The average rental price in Queens for studio, one-bedroom and two-bedroom units maintained an upward trend from the previous year in November 2024, according to a report by the real estate firm M.N.S. Real Estate.
Year-over-year, Queens experienced a 4.44% increase in its average rental price, from $2,763 in November 2023 to $2,885 in November 2024. Studios, one-bedroom and two-bedroom units each experienced jumps in their respective rental prices over this period of time.
Studios in Queens had a 3.74% boost in the average cost of rent, from $2,239 in November 2023 to $2,322 in November 2024. Despite the year-over-year increase, this cost actually presents a slight drop from the $2,337 rent in October 2024. Among the 11 Queens neighborhoods included in the study, studios in Woodside/Maspeth had the most annual growth, from $2,369 last year to $2,691 this year.
One-bedroom units experienced a 3.92% rise in the average rental price, from $2,673 in November 2023 to $2,778 in November 2024. As was the case with studios, the one-bedroom units actually had a slight dip in rental price from the previous month’s $2,782 average cost. The Rego Park neighborhood had the biggest spike in average rental price, from $2,602 last year to $2,965 this year.
Two-bedroom units had the most significant boost in the average cost of rent among the unit types, rising 5.3%, from $3,375 in November 2023 to $3,554 in November 2024. However, this new cost is the lowest seen for a month since $3,551 in July 2024. Sunnyside had by far the highest jump among the Queens neighborhoods from last year, going up from $2,754 in 2023 to $3,454 in 2024.
Every Queens neighborhood in the study, with the exception of Jackson Heights, had a year-over-year increase in the average cost of rent. This contributed heavily to rent rising across the board in Queens.
Long Island City retained its title for having the most expensive units across the board. The average rent costs in Long Island City were $3,458 for studios, $4,206 for one-bedroom units and $5,942 for two-bedroom units.
Elmhurst had the most affordable studios and one-bedroom units in November 2024, at $1,921 and $2,254 respectively. The cheapest two-bedroom units were in Jackson Heights at $2,749.
