Aug. 17, 2023 By Ethan Marshall
According to a recent report posted by M.N.S. Real Estate, Queens neighborhoods have experienced a .35% increase in average rent price in July 2023 compared to June. The average rent price went up from $2,725 to $2,735, according to the M.N.S. report.
Despite the increase in rental prices in Queens, the average price for studios and two-bedroom units both decreased compared to the previous month. The average rental price for a studio decreased by 0.65%, from $2,181.90 to $2,167.67. The price for two-bedroom units decreased by 0.03%, from $3,352.07 to $3,351.12. The average rental price for a one-bedroom unit increased by 1.65%, from $2,641.56 to $2,685.04.
Long Island City is home to the most expensive studio, one-bedroom and two-bedroom units, at $3,346, $4,042 and $5,675 respectively. Flushing had the most affordable studio units, at $1,742, while Jackson Heights was home to the most affordable one-bedroom and two-bedroom units, at $2,319 and $2,847 respectively.
The rental prices for studio and one-bedroom units have increased by 1.73% and 6.05% respectively compared to July 2022. However, the prices for two-bedroom units are down .21% over that same span. Overall, there has been a 2.28% increase from this time last year.
Forest Hills experienced the largest month-over-month increase, with its studio units rising 9%, from $1,944 to $2,119. Flushing, meanwhile, experienced the biggest decrease, with two-bedroom units dropping 7.6%, from $3,239 to $2,992.
The report from M.N.S. Realty compares fluctuation in New York City’s rental data on a monthly basis. It acts as an important tool for potential renters in search of transparency in the market of Queens apartments. It also serves as a benchmark for landlords to adjust individual property rents more efficiently and fairly.
The report is based on a cross-section of data from available listings and priced under $10,000. Ultraluxury property was omitted in order to obtain a true monthly rental average.
The data is aggregated from the M.N.S. proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month before being combined with information from the Real Estate Board of New York Real Estate Listings Source, OnLine Residential and Real Plus.