Queens Rental Market Report October 2017 mns.com

Transcription

1 Queens Rental Market Report October 2017

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 26 The Report Explained MNS Queens Rental Market Report October 2017 page 2

3 INTRODUCTION Over the last month, the average rent in Queens has decreased by 0.70%, from $2, to $2, MNS Queens Rental Market Report October 2017 page 3

4 A QUICK LOOK Over the last month, the average rent in Queens decreased by 0.7%, from $2,249 to $2,232. Studio rental prices decreased by 1.6%, from $1,828 to $1,799. One-bedroom rental prices decreased by 2.4%, from $2,192 to $2,139. Two-bedroom rental prices decreased by 0.41%, from $2,726 to $2,715. Year-over-year, studio prices decreased by 1.9%, one-bedroom prices increased by 0.9%, and two-bedroom prices decreased by 0.7%. As we entered a cyclical slowdown point, rental price decreases during October were expected. In addition to seasonality, an increased amount in both concessions and supply also exerted downward pressure on rental prices. October was a typical month for rental prices in Queens. After the summer price build-up, corrections were seen across the board. All rental price changes were negative except for: one-bedroom prices in Astoria (+0.1%), one-bedroom prices in Ridgewood (+1.0%), two-bedrooms prices in Flushing (+6.2%), studio prices in Forest Hills (+0.5%), two-bedroom prices in Forest Hills (+3.2%), one-bedroom prices in Jackson Heights (+0.6%), and two-bedroom prices in Jackson Heights (+1.1). Overall neighborhood price changes were all negative except for: Ridgewood (+5.3%), Flushing (+1.2%), and Forest Hills +(0.8%). Once again, Long Island City remains home to the most expensive rental units in Queens. The least expensive studio and one-bedroom rental units were in Jackson Heights. The least expensive two-bedroom rentals were in Ridgewood. Year-over-year, the most impressive price change was seen in Flushing, where overall prices increased by 9.4%. This increase can be attributed to numerous new development rental units that came onto the market in the past twelve months, particularly from the Sky View Parc buildings. As we continue to make our way through the traditional slow point for the NYC rental market, rental prices are expected to continue their slight correction. Notable Trends Building (Average Prices) Type Most Expensive Least Expensive Studios Long Island City $ 2,408 Jackson Heights $ 1,559 One-Bedrooms Long Island City $ 3,030 Jackson Heights $ 1,814 Two-Bedrooms Long Island City $ 4,060 Ridgewood $ 2,265 MNS Queens Rental Market Report October 2017 page 4

5 A QUICK LOOK STUDIOS Average Unit Prices By Neighborhood Greatest Changes Since September 4.8% ($122) LONG ISLAND CITY STUDIO PRICES $2,408 $1,895 Astori a Long Island City $1,559 Jackson Heights $1,589 Flushing $1,718 Rego Park $1,623 Forest Hills - Ridgewood Average Price Queens Studios $ 1,799 MNS Queens Rental Market Report October 2017 page 5

6 A QUICK LOOK 1 BEDS Average Unit Prices By Neighborhood Greatest Changes Since September 6.4% (-$207) LONG ISLAND CITY 1 BED PRICES $3,030 $2,152 Astoria Long Island City $1,814 Jackson Heights $2,009 Flushing $1,967 Rego Park $2,026 Forest Hills $1,976 Ridgewood Average Price Queens 1 Beds $ 2,139 MNS Queens Rental Market Report October 2017 page 6

7 A QUICK LOOK 2 BEDS Average Unit Prices By Neighborhood Greatest Changes Since September 6.2% ($168) FLUSHING 2 BED PRICES $4,060 $2,433 Astoria Long Island City $2,350 Jackson Heights $2,865 Flushing $2,549 Rego Park $2,483 Forest Hills $2,265 Ridgewood Average Price Queens 2 Beds $ 2,715 MNS Queens Rental Market Report October 2017 page 7

8 A QUICK LOOK Year Over Year Price Change By Neighborhood 5.5%-10% Change 4% % Change < 4% Change 9.42% Flushing -6.32% Astoria 2.75% Long Island City -2.41% Jackson Height s -6.55% Rego Park -4.42% Forest Hills 7.33% Ridgewood Queens Rents: October 2016 vs. October 2017 Type October 2016 October 2017 Change Studios $ 1,833 $ 1, % One-Bedrooms $ 2,120 $ 2, % Two-Bedrooms $ 2,733 $ 2, % MNS Queens Rental Market Report October 2017 page 8

