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Rental Prices in Western Queens are Skyrocketing, Up 29 Percent in LIC Year-Over-Year

Gantry Plaza State Park in Long Island City, with the TF Cornerstone luxury rental buildings in the background (Queens Post)

June 7, 2022 By Christian Murray

The rental market in Queens is red hot— and western Queens is no exception.

The average rent paid in May to nab an apartment in Queens was up 14 percent from May 2021, according to a report released by the real estate firm M.N.S.

The average price paid for a studio in May across the borough was $1,964, up 10 percent from May 2021; $2,409 for a one-bedroom, up 15 percent from a year earlier; and $3,147 for a two-bedroom, representing a 16 percent jump year-over-year.

Rental prices spiked most in Long Island City, Astoria and Jamaica, the report revealed. The report did not provide a breakdown for Sunnyside or Woodside.

The average rent paid in May to snag a Long Island City apartment was up 29 percent compared to May 2021. In Jamaica it was up 24 percent, while in Astoria, that figure was up 17.2 percent.

In Long Island City apartments of all sizes were going for hefty prices.

Average prices: Data by M.N.S. Real Estate NYC

The average rent for a studio apartment in Long Island City in May was $3,167. This figure was up 31 percent — from $2,410 — one year prior.

One-bedroom apartments in the neighborhood saw a 34 increase — with the May average being $3,959, up from $2,953 in May 2021.

The average rent to get into a two-bedroom apartment in Long Island City was $5,304, up 25 percent compared to a year ago. The average two-bedroom went for $4,250 in May 2021.

The Astoria market has also come back from the days of the pandemic.

The average price paid for a studio apartment in Astoria in May 2022 was $1,963, up 12 percent from a year ago; a one-bedroom fetched on average $2,341, up 18 percent; while a two-bedroom went for $2,803, up 21 percent.

Other neighborhoods in the borough saw significant rental price increases, although not to the same levels. Average rental prices in Jackson Heights were up 9 percent, while in Forest Hills they rose 12 percent and in Ridgewood they were up 16 percent.

For more information, click here.

Data: M.N.S. Real Estate NYC

email the author: news@queenspost.com

6 Comments

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MRLI

Not a Donovan Richards fan at all No more Dem Socialists?.Let us get some politicians that want to put and keep people in JAIL.

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MRLIC

Stop the 421-a tax bresks for rich developers. Build teal affordable housing not the ctumbs developers give us for air rights and so on. Rember the taxpayers money is used for these 421-a tax breaks
Yet yhe average taxpayet can’ t afford even the affordable rents.
Shameful Demicratic Socialists
AOC and Tiffany Caban both Dem..Docialists need to be voted out of office.

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MRLIC

Keep letting rich developers get their 421-a tax breaks so they can keep their rental apts empty as they did during the pandemic until they can get the price they want. I hope the 422-a expires. The 421-a tax break comes fro mtaxpayer money yet taxpayers for the most part cannot afford those rents. Even the so called afgordable apts are not really affordable, everyone but the politicians who are on bed with the rich developers Cuomo and fellow Democratic Socialist Kathy Hochul gave them these breaks .Hochul extended some of the older tax breaks.

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Chas

of course rent up. Landlords don’t want people who are at high risk of not being able to pay rent or of a race other than white.
Good for you who is the fool paying upwards towards 4K to live in LIC.
Wait for the crime to spike during the summer.
It’s a big world out there, don’t drink to Kool Aid and consider other cities , neighborhoods and states to live in .
“What fools these mortal be”

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MRLIC

off in other states as the highest taxed is NY C and State. We also give the most benefits to illegsl immigrants than any other state.

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