MNS Report Shows Rents in Queens on the Rise
- Sep 02, 2014
Queens, N.Y.—A new report by MNS, the “Queens Rental Market Report,” reveals that rent prices in Queens increased approximately 1.76 percent from June to July, with average rents going from $2,077 to $2,113.
The residential brokerage and sales and marketing firm targeted seven primary neighborhoods in its report—Long Island City, Astoria, Ridgewood, Flushing, Rego Park, Forest Hills and Jackson Heights.
According to Andrew Barrocas, CEO of MNS, the rental market throughout Queens is following the patterns of recent months as the borough continues to see major growth, particularly in Long Island City and Astoria.
“With new developments and conversions hitting the market recently, renters have flocked to these areas seeking more options and value for their money,” he says. “Given the drastic drop in inventory this month it is clear that a significant amount of activity is taking place and this is only expected to continue in the coming months.”
The two markets that have seen the biggest gains were Jackson Heights and Flushing. The least expensive rentals start with Flushing (studios averaging at $1,250) and end with Ridgewood (two-bedroom units at $2,183).
According to the research, the most expensive rentals across all unit mixes (from studios to two-beds) are in Long Island City, with rents ranging from $2,410 to $3,908 per month.
The report shows that for the month of July, listing inventory decreased 48 percent compared to the previous months.
The report notes that more new developments are scheduled to open their doors offering high-end amenities and exceptional convenience in the months ahead.
“Although moderate up and down fluctuations will take place in the near future, long-term projections have prices increasing steadily,” Barrocas says. “Also deserving mention for this month is Rego Park due to the entrance of several vacant units to the market.”
MNS’ August report will be distributed in mid-September.