Queens rent continues to soar: Report shows average prices up 7.12% with studios leading the surge

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The average rental price in Queens rose 7.12% year-over-year, from $2,681 in May 2023 to $2,872 in May 2024, according to a report by the real estate firm M.N.S. Real Estate.

Studios, one-bedroom and two-bedroom units all experienced increases in the average rental price over this period of time. The most significant jump in terms of percentage went to studios, which had the average rental price go up 8.41%, from $2,119 last year to $2,298 this year.

One-bedroom and two-bedroom units in Queens shared similar trajectories, with the former increasing 6.42% and the latter rising 6.84%. The average rental price of one-bedroom units went up from $2,617 last year to $2,785.

With a $226 increase year-over-year, two-bedroom units experienced the most significant price jump. The average rental price rose from $3,307 last year to $3,533 this year.

Rego Park experienced the biggest increase in rental prices for studio and one-bedroom units among the 11 Queens neighborhoods included in the study. The average rental price for studios rose from $2,031 in 2023 to $2,566 in 2024, and for one-bedroom units, from $2,395 in 2023 to $3,187 in 2024.

Sunnyside saw the most significant jump in rental prices for two-bedroom units, which increased from $2,903 last year to $3,333 this year.

In May 2024, Long Island City had the most expensive units across the board. The average rental prices there were $3,406 for studios, $4,202 for one-bedroom units and $5,946 for two-bedroom units.

On the other end of price trends, Flushing had the cheapest average rental price for studios in May 2024, at $1,858. The least expensive one-bedroom units were in Elmhurst, at $2,295. While Maspeth and Woodside shared the title for the lowest average rental price of two-bedroom units, at $3,014.