9 A QUICK LOOK Where Prices Decreased (monthly) Where Prices Increased (monthly) Long Island City Studios -4.8% One-Bedroom -6.4% Two-Bedroom -2.6% Astoria Studios -0.3% Two-Bedroom -2.1% Ridgewood Two-Bedroom -1.9% Flushing Studios -0.4% One-Bedroom -4.0% Rego Park Studios -2.6% One-Bedroom -3.6% Two-Bedroom -5.4% Astoria One-Bedroom 0.1% Ridgewood Studios -% One-Bedroom 1.0% Flushing Two-Bedroom 6.2% Forest Hills Studios 0.5% Two-Bedroom 3.2% Jackson Heights One-Bedroom 0.6% Two-Bedroom 1.1% Forest Hills One-Bedroom -1.8% Jackson Heights Studios -3.4% MNS Queens Rental Market Report October 2017 page 9

10 QUEENS PRICE TRENDS Studio Price Trends 2,000 1,900 1,800 1,700 1,600 1,500 Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct 1,833 1,746 1,752 1,729 1,762 1,723 1,724 1,744 1,809 1, ,828 1,799 One-Bedroom Price Trends 2,250 2,200 2,150 2,050 2,000 1,950 Oct Nov Dec Jan Feb Mar April May June Jul Aug Sep Oct 2,120 2,042 2,031 2,063 2,076 2,082 2,048 2,072 2,077 2,157 2,222 2,192 2,139 Two-Bedroom Price Trends 2,900 2,800 2,700 2,600 2,500 2,400 2,300 Oct Nov Dec Jan Feb Mar April May June Jul Aug Sep Oct 2,733 2,605 2,625 2,606 2,582 2,614 2,579 2,605 2,605 2,697 2,792 2,726 2,715 MNS Queens Rental Market Report October 2017 page 10

11 LONG ISLAND CITY During October, overall rental prices in Long Island City fell by 4.4%. After three months of rental price gains, a seasonal correction was expected as we entered the fourth quarter, a traditional slow point for the real estate market. Studio Price Trends 2,700 2,600 2,500 2,400 2,300 2,200 2,390 2,343 2,368 2,386 2,396 2,406 2,343 2,384 2,452 2,499 2,529 2,530 2,408 One-Bedroom Price Trends 3,550 3,350 3,150 2,950 2,750 2,550 2,350 2,886 2,763 2,751 2,810 2,744 2,792 2,722 2,828 2,814 2,973 3,201 3,237 3,030 Two-Bedroom Price Trends 4,400 4,200 4,000 3,800 3,600 3,400 3,200 3,968 3,674 3,727 3,543 3,355 3,462 3,423 3,516 3,449 3,717 4,066 4,168 4,060 MNS Queens Rental Market Report October 2017 page 11

12 ASTORIA Astoria rental prices continued their seasonal correction during October, with prices falling by 0.84%. Studio Price Trends 2,200 2,000 1,900 1,800 1,700 1,600 2,070 1,930 1,920 1,873 1,987 1,933 1,866 1,838 1,888 1,882 1,943 1,901 1,895 One-Bedroom Price Trends 2,300 2,250 2,200 2,150 2,050 2,000 2,232 2,169 2,131 2,121 2,143 2,102 2,089 2,094 2,155 2,172 2,149 2,152 Two-Bedroom Price Trends 2,650 2,600 2,550 2,500 2,450 2,400 2,350 2,615 2,540 2,582 2,510 2,553 2,558 2,479 2,508 2,513 2,569 2,548 2,485 2,433 MNS Queens Rental Market Report October 2017 page 12

13 RIDGEWOOD Ridgewood rental prices saw a 5.3% increase this month, as the result of new development inventory on the market from buildings such as The Ridgewood Theatre at Myrtle Avenue and the newly opened rental building at Madison Street. Additionally, this month saw no studio listings on the market which contributed to a heightened monthly average rent increase. Studio Price Trends 2,050 1,900 1,750 1,600 1,450 1,300 1,150 1, ,700 1,600 1,500 1,775 1,756 1,915 1,895 1,695 1,776 - One-Bedroom Price Trends 2,150 2,050 1,950 1,850 1,750 1,650 1,550 1,864 1,829 1,810 1,820 1,856 1,847 1,846 1,899 1,890 1,880 1,982 1,956 1,976 Two-Bedroom Price Trends 2,500 2,400 2,300 2,200 2,000 1,900 2,087 2,333 2,296 2,282 2,225 2,299 2,305 2,291 2,206 2,154 2,325 2,308 2,265 MNS Queens Rental Market Report October 2017 page 13

