Rental prices in Queens increase over 4% year-over-year: report

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The average rental price of studio, one-bedroom and two-bedroom units in Queens increased 4.32% year-over-year in April 2024, according to a report by the real estate firm M.N.S. Real Estate.

Studios in Queens had by far the biggest jump in rental price, rising 10.19% year-over-year, from $2,128 in April 2023 to $2,345 in April 2024. This marked the highest average rental price of studios in any month dating back to April 2023, beating the previous peak of $2,312 seen in March 2024.

One-bedroom units experienced the smallest percentage change in rental price, rising 1.68% from $2,679 in April 2023 to $2,724 in 2024. This is the exact same average rental price as was reported for the month of May 2023.

The average rental price for two-bedroom units increased 2.74% year over year, from $3,444 in April 2023 to $3,538 in April 2024. As for studios, this month’s average rental price was the highest among the last 13 months.

Of the 11 Queens neighborhoods included in the study, Forest Hills experienced the most significant year-over-year increase in the average rental price for studios, increasing from $1,722 last year to $2,359 this year.

Rego Park saw the largest jumps in rental prices for both one-bedroom and two-bedroom units. Year-over-year, the average rental price for one-bedroom units increased from $2,492 last year to $2,958 this year. Over the same period of time, two-bedroom units went up from $2,814 to $3,786.

Long Island City retained its title for having the most expensive units across the board in Queens. The average rental prices in April 2024 there were $3,354 for studios, $4,073 for one-bedroom units and $5,804 for two-bedroom units.

As was the case in the previous month, Flushing had the most affordable studios and Elmhurst had the most affordable one-bedroom and two-bedroom units. The average rental price for studios in Flushing was $1,815 in April 2024. In Elmhurst, one-bedroom units had an average rent of $2,203 and two-bedroom units were $2,930.