QUEENS RENTAL MARKET REPORT

Transcription

1 QUEENS RENTAL MARKET REPORT DECEMBER 2018

2 TABLE OF CONTENTS 03 INTRODUCTION 04 A QUICK LOOK 10 QUEENS PRICE TRENDS 11 NEIGHBORHOOD PRICE TRENDS 11 LONG ISLAND CITY 12 ASTORIA 13 RIDGEWOOD 14 FLUSHING 15 REGO PARK 16 FOREST HILLS 17 JACKSON HEIGHTS 27 THE REPORT EXPLAINED PAGE 2

3 INTRODUCTION OVER THE LAST MONTH, THE AVERAGE RENT IN QUEENS HAS DECREASED BY 0.70%, FROM $2, TO $2, PAGE 3

4 A QUICK LOOK OVER THE LAST MONTH, THE AVERAGE RENTAL PRICE IN QUEENS DECREASED BY 0.70%, FROM $2, TO $2, THE AVERAGE RENTAL PRICE FOR A STUDIO DECREASED BY 0.52%, FROM $1, TO $1, THE AVERAGE RENTAL PRICE FOR A ONE-BEDROOM DECREASED BY 0.21%, FROM $2, TO $2, THE AVERAGE RENTAL PRICE FOR A TWO-BEDROOM UNIT DECREASED BY 1.21%, FROM $2, TO $2, YEAR-OVER-YEAR, THE AVERAGE RENTAL PRICES FOR STUDIO AND ONE-BEDROOM UNITS INCREASED BY 2.07% AND 0.60%, RESPECTIVELY. THE AVERAGE RENTAL PRICE FOR A TWO- BEDROOM UNIT, HOWEVER, FELL BY 0.46% FROM THIS TIME LAST YEAR. OVERALL, THE AVERAGE RENTAL PRICE IN QUEENS INCREASED BY 0.57% YEAR-OVER-YEAR. THIS PAST MONTH, EVERY NEIGHBORHOOD, OTHER THAN LONG ISLAND CITY (+1.68%) AND FLUSHING (+1.07%), EXPERIENCED RENTAL PRICE DROPS. OUT OF ALL UNIT TYPES, STUDIOS PERFORMED THE BEST ON AN OVERALL AND BY- NEIGHBORHOOD BASIS WITH PRICES INCREASING IN LONG ISLAND CITY (+0.94%), FLUSHING (+3.66%), AND FOREST HILLS (+1.24%). DURING DECEMBER, THE MOST EXPENSIVE UNITS COULD BE FOUND IN LONG ISLAND CITY, WHILE THE LEAST EXPENSIVE WERE IN JACKSON HEIGHTS. MOVING FORWARD, IT WILL BE INTERESTING TO WATCH HOW THE RECENT NEWS REGARDING AMAZON S HQ2 AFFECTS RENTAL PRICING IN QUEEN S MOST EXPENSIVE MARKET, LONG ISLAND CITY. NOTABLE TRENDS BUILDING (AVERAGE PRICES) TYPE MOST EXPENSIVE LEAST EXPENSIVE STUDIOS LONG ISLAND CITY $ 2,552 JACKSON HEIGHTS $ 1,553 ONE-BEDROOMS LONG ISLAND CITY $ 3,107 JACKSON HEIGHTS $ 1,780 TWO-BEDROOMS LONG ISLAND CITY $ 4,153 RIDGEWOOD $ 2,232 PAGE 4

5 A QUICK LOOK STUDIOS AVERAGE UNIT PRICES BY NEIGHBORHOOD GREATEST CHANGES SINCE NOVEMBER 5.4%($97.41) REGO PARK STUDIO PRICES $1,884 $1,634 $1,553 $2,552 $1,712 $1,693 $1,815 AVERAGE PRICE QUEENS STUDIOS $1,835 PAGE 5

6 A QUICK LOOK 1 BEDS AVERAGE UNIT PRICES BY NEIGHBORHOOD GREATEST CHANGES SINCE NOVEMBER 1.4%($27.02) REGO PARK 1 BED PRICES $2,067 $1,938 $1,780 $3,107 $1,924 $1,933 $1,913 AVERAGE PRICE QUEENS 1 BEDS $2,095 PAGE 6

7 A QUICK LOOK 2 BEDS AVERAGE UNIT PRICES BY NEIGHBORHOOD GREATEST CHANGES SINCE NOVEMBER 5.3%($124.57) JACKSON HEIGHTS 2 BED PRICES $2,457 $2,561 $2,232 $4,153 $2,512 $2,605 $2,240 AVERAGE PRICE QUEENS 2 BEDS $2,680 PAGE 7

8 A QUICK LOOK YEAR OVER YEAR PRICE CHANGE BY NEIGHBORHOOD > 5.5% Change 4% - 5.5% Change < 4% Change -8.09% -2.06% -2.15% 7.26% 2.13% 2.51% 1.94% QUEENS RENTS: DECEMBER 2017 VS. DECEMBER 2018 TYPE DEC 2017 DEC 2018 CHANGE STUDIOS $ 1,797 $ 1, % ONE-BEDROOMS $ 2,082 $ 2, % TWO-BEDROOMS $ 2,692 $ 2, % PAGE 8

9 A QUICK LOOK WHERE PRICES DECREASED (MONTHLY) WHERE PRICES INCREASED (MONTHLY) ASTORIA STUDIOS -0.5% ONE-BEDROOM -1.2% TWO-BEDROOM -2.1% LONG ISLAND CITY STUDIOS 0.9% ONE-BEDROOM 0.2% TWO-BEDROOM 3.3% RIDGEWOOD STUDIOS -0.4% ONE-BEDROOM -1.7% TWO-BEDROOM -2.8% FLUSHING TWO-BEDROOM -0.5% REGO PARK STUDIOS -5.4% TWO-BEDROOM -3.2% FLUSHING STUDIOS 3.7% ONE-BEDROOM 1.1% REGO PARK ONE-BEDROOM 1.4% FOREST HILLS STUDIOS 1.2% FOREST HILLS ONE-BEDROOM -1.0% TWO-BEDROOM -1.0% JACKSON HEIGHTS STUDIOS -3.4% ONE-BEDROOM -0.5% TWO-BEDROOM -5.3% PAGE 9

10 QUEENS PRICE TRENDS QUEENS STUDIO PRICE TRENDS 2,000 1,900 1,800 1,700 1,600 1,500 1,797 1,811 1,806 1,774 1,794 1,810 1,821 1,864 1,871 1,859 1,837 1,844 1,835 QUEENS ONE- BEDROOM PRICE TRENDS 2,350 2,250 2,150 2,050 1,950 1,850 2,082 2,083 2,121 2,135 2,120 2,123 2,168 2,174 2,205 2,212 2,150 2,099 2,095 QUEENS TWO- BEDROOM PRICE TRENDS 3,000 2,850 2,700 2,550 2,400 2,250 2,692 2,629 2,622 2,641 2,628 2,667 2,702 2,807 2,792 2,764 2,771 2,713 2,680 PAGE 10

11 LONG ISLAND CITY AFTER A DROP LAST MONTH, THE AVERAGE RENTAL PRICE IN LONG ISLAND CITY INCREASED BY 1.68% DURING DECEMBER. LONG ISLAND CITY STUDIO PRICE TRENDS 2,800 2,650 2,500 2,350 2,200 2,050 2,376 2,375 2,383 2,380 2,421 2,504 2,546 2,615 2,601 2,593 2,551 2,528 2,552 LONG ISLAND CITY ONE- BEDROOM PRICE TRENDS 4,000 3,600 3,200 2,800 2,400 2,000 2,875 2,818 2,871 2,900 2,939 3,022 3,162 3,175 3,265 3,228 3,198 3,101 3,107 LONG ISLAND CITY TWO- BEDROOM PRICE TRENDS 5,000 4,500 4,000 3,500 3,000 2,500 3,897 3,816 3,744 3,871 3,904 4,009 4,121 4,286 4,298 4,275 4,164 4,020 4,153 PAGE 11

