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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$2,750APRIL 2023
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$2,769MAY 2023
A QUICK LOOK
Through May, the average rental price in Queens increased by 0.69%, from $2,750.37 to $2,769.44. The average rental price for a studio increased by 1.22%, from $2,128.39 to $2,154.36. The average rental price for a one-bedroom unit increased by 1.68%, from $2,678.82 to $2,723.71. The average rental price for a two-bedroom unit decreased by 0.4%, from $3,443.9 to $3,430.26.
Out of the eight neighborhoods tracked by this report, four saw their average rental prices increase month-over-month. The remaining areas decreased this month.
- Long Island City: +3.13%
- Astoria: -0.1%
- Ridgewood: -2.66%
- Flushing: +0.89%
- Rego Park: -0.47%
- Forest Hills: -1.01%
- Jackson Heights: +1.31%
- Jamaica: +2.9%
The most expensive studio, one-bedroom and two-bedroom units by average price were all in Long Island City, while the most affordable studio units were in Flushing and the most affordable one and two bedroom units were in Jackson Heights.
Year-over-year, studio, one-bedroom, and two-bedroom rental prices are up 9.68%, 13.06%, and 8.99%, respectively, with an overall increase of 10.47% since this time last year.
NOTABLE TRENDS
| TYPE | MOST EXPENSIVE | LEAST EXPENSIVE |
|---|---|---|
| Studios | Long Island City $3,357 | Flushing $1,704 |
| One bedrooms | Long Island City $4,190 | Jackson Heights $2,115 |
| Two bedrooms | Long Island City $5,775 | Jackson Heights $2,923 |
WHERE PRICES DECREASED
ASTORIA
Two-Bedroom -3.8%
RIDGEWOOD
Studios -6.6%
Two-Bedroom -2.6%
FLUSHING
Studios -1.5%
Two-Bedroom -0.4%
REGO PARK
Studios -5.3%
One-Bedroom -3.9%
FOREST HILLS
Two-Bedroom -7.9%
JACKSON HEIGHTS
One-Bedroom -2.6%
JAMAICA
Two-Bedroom -1.2%
WHERE PRICES INCREASED
LONG ISLAND CITY
Studios 4.1%
One-Bedroom 3.7%
Two-Bedroom 2.2%
ASTORIA
Studios 0.9%
One-Bedroom 3.5%
RIDGEWOOD
One-Bedroom 0.7%
FLUSHING
One-Bedroom 4.4%
REGO PARK
Two-Bedroom 6.3%
FOREST HILLS
Studios 8.7%
One-Bedroom 1.6%
JACKSON HEIGHTS
Studios 1.4%
Two-Bedroom 4.2%
JAMAICA
Studios 8.7%
One-Bedroom 4.1%
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: MAY 2022 VS. MAY 2023
| TYPE | MAY 2022 | MAY 2023 | CHANGE |
|---|---|---|---|
| Studios | $1,964 | $2,154 | 9.68% |
| One bedrooms | $2,409 | $2,724 | 13.06% |
| Two bedrooms | $3,147 | $3,430 | 8.99% |
QUEENS PRICE TRENDS
ASTORIA PRICE TRENDS
THROUGH MAY, THE AVERAGE RENTAL PRICE IN ASTORIA SLIGHTLY DECREASED BY JUST 0.10%.
FLUSHING PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN FLUSHING SLIGHTLY INCREASED BY JUST 0.89%.
FOREST HILLS PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN FOREST HILLS DECREASED BY 1.01%.
JACKSON HEIGHTS PRICE TRENDS
THROUGH MAY, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS INCREASED BY 1.31%.
JAMAICA PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN JAMAICA INCREASED BY 2.90%.
LONG ISLAND CITY PRICE TRENDS
THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY INCREASED BY 3.13% SINCE LAST MONTH.
REGO PARK PRICE TRENDS
OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN REGO PARK SLIGHTLY DECREASED BY JUST 0.47%.
RIDGEWOOD PRICE TRENDS
THE AVERAGE RENTAL PRICE IN RIDGEWOOD DECREASED BY 2.66% SINCE LAST MONTH.
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.