14 FLUSHING Overall rental prices in Flushing grew by just 1.17% during the month of October. Two-bedroom rental prices, however, outpaced the overall market, growing by an impressive 6.2%. Most of this price growth in the Flushing two-bedroom rental sub-market can be attributed to the addition of rental units to the market from new developments, such as the Grand Two at th Road. Studio Price Trends 1,900 1,800 1,700 1,600 1,500 1,400 1,300 1,400 1,425 1,471 1,617 1,719 1,637 1,516 1,555 1,727 1,765 1,679 1,595 1,589 One-Bedroom Price Trends 2,400 2,250 1,950 1,800 1,650 1,500 1,946 1,707 1,707 1,940 2,089 2,050 2,047 2,053 2,052 2,201 2,168 2,095 2,009 Two-Bedroom Price Trends 3,000 2,850 2,700 2,550 2,400 2,250 2,560 2,448 2,414 2,464 2,485 2,492 2,542 2,645 2,718 2,751 2,761 2,697 2,865 MNS Queens Rental Market Report October 2017 page 14

15 REGO PARK Overall rental prices in Rego Park continued their seasonal correction into October, falling by 4.07%. In addition to rental market seasonality, some of this price drop can be attributed to the large number of new development rentals that were leased in July and August, leaving the market to correct itself in subsequent months. Studio Price Trends 2,000 1,900 1,800 1,700 1,600 1,500 1,400 1,827 1,738 1,663 1,536 1,590 1,520 1,521 1,528 1,575 1,648 1,710 1,763 1,718 One-Bedroom Price Trends 2,250 2,175 2,025 1,950 1,875 1,800 2,063 2,026 1,987 2,020 1,997 1,941 1,895 1,866 1,881 2,066 2,140 2,041 1,967 Two-Bedroom Price Trends 3,050 2,900 2,750 2,600 2,450 2,300 2,150 2,781 2,389 2,372 2,488 2,495 2,533 2,423 2,455 2,575 2,763 2,795 2,694 2,549 MNS Queens Rental Market Report October 2017 page 15

16 FOREST HILLS Forest Hills rental prices experienced a stable October, increasing by 0.81%. Studio Price Trends 1,750 1,700 1,650 1,600 1,550 1,500 1,450 1,693 1,566 1,609 1,581 1,555 1,579 1,563 1,588 1,576 1,595 1,629 1,614 1,623 One-Bedroom Price Trends 2,300 2,200 2,000 1,900 1,800 1,700 2,039 1,940 1,954 1,948 1,944 1,975 1,937 1,950 1,995 2,043 2,036 2,062 2,026 Two-Bedroom Price Trends 2,850 2,750 2,650 2,550 2,450 2,350 2,250 2,683 2,485 2,580 2,613 2,693 2,698 2,619 2,578 2,494 2,562 2,545 2,406 2,483 MNS Queens Rental Market Report October 2017 page 16

17 JACKSON HEIGHTS Adhering to typical seasonality, rental prices in Jackson Heights fell by 0.3% over the month of October. Studio Price Trends 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,619 1,472 1,483 1,411 1,489 1,489 1,486 1,557 1,531 1,558 1,580 1,614 1,559 One-Bedroom Price Trends 1,950 1,900 1,850 1,800 1,750 1,700 1,650 1,809 1,859 1,879 1,806 1,781 1,828 1,786 1,819 1,815 1,783 1,853 1,803 1,814 Two-Bedroom Price Trends 2,600 2,500 2,400 2,300 2,200 2,000 2,437 2,365 2,405 2,345 2,271 2,258 2,266 2,246 2,278 2,361 2,507 2,323 2,350 MNS Queens Rental Market Report October 2017 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 to efficiently and fairly adjust individual property rents in Queens. The Queens Rental Market Report TM is based on a cross-section of data from available listings and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific 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 R.O.L.E.X. (Real Plus). Author: MNS has been helping NYC landlords and renters navigate the rental market since From large companies to individuals, MNS tailors services to meet your needs. To discuss further with our CEO, Andrew Barrocas, call us on or at asb@ Note: All market data is collected and compiled 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. MNS Queens Rental Market Report October 2017 page 18

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