Queens Rental Market Report February 2018
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 February 2018 page 2
INTRODUCTION Over the last month, the average rent in Queens has increased by 0.40%, from $2,174.10 to $2,182.90. MNS Queens Rental Market Report February 2018 page 3
A QUICK LOOK Over the last month, the average rental price in Queens increased by 0.40%, from $2,174.10 to $2,182.90. The average rental price for a studio decreased by 0.29%, from $1,811.03 to $1,805.77. The average rental price for a one-bedroom increased by 1.8%, from $2,082.70 to $2,120.66. The average rental price for a two-bedroom decreased by 0.24%, from $2,628.55 to $2,622.27. Year-over-year, studio rental prices increased by 2.46%, one-bedroom rental prices increased by 2.15%, and two-bedroom prices increased by 1.54%. Overall, the average rental price in Queens increased by 1.99% Studio rental price changes by neighborhood were all positive, except for: Astoria (-1.7%), Flushing (-5.1%), and Jackson Heights (-6.0%). One-bedroom rental price changes by neighborhood were all positive, except for Flushing (-1.1%). Two-bedroom rental price changes were mostly negative, except for Astoria (+0.4%), Ridgewood (+1.4%), Rego Park (+6.4%). Long Island City, once again, remains home to the most expensive rentals in Queens, while the least expensive units can be found in Jackson Heights. Year-over-year, the most impressive rental price change was observed in Long Island City, where the average rental price is up 5.9%. This increase can be directly attributed to the numerous new developments, such as Jackson Park LIC, finally coming to market. As we enter the final month of the first quarter of 2018, the average rental price in Queens can be expected to remain relatively stable as Queens continues its emergence as a mainstream rental market in New York City. Notable Trends Building (Average Prices) Type Most Expensive Least Expensive Studios Long Island City $ 2,383 Jackson Heights $ 1,536 One-Bedrooms Long Island City $ 2,871 Jackson Heights $ 1,876 Two-Bedrooms Long Island City $ 3,744 Jackson Heights $ 2,183 MNS Queens Rental Market Report February 2018 page 4
A QUICK LOOK STUDIOS Average Unit Prices By Neighborhood Greatest Changes Since January 6.0% ($97.75) JACKSON HEIGHTS STUDIO PRICES $2,383 $1,926 Astori a Long Island City $1,536 Jackson Heights $1,680 Flushing $1,739 Rego Park $1,682 Forest Hills $1,695 Ridgewood Average Price Queens Studios $ 1,806 MNS Queens Rental Market Report February 2018 page 5
A QUICK LOOK 1 BEDS Average Unit Prices By Neighborhood Greatest Changes Since January 4.1% ($73.80) JACKSON HEIGHTS 1 BED PRICES $2,871 $2,100 Astoria Long Island City $1,876 Jackson Heights $1,955 Flushing $2,034 Rego Park $2,064 Forest Hills $1,945 Ridgewood Average Price Queens 1 Beds $ 2,121 MNS Queens Rental Market Report February 2018 page 6
A QUICK LOOK 2 BEDS Average Unit Prices By Neighborhood Greatest Changes Since January 6.4% ($155.47) REGO PARK 2 BED PRICES $3,744 $2,447 Astoria Long Island City $2,183 Jackson Heights $2,609 Flushing $2,569 Rego Park $2,516 Forest Hills $2,286 Ridgewood Average Price Queens 2 Beds $ 2,622 MNS Queens Rