The overall average rental price in Queens in June 2024 rose 6.49% from the same month last year, according to a report by the real estate firm M.N.S. Real Estate. Studio, one-bedroom and two-bedroom units in Queens all had jumps in the average cost of rent.
The overall average rental price in Queens increased from $2,725 to $2,902 from June 2023 to June 2024.
Studios experienced the highest percentage increase in average rental price from June 2023 to June 2024. There was a 7.48% rise, from $2,182 to $2,345.
There was a 6.43% increase in the average rent paid for one-bedroom units in Queens over this period of time, from $2,642 in 2023 to $2,811 in 2024. Two-bedroom units in Queens experienced a 5.89% jump in average rent, from $3,352 last year to $3,550 this year.
Despite the fact that studios had the biggest change in percentage, it was actually the smallest jump in actual price year-over-year, compared to one-bedroom and two-bedroom units. The average price of studios went up just $163, as opposed to $169 for one-bedroom units and $198 for two-bedroom units.
Out of the 11 Queens neighborhoods examined in the study, Sunnyside had the biggest percentage jump in the overall change of price, at 16%. Studios there did not change much, rising from $2,050 to $2,100. However, there was a large change with one-bedroom units, which went up year-over-year from $2,265 to $2,655. Two-bedroom units had the most significant change in price over this period of time, rising from $2,662 to $3,337.
Rego Park experienced the most significant increase in average price for studio and one-bedroom units. Studios there rose in price from $2,025 last year to $2,520 this year, while one-bedroom units increased in average cost of rent from $2,691 to $3,085.
Despite the fact that average rental prices across the board in Long Island City went down from May 2024 to June 2024, the neighborhood maintained the highest average cost. The cost was $3,384 for studios, $4,165 for one-bedroom units and $5,659 for two-bedroom units.
Flushing retained its title from the previous rental report as offering the least expensive studio units among the 11 neighborhoods, at $1,858. Jackson Heights had the cheapest one-bedroom units, at $2,355. Elmhurst had the most affordable two-bedroom rentals, at $2,996.
