Studio, one-bedroom, and two-bedroom rental units in Queens all saw year-over-year price increases by the end of 2024, according to a report by the real estate firm M.N.S. Real Estate.
The overall average rental price for these residential units rose 3.85% year-over-year, from $2,780 in December 2023 to $2,887 in December 2024. All three unit types experienced increases in the borough over this period.
The average rental price for studios in Queens jumped 3.57%, from $2,236 in December 2023 to $2,316 in December 2024. The Woodside/Maspeth neighborhood had the biggest increase, up from $2,335 last year to $2,635 this year.
Despite the annual growth among studios in Queens, December 2024 marked the third straight month that the average rental price decreased from the previous month. This continuous decline came right after the price reached its peak for 2024 at $2,382 in September.
One-bedroom units in Queens went through a 2.85% increase in its average cost of rent, from $2,691 in December 2023 to $2,767 in December 2024. Sunnyside had by far the most significant growth among the Queens neighborhoods included in the study, having gone up from $2,460 last year to $2,704 this year.
December marked the fifth consecutive month when the rent for one-bedroom units went down compared to the previous month. As was the case with studios, this trend began immediately after the 2024 peak was reached, at $2,844 in July.
Two-bedroom units had the biggest annual increase, going up 4.81%, from $3,414 in December 2023 to $3,578 in December 2024. This new rent was also the highest price across all of 2024. Sunnyside also had the most significant spike in this area, from $2,885 last year to $3,686 this year.
Nine of the 11 Queens neighborhoods included in the study had year-over-year increases in average cost of rent. The only exceptions to this trend were Jackson Heights and Rego Park.
Long Island City remained the most expensive neighborhood in Queens for all types of units. The average rent costs in Long Island City were $3,459 for studios, $4,165 for one-bedroom units and $5,873 for two-bedroom units.
On the other end of the spectrum, Elmhurst had the most affordable studios and one-bedroom units in December 2024, at $1,899 and $2,183, respectively. Jackson Heights had the least expensive two-bedroom units at $2,818.
