Queens Rental Market Report: A Comprehensive Analysis

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
The Queens rental market is a dynamic and ever-changing landscape. In recent times, the average rent in Queens has seen an increase. As of June 2023, the average rent stands at $2,725, marking a 1.64% increase from the previous month. This introductory section will provide a brief overview of the current state of the Queens rental market and compare it with the previous month’s average rent.

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

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

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

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

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

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

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

Jamaica experienced a slight increase of 0.15% in average rental prices. However, one-bedroom units saw a decrease of 3.0%.

Woodside/Maspeth

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

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

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.

LSI and NLP related keywords:

Queens rental market
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External links:

MNS Real Estate NYC

Queens Rental Market Report Archive

For more articles like this, explore our blog.

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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