Housing units in Queens had the average cost of rent go up 3.28% in October 2024, compared to the same month the previous year, according to a report by the real estate firm M.N.S. Real Estate.
Year-over-year, the average rent in Queens rose from $2,803 in October 2023 to $2,895 in October 2024. As was the case with the previous month’s report, the cost for studios, one-bedroom units and two-bedroom units all experienced increases in average rent cost over this period of time.
Studios in Queens saw the average rent rise 3.59%, from $2,256 last year to $2,337 this year. Despite the yearly jump, this was the lowest the average monthly rent has been since May 2024, when it was $2,298. Out of the 11 Queens neighborhoods included in the study, studios in Woodside/Maspeth had the biggest boost in average rent over the last year, from $2,436 in October 2023 to $2,816 in October 2024.
One-bedroom units had the smallest rent jump, going up just 1.93%, from $2,729 last year to $2,782 this year. This was also the cheapest rent for a month since April 2024, when it was $2,724. Sunnyside had the largest growth year-over-year among the neighborhoods in the study, rising from $2,426 in 2023 to $2,672 in 2024.
Two-bedroom units had the most significant climb among the three types of units, climbing 4.14% from $3,424 last year to $3,566 this year. This price matches August 2024 for the highest over the last 13 months. Sunnyside also saw the biggest spike in the average cost of rent for these types of units, up from $2,912 in October 2023 to $3,476 in October 2024.
A big contributing factor to the year-over-year increase in the average cost of rent in Queens was the fact that eight of the 11 neighborhoods in the study experienced jumps in average rental prices over this period of time. Jackson Heights, Rego Park and Ridgewood were the only neighborhoods where the cost went down.
Long Island City continued its trend of having the most expensive units across the board among the neighborhoods. However, the average rent for all three types of units was lower this month than in September. The average rent costs in Long Island City were $3,481 for studios, $4,114 for one-bedroom units and $5,819 for two-bedroom units.
Flushing retained its title for having the least expensive studios out of the 11 Queens neighborhoods, at $1,879. Jackson Heights had the most affordable one-bedroom and two-bedroom units, at $2,361 and $2,857, respectively.
