cheapest studio units ($1,679) and Elmhurst had the least expensive one-bedroom ($2,275) and two-bedroom ($2,845) units.
Since 1999, MNS Real Estate has been helping Queens landlords and renters navigate the rental market, with the rental market report playing a big role. Data for the Queens rental market report is collected and compiled by MNS Real Estate’s marketing department and sampled from a specific mid-month point to record current rental rates offered by landlords during that month. The data is then combined with information from the real estate firms REBNY Real Estate Listings Source, OnLine Residential and Real Plus.
