QUEENS RENTAL MARKET REPORT

Queens infographics

QUEENS RENTAL MARKET REPORT ARCHIVE

introduction

THE AVERAGE RENT IN QUEENS HAS INCREASED THIS MONTH.

  • 0.69%
    CHANGE
  • $2,750
    APRIL 2023
  • $2,769
    MAY 2023

A QUICK LOOK

queens

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

queens
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

price_down_icon

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

price_up_icon

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
ASTORIA
FLUSHING
FOREST HILLS
17.51%
10.09%
11.54%
JACKSON HEIGHTS
JAMAICA
LONG ISLAND CITY
11.88%
3.36%
7.18%
REGO PARK
RIDGEWOOD
14.24%
11.91%

YEAR OVER YEAR Price change

QUEENS RENTS: MAY 2022 VS. MAY 2023

price changes
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

THROUGH MAY, THE AVERAGE RENTAL PRICE IN ASTORIA SLIGHTLY DECREASED BY JUST 0.10%.

ASTORIA

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN FLUSHING SLIGHTLY INCREASED BY JUST 0.89%.

FLUSHING

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN FOREST HILLS DECREASED BY 1.01%.

FOREST HILLS

THROUGH MAY, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS INCREASED BY 1.31%.

JACKSON HEIGHTS

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN JAMAICA INCREASED BY 2.90%.

JAMAICA

THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY INCREASED BY 3.13% SINCE LAST MONTH.

LONG ISLAND CITY

OVER THE PAST MONTH, THE AVERAGE RENTAL PRICE IN REGO PARK SLIGHTLY DECREASED BY JUST 0.47%.

REGO PARK

THE AVERAGE RENTAL PRICE IN RIDGEWOOD DECREASED BY 2.66% SINCE LAST MONTH.

RIDGEWOOD

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.

Contact Us Now: 718-222-0211
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.

HTTP://WWW.MNS.COM/QUEENS_ RENTAL_MARKET_REPORT

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