12 ASTORIA SUCCUMBING TO RENTAL MARKET SEASONALITY, THE AVERAGE RENTAL PRICE IN ASTORIA FELL BY 1.34% DURING DECEMBER. ASTORIA STUDIO PRICE TRENDS 2,300 2,150 2,000 1,850 1,700 1,550 1,953 1,960 1,926 1,840 1,819 1,868 1,880 1,972 1,973 1,983 1,992 1,894 1,884 ASTORIA ONE-BEDROOM PRICE TRENDS 2,350 2,250 2,150 2,050 1,950 1,850 2,142 2,098 2,100 2,110 2,088 2,121 2,109 2,131 2,120 2,175 2,149 2,091 2,067 ASTORIA TWO- BEDROOM PRICE TRENDS 2,850 2,700 2,550 2,400 2,250 2,100 2,448 2,437 2,447 2,415 2,336 2,395 2,450 2,449 2,478 2,490 2,517 2,510 2,457 PAGE 12

13 RIDGEWOOD FOLLOWING LAST MONTH S PRICE INCREASE, THE AVERAGE RENTAL PRICE IN RIDGEWOOD DECREASED BY 1.7% THIS PAST MONTH. RIDGEWOOD STUDIO PRICE TRENDS 2,250 2,000 1,750 1,500 1,250 1,000 1,630 1,660 1,695 1,690 1,690 1,690 1,727 1,690 1,745 1,687 1,763 1,821 1,815 RIDGEWOOD ONE-BEDROOM PRICE TRENDS 2,500 2,300 2,100 1,900 1,700 1,500 1,929 1,911 1,945 1,951 1,936 1,881 1,969 2,035 2,132 2,163 1,961 1,946 1,913 RIDGEWOOD TWO- BEDROOM PRICE TRENDS 2,850 2,600 2,350 2,100 1,850 1,600 2,296 2,255 2,286 2,289 2,170 2,225 2,379 2,355 2,378 2,289 2,237 2,304 2,240 PAGE 13

14 FLUSHING DRIVEN BY AN INCREASE IN LISTINGS FROM FULL-SERVICE LUXURY BUILDINGS, THE AVERAGE RENTAL PRICE IN FLUSHING INCREASED BY 1.07% DURING DECEMBER. FLUSHING STUDIO PRICE TRENDS 2,250 2,000 1,750 1,500 1,250 1,000 1,798 1,770 1,680 1,602 1,674 1,664 1,564 1,614 1,630 1,629 1,536 1,576 1,634 FLUSHING ONE- BEDROOM PRICE TRENDS 2,600 2,350 2,100 1,850 1,600 1,350 1,980 1,977 1,955 1,960 1,933 2,053 2,069 1,993 2,017 2,014 1,857 1,917 1,938 FLUSHING TWO- BEDROOM PRICE TRENDS 3,250 3,000 2,750 2,500 2,250 2,000 2,894 2,751 2,609 2,529 2,573 2,686 2,562 2,789 2,732 2,760 2,705 2,574 2,561 PAGE 14

15 REGO PARK BUILDING ON THE MOMENTUM FROM LAST MONTH S DROP, THE AVERAGE RENTAL PRICE IN REGO PARK FELL ONCE AGAIN, THIS TIME BY 2.42%. REGO PARK STUDIO PRICE TRENDS 2,100 1,900 1,700 1,500 1,300 1,100 1,637 1,662 1,739 1,676 1,718 1,644 1,719 1,882 1,891 1,772 1,755 1,810 1,712 REGO PARK ONE-BEDROOM PRICE TRENDS 2,350 2,200 2,050 1,900 1,750 1,600 1,922 1,961 2,034 2,044 2,050 1,952 1,995 2,043 2,063 2,064 2,042 1,897 1,924 REGO PARK TWO- BEDROOM PRICE TRENDS 3,050 2,850 2,650 2,450 2,250 2,050 2,461 2,414 2,569 2,514 2,367 2,426 2,491 2,709 2,587 2,581 2,635 2,594 2,512 PAGE 15

16 FOREST HILLS OUT OF ALL TRACKED QUEENS NEIGHBORHOODS, FOREST HILLS REMAINED THE MOST STABLE DURING DECEMBER, FALLING BY JUST 0.38%. FOREST HILLS STUDIO PRICE TRENDS 1,800 1,720 1,640 1,560 1,480 1,400 1,593 1,617 1,682 1,664 1,672 1,707 1,715 1,657 1,719 1,715 1,633 1,672 1,693 FOREST HILLS ONE- BEDROOM PRICE TRENDS 2,500 2,300 2,100 1,900 1,700 1,500 1,941 2,011 2,064 2,057 2,010 1,994 1,979 1,960 1,980 1,973 1,973 1,952 1,933 FOREST HILLS TWO- BEDROOM PRICE TRENDS 3,000 2,800 2,600 2,400 2,200 2,000 2,544 2,520 2,516 2,720 2,826 2,688 2,601 2,647 2,644 2,562 2,679 2,630 2,605 PAGE 16

17 JACKSON HEIGHTS THIS PAST MONTH, THE AVERAGE RENTAL PRICE IN JACKSON HEIGHTS FELL BY 3.28%. JACKSON HEIGHTS STUDIO PRICE TRENDS 1,800 1,680 1,560 1,440 1,320 1,200 1,594 1,633 1,536 1,563 1,565 1,595 1,592 1,616 1,540 1,633 1,633 1,608 1,553 JACKSON HEIGHTS ONE- BEDROOM PRICE TRENDS 2,100 1,980 1,860 1,740 1,620 1,500 1,786 1,802 1,876 1,924 1,886 1,841 1,890 1,883 1,861 1,868 1,870 1,789 1,780 JACKSON HEIGHTS TWO- BEDROOM PRICE TRENDS 2,750 2,600 2,450 2,300 2,150 2,000 1,850 2,306 2,207 2,183 2,153 2,221 2,240 2,310 2,389 2,426 2,393 2,457 2,356 2,232 PAGE 17

18 THE REPORT EXPLAINED THE QUEENS RENTAL MARKET REPORT TM COMPARES FLUCTUATION IN THE BOROUGH S RENTAL DATA ON A MONTHLY BASIS. IT IS AN ESSENTIAL TOOL FOR POTENTIAL RENTERS SEEKING TRANSPARENCY IN THE QUEENS APARTMENT MARKET AND A BENCHMARK FOR LANDLORDS TOEFFCIENTLY AND FAIRLY ADJUST INDIVIDUAL PROPERTY RENTS IN QUEENS. THE QUEENS RENTAL MARKET REPORTTM IS BASED CONTACT US NOW: ON A CROSS-SECTION OF DATA FROM AVAILABLE LISTINGS AND PRICED UNDER $10,000, WITH NOTE: ALL MARKET DATA IS COLLECTED AND COMPILED ULTRALUXURY PROPERTY OMITTED TO OBTAIN A TRUE MONTHLY RENTAL AVERAGE. OUR DATA IS AGGREGATED FROM THE MNS PROPRIETARY DATABASE AND SAMPLED FROM A SPECIFC MID- MONTH POINT TO RECORD CURRENT RENTAL RATES OFFERED BY LANDLORDS DURING THAT PARTICULAR MONTH. IT IS THEN COMBINED WITH INFORMATION FROM THE REBNY REAL ESTATE LISTINGS SOURCE (RLS), ONLINE RESIDENTIAL (OLR.COM) AND BY MNS S MARKETING DEPARTMENT. THE INFORMATION PRESENTED HERE IS INTENDED FOR INSTRUCTIVE PURPOSES ONLY AND HAS BEEN GATHERED FROM SOURCES DEEMED RELIABLE, THOUGH IT MAY BE SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. IF YOU WOULD LIKE TO REPUBLISH THIS REPORT ON THE WEB, PLEASE BE SURE TO SOURCE IT AS THE QUEENS RENTAL MARKET REPORT WITH A LINK BACK TO ITS ORIGINAL LOCATION. R.O.L.E.X. (REAL PLUS). AUTHOR: MNS HAS BEEN HELPING QUEENS LANDLORDS AND RENTERS NAVIGATE THE RENTAL MARKET SINCE FROM LARGE COMPANIES TO INDIVIDUALS, MNS TAILORS SERVICES TO MEET YOUR NEEDS. CONTACT US TODAY TO SEE HOW WE CAN HELP. PAGE 18