Rental Prices Dip Across Queens, Significant Drop in Long Island City: Report

Long Island City waterfront (Photo: Queens Post)

Oct. 12, 2020 By Michael Dorgan

The average cost to rent an apartment in Queens has dropped in the past year, according to a new report.

The report, released by M.N.S. Real Estate, revealed that, on average, rental prices across the borough have decline by about 4 percent from a year ago.

The average price paid for a studio in Queens in September was $1,812, down from $1,857 for the same month in 2019. The average one-bedroom apartment cost $2,123 last month, down from $2,237 a year ago– while the average amount paid for a two-bedroom apartment in September was $2,684, down from $2,803.

The year-over-year declines were largest in Long Island City and Astoria, according to the report.

The Long Island City market saw the average price paid for an apartment in the neighborhood down 14 percent from September 2019.

The average price paid for a studio in Long Island City was $2,401 in September, down from $2,757 for the same month a year ago.

One-bedroom apartments in Long Island City saw the most significant price reduction as the average price paid was $2,876 in September, down from $3,397 a year ago.

Long Island City one-bedroom (MNS Real Estate)

Similarly, the average amount paid for a two-bedroom was $3,850 last month, down from $4,460 in September 2019.

Meanwhile, in Astoria, the average price dropped across all apartment types by about 7 percent year over year.

The average price for a studio in Astoria last month was $1,871, down from $1,959 a year ago. Meanwhile, the average price paid for a one-bedroom was $2,039 last month, compared to $2,249 in September 2019.

The average price paid for a two-bedroom unit also dropped, with the average price going for $2,433 last month compared to $2,623 in September 2019.

Astoria one-bedroom (MNS Real Estate)

But rental prices didn’t decline in all neighborhoods across Queens. The average amount paid for an apartment in Flushing, Rego Park and Ridgewood was higher than a year ago.

Flushing saw the biggest year-over-year price increase with the average amount paid for a unit in the neighborhood up by nearly 5 percent, according to the report.

The average price of a studio apartment in Flushing last month was $1,754, up from $1,660 in September 2019.

The Flushing market saw its biggest increase in the one-bedroom market, with monthly prices shooting up from $1,933 in 2019 to $2,100 last month. Two-bedroom units increased marginally year-over-year, from $2,543 to $2,588.

Flushing one-bedroom (MNS Real Estate)

Last month, the most expensive studio, one-bedroom, and two-bedroom rentals in Queens were all in Long Island City.

Conversely, the most affordable place to live in Queens was Jamaica where the average price of a studio was $1,618 per month. The most affordable one-bedroom apartments were found in Jackson Heights–with an average of $1,867–and the least expensive two-bedroom units were in Ridgewood, with an average price of $2,263.

The report was conducted using data from rental listings in Astoria, Flushing, Forest Hills, Jackson Heights, Jamaica, Long Island City, Rego Park, and Ridgewood.

The report was based on a cross-section of data from available listings, according to MNS Real Estate.