QUEENS RENTAL MARKET REPORT
QUEENS RENTAL MARKET REPORT ARCHIVE
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introduction
THE AVERAGE RENT IN QUEENS HAS INCREASED THIS MONTH.
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CHANGE
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$2,117JANUARY 2021
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$2,151FEBRUARY 2021
A QUICK LOOK
Through February, the average rental price in Queens increased by 1.59%, from $2,116.78 to $2,150.52. The average rental price for a studio increased by 0.04%, from $1,720.28 to $1,721.03. The average rental price for a one-bedroom unit increased by 1.62%, from $2,059.02 to $2,092.38. The average rental price for a two-bedroom unit increased by 2.61%, from $2,571.06 to $2,638.15. Year-over-year, studio, one-bedroom, and two-bedroom rental prices are down 9.74%, 6.98%, and 8.56%, respectively. Overall, rental prices are down 8.38% from this time last year.
This past month, out of the eight neighborhoods tracked by this report, five saw their average rental prices increase: Long Island City (+1.41%), Flushing (+1.76%), Rego Park (+6.16%), Jackson Heights (+2.09%), and Jamaica (+2.26%). While pricing increased in each of these areas, it is important to note that all of these neighborhoods saw significant increases in the number and proportion of luxury availabilities.
This past month, the most expensive studio, one-bedroom, and two-bedroom rentals by average price were all in Long Island City. Conversely, the most affordable studio and one-bedroom units were seen in Jackson Heights, while the most affordable two-bedroom units were in Ridgewood.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Long Island City $2,313 | Jackson Heights $1,505 |
| One bedrooms | Long Island City $2,849 | Jackson Heights $1,826 |
| Two bedrooms | Long Island City $3,646 | Ridgewood $2,253 |
WHERE PRICES DECREASED
ASTORIA
Studios -1.0%
One-Bedroom -0.9%
FLUSHING
Studios -0.7%
FOREST HILLS
Studios -0.7%
Two-Bedroom -1.5%
JACKSON HEIGHTS
Studios -1.0%
JAMAICA
Studios -0.1%
LONG ISLAND CITY
Studios -0.04%
RIDGEWOOD
One-Bedroom -2.3%
WHERE PRICES INCREASED
ASTORIA
Two-Bedroom 0.8%
FLUSHING
One-Bedroom 1.1%
Two-Bedroom 3.9%
FOREST HILLS
One-Bedroom 0.4%
JACKSON HEIGHTS
One-Bedroom 0.7%
Two-Bedroom 5.3%
JAMAICA
One-Bedroom 3.3%
Two-Bedroom 3.0%
LONG ISLAND CITY
One-Bedroom 1.8%
Two-Bedroom 2.0%
RIDGEWOOD
Studios 2.6%
Two-Bedroom 0.1%
REGO PARK
Studios 1.5%
One-Bedroom 8.6%
Two-Bedroom 7.4%
QUEENS AVERAGE PRICE
QUEENS AVERAGE PRICE
QUEENS AVERAGE PRICE
A QUICK LOOK
year over year PRICE CHANGE BY NEIGHBORHOOD
YEAR OVER YEAR Price change
QUEENS RENTS: FEBRUARY 2020 VS. FEBRUARY 2021
| TYPE | FEBRUARY 2020 | FEBRUARY 2021 | CHANGE |
|---|---|---|---|
| Studios | $1,907 | $1,721 | 9.7% |
| One bedrooms | $2,249 | $2,092 | 7.0% |
| Two bedrooms | $2,885 | $2,638 | 8.6% |
QUEENS PRICE TRENDS
ASTORIA PRICE TRENDS
THE AVERAGE RENTAL PRICE IN ASTORIA REMAINED STABLE, FALLING BY JUST 0.25% THROUGH FEBRUARY.
FLUSHING PRICE TRENDS
THROUGH FEBRUARY, THE AVERAGE RENTAL PRICE IN FLUSHING INCREASED BY 1.76%.
FOREST HILLS PRICE TRENDS
OVER THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN FOREST HILLS FELL BY 0.69%.
JACKSON HEIGHTS PRICE TRENDS
REBOUNDING FROM LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS INCREASED BY 2.09% THROUGH FEBRUARY.
JAMAICA PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN JAMAICA INCREASED BY 2.26%.
LONG ISLAND CITY PRICE TRENDS
FOLLOWING LAST MONTH’S DROP, THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY REBOUNDED BY 1.41%.
REGO PARK PRICE TRENDS
THANKS TO A NOTED INCREASE IN THE NUMBER OF LUXURY AVAILABILITIES IN THE AREA, THE AVERAGE RENTAL PRICE IN REGO PARK INCREASED BY 6.16%.
RIDGEWOOD PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN RIDGEWOOD REMAINED STABLE, FALLING BY JUST 0.06%.
THE REPORT EXPLAINED
THE QUEENS RENTAL MARKET REPORT COMPARES FLUCTUATION IN THE CITY’S RENTAL DATA ON A MONTHLY BASIS. IT IS AN ESSENTIAL TOOL FOR POTENTIAL RENTERS SEEKING TRANSPARENCY IN THE QUEENS APARTMENT MARKET AND A BENCHMARK FOR LANDLORDS TO EFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN QUEENS.
The Queens Rental Market Repor TM is based on a cross-section of data from available listings and priced under $10,000, with ultraluxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specifc mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).
Author: MNS has been helping Queens landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help.
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Note: All market data is collected and compiled by MNS’s marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice. If you would like to republish this report on the web, please be sure to source it as the “Queens Rental Market Report” with a link back to its original location.
