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Long Island City is NO ‘low-rent’ neighborhood, prices remain firm

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Dec. 18, 2014 By Michael Florio

Long Island City renters just can’t get a break.

The neighborhood is home to the highest average rental prices in Queens–whether it’s for studios, one-bedroom or two-bedroom apartments, according to the latest MNS Real Estate report.

Ed Cho, a real estate broker with Space Marketing Shop, said the average prices are so high because Long Island City has so many luxury apartments.

Cho said many of the luxury buildings come with high-rent amenities such as a fitness center, club room, a terrace, a swimming pool or even a yoga room.

“You will not find these features in any other neighborhood in Queens,” he said.

Long Island City rental prices have continued to rise despite the onset of winter. Typically, prices dip as the winter months approach since demand wanes.

“There is greater demand in summer since there are new students and new hires moving into the neighborhood,” he said.

In fall/winter, the market typically softens. For instance, in Astoria the average rent has dipped in the past couple of months.

However, in LIC the market keeps chugging along.

One-bedroom apartments don’t seem to be getting any cheaper. One-bedrooms went for $2,960 in November compared to $2,894 in October, an increase of 2.3 percent. Six months ago, in June, that number was $2,875

The rental figures for two bedroom apartments were largely unchanged between October and November, with the latest number coming in at $3,816. In June, however, the average rent was lower, at $3,747.

The report noted that the average rental price for a studio in Long Island City was $2,406 in November, up from $2,266 in October. The November number, however, was lower than $2,599 in June.

Cho said that rental prices in LIC were largely flat over the summer—which might account for the recent uptick of one and two bedroom apartments.

Cho said that several new buildings opened in the spring and summer months, which increased supply and stabilized prices.

“Every time one building would fill up, a new development would open,” he said.

email the author: news@queenspost.com

2 Comments

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petertnyc

We just received our renewal lease details from Avalon Riverview and it included a 14.1% rent hike and 5% “Amenities Fee” hike. Is anyone else experiencing these kinds of hikes?

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David

Avalon has a reputation for bait and switching rent prices, banking on you not wanting to move. It is one reason why I decided to rent in another building in the area.

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