The average rental price for all units in Queens rose 6.76% year-over-year in July 2024, according to a report by the real estate firm M.N.S. Real Estate. This jump continues an upward trend seen in the previous month.
The overall average rental price in Queens jumped from $2,734 in July 2023 to $2,919 in July 2024. There was an increase across the board over this period of time in the price for studio, one-bedroom and two-bedroom units.
Studios experienced the most significant change in terms of percentage, rising 9.02%, from $2,168 last year to $2,363 this year. Out of the 11 Queens neighborhoods tracked in this report, Rego Park had the biggest increase in average rent for studios. That neighborhood saw a jump from $1,918 in 2023 to $2,735 in 2024.
One-bedroom units went up 5.93% over the same period of time, from $2,685 to $2,844. Rego Park also had the most significant climb among all the Queens neighborhoods for these units, with the price there going up from $2,645 last year to $3,130 this year.
Two-bedroom units in Queens had the average rental price climb 5.96% year-over-year, from $3,351 in 2023 to $3,551 in 2024. While the percentage change is similar to that of one-bedroom units, the actual price change was the most significant among the three types of units, going up $200. Flushing had the largest increase in Queens, with the average rental price there spiking from $2,992 in July 2023 to $3,599 in July 2024.
Each unit’s average rental price in Queens for July 2024 was the highest in the borough at the end of a month over the last year.
Rego Park had the highest increase in overall average rental price among the Queens neighborhoods in the report, thanks in large part to the significant boosts in average rent for studios and one-bedroom units. Year-over-year, there was a 19.91% rise there.
Long Island City had the most expensive units across the board in July 2024. The average rental prices there were $3,386 for studios, $4,144 for one-bedroom units and $5,910 for two-bedroom units.
The least expensive studios in July 2024 were in Flushing, which had an average rental price of $1,775. Elmhurst had the cheapest one-bedroom and two-bedroom units, which had average rents of $2,342 and $2,963 respectively.
