Housing Prices in Queens Continue to Rise
Housing units across Queens experienced a 4.35% increase in the average cost of rent in September 2024 compared to the same month the previous year, according to a report by the real estate M.N.S. Real Estate.
Average Rent in Queens Sees Steady Increase
Year-over-year, the average rent in the borough rose from $2,805 in September 2023 to $2,927 in September 2024. Over this period of time, studios, one-bedroom units, and two-bedroom units each experienced increases in average rent cost.
Studios and Neighborhoods with Significant Gains
Studios had the most significant increase in terms of both percentage and actual price. The average rental price for these units in Queens went up 7.17% year-over-year, from $2,222 last year to $2,382 this year. Out of the 11 Queens neighborhoods included in the study, Sunnyside experienced the most drastic increase, from $1,800 in September 2023 to $2,175 in September 2024.
One-Bedroom and Two-Bedroom Units Also See Increases
One-bedroom units had a 3.26% jump in its average rental price across the borough, from $2,748 in September 2023 to $2,837 in September 2024. Elmhurst went through the most significant boost over this period of time, up from $2,183 last year to $2,529 this year.
Two-bedroom units in Queens rose 3.4%, from $3,445 in September 2023 to $3,562 in September 2024. Sunnyside had the sharpest climb among the Queens neighborhoods for these units as well, from $2,934 last year to $3,532 this year.
Long Island City Maintains its Expensive Reputation
Long Island City maintained its status as being the most expensive Queens neighborhood for all three types of units examined in the study. However, the average rental price for one-bedroom and two-bedroom units in this neighborhood is down slightly from what was seen in the August rental report. The average cost of rent there was $3,525 for studios, $4,158 for one-bedroom units, and $5,920 for two-bedroom units.
Flushing Continues to Offer Affordable Options
As was the case with Long Island City retaining its title as the most expensive neighborhood in the borough across the board, so too was the case for the cheapest units. Flushing continues to have the most affordable studios, with an average cost of $1,816. Jackson Heights had the cheapest one-bedroom units, at an average rent of $2,405. Three-bedroom units were at the lowest price in Elmhurst, at $2,992.
Conclusion
The latest rent report from M.N.S. Real Estate highlights the ongoing trend of increasing rent prices in Queens. While some neighborhoods like Flushing offer more affordable options, others like Long Island City continue to be among the most expensive in the borough.
Frequently Asked Questions
Q: What is the average rent increase in Queens?
A: 4.35%
Q: Which neighborhoods experienced the most significant increase in rent?
A: Sunnyside and Elmhurst
Q: Which neighborhood offers the most affordable studios?
A: Flushing
Q: Which neighborhood offers the most expensive units?
A: Long Island City
