You are reading

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.

email the author: [email protected]

One Comment

Click for Comments 
Mundek

Right. Guess Rockrose, TF Cornerstone and Related didn’t get the memo.

Also…

Article title: Significant Drop in Long Island City.

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

Reply

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Gunman who fired shots at the Ravenswood Houses in Long Island City remains at large: NYPD

Police from the 114th Precinct in Astoria and PSA 9 are continuing their search for a gunman who allegedly opened fire at the Ravenswood Houses in Long Island City last month.

The incident occurred during the early morning hours of Wednesday, Jan. 18, when officers responded to a 911 call and a ShotSpotter activation for multiple shots fired at 21-25 35 Ave. at the Ravenswood Houses NYCHA complex just after 2 a.m., according to authorities.

Popular places where you can watch the Super Bowl in Queens

Feb. 2, 2023 By Tammy Scileppi

Hey, football fans! Game time is fast approaching, and across the city and here in Queens, you can feel the excitement brewing as the two teams prepare to take the field on Super Bowl Sunday, Feb. 12. So, kick back and watch the big game, and don’t miss Rihanna’s exciting performance during halftime. 

Borough president hears from community members on budget needs throughout Queens

During a two-day public hearing on the mayor’s 2024 preliminary budget, Queens Borough President Donovan Richards Jr. listened to testimonies from 14 community board representatives, community stakeholders and members of the public on where the money should be spent in Queens. 

The public hearings were held both in-person and via Zoom on Monday, Jan. 30, and Tuesday, Jan. 31, at Queens Borough Hall. The testimonials will be used to develop the Queens Borough Board’s FY24 preliminary budget priorities in the coming weeks. 

‘He didn’t deserve to die’: Borough President Richards leads emotional candlelight vigil for Tyre Nichols

Queens Borough President Donovan Richards held a candlelight vigil for Tyre Nichols outside Queens Borough Hall Monday, Jan. 30 after Nichols’ death at the hands of police officers in Memphis, Tenn., made national headlines for the brutality in which the officers beat him.

Almost immediately after news broke about Nichols’ death, the Memphis police officers who beat him to death were fired and charged with murder. The police department released the body cam footage of the fatal beating on Jan. 27, but many people, including some at the vigil, have refused to watch it due to its extremely graphic nature.

Long Island City teen sentenced in fatal shooting of ‘beloved’ school teacher at Queensbridge Houses in 2020: DA

A Long Island City man on Friday, Jan. 28, was sentenced to 19 years in prison for the 2020 fatal shooting of a public school social studies teacher who was out walking his dog when he was caught in the crossfire during a confrontation between gang rivals in broad daylight, just blocks from his home, according to Queens District Attorney’s office.

Ike Ford, 19, of 12th Street, in Long Island City, pleaded guilty to manslaughter in the first degree before Queens Supreme Court Justice Kenneth Holder. The teacher, George Rosa, 53, was shot in his abdomen by a stray bullet fired by Ford, who was just 17 years old at the time of the shooting but was sentenced as an adult given the severity of the crime, according to Queens District Attorney Melinda Katz.