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Part 1: Understanding the Queens Rental Market
Note: This article is based on the latest available data and trends. The rental market is subject to change, and prices may vary.
Introduction to the Queens Rental Market
A Quick Look at the Queens Rental Market
In this section, we delve deeper into the specifics of the Queens rental market. We will provide a detailed analysis of the average rental price increase in Queens, examining the average rental price for studio, one-bedroom, and two-bedroom units. We will also discuss the neighborhoods that saw their average rental prices increase and decrease, providing a comprehensive view of the market dynamics.
Notable Trends in the Queens Rental Market
Here, we identify the most expensive and least expensive neighborhoods for studio, one-bedroom, and two-bedroom units. We will also provide a year-over-year comparison of rental prices, highlighting the trends and patterns that have emerged in the Queens rental market.
*Queens Rental Market Report: An In-depth Analysis – Part 2*.
Neighborhood-Specific Price Trends
Long Island City
Long Island City, despite being the most expensive neighborhood, saw a decrease in average rental prices by 2.24% in June 2023. However, it still holds the record for the most expensive studio, one-bedroom, and two-bedroom units, with prices averaging at $3,280, $3,956, and $5,789 respectively.
Astoria experienced a slight decrease of 0.09% in average rental prices. Despite this, studio prices increased by 6.0% and two-bedroom prices by 1.4%.
Ridgewood saw an increase in all unit types, with studios increasing by 5.6%, one-bedroom units by 5.3%, and two-bedroom units by 1.0%.
Flushing experienced an overall increase of 3.51% in average rental prices. The most affordable studio units can be found here, with prices averaging at $1,709.
Rego Park saw the highest increase in average rental prices at 5.02%. One-bedroom units saw a significant increase of 12.4%.
Forest Hills experienced a slight decrease of 0.36% in average rental prices. However, studios and one-bedroom units saw increases of 3.8% and 1.2% respectively.
Jackson Heights saw an increase of 3.51% in average rental prices. The most affordable one-bedroom units can be found here, with prices averaging at $2,244.
Jamaica experienced a slight increase of 0.15% in average rental prices. However, one-bedroom units saw a decrease of 3.0%.
Woodside/Maspeth experienced the highest increase in average rental prices at 6.31%. All unit types saw an increase, with studios, one-bedroom units, and two-bedroom units increasing by 6.2%, 6.6%, and 6.2% respectively.
Elmhurst saw an increase of 6.10% in average rental prices. All unit types saw an increase, with studios, one-bedroom units, and two-bedroom units increasing by 4.2%, 10.8%, and 4.0% respectively.
Sunnyside saw a decrease of 3.98% in average rental prices. However, studios saw an increase of 6.4%. The most affordable two-bedroom units can be found here, with prices averaging at $2,662.
The Report Explained
The Queens Rental Market Report is an essential tool for potential renters seeking transparency in the Queens apartment market and a benchmark for landlords to efficiently and fairly adjust individual property rents in Queens. The report compares fluctuations in the city’s rental data on a monthly basis. The data is aggregated from the MNS proprietary database and sampled from a specific 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).
Conclusion and Future Predictions
The Queens rental market has seen an overall increase of 1.64% in June 2023, with the average rental price now at $2,725.18. Year-over-year, studio, one-bedroom, and two-bedroom rental prices are up 6.71%, 5.67%, and 0.91%, respectively, with an overall increase of 3.93% since this time last year. As the market continues to fluctuate, renters and landlords alike should stay informed and adaptable.
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Syd Harewood is a real estate professional with a passion for NYC’s architectural gems. For inquiries, call or message Syd Harewood at 📞646-535-3819. Experience the finest in NYC real estate with Syd’s expert guidance and deep knowledge of the city’s most exquisite properties.
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