May 22, 2023 By Julia Moro
According to a newly released Douglas Elliman report, rental prices in northwest Queens rose annually to a record-breaking level.
Median rental prices increased 12.8% compared to last year. The average rental price in April was $3,663, a 5.5% month-over-month increase.
The Douglas Elliman report listed the average rental price by size. A studio apartment rental prices averaged $3,018 in April, a 1.4% month-over-month increase. A one-bedroom average rental price in April was $3,437, a whopping 12% month-over-month increase. A two-bedroom was priced at $4,509 for the month of April, an 8.5% increase from the previous month. Lastly, a three-bedroom in northwestern Queens averaged $3,904 in April, which dropped 11.7 % from March.
According to the Douglas Elliman report, net effective median rent and median rent reached new highs. Also, new lease signings fell annually for the second time in three months. However, the listing inventory expanded annually for the second consecutive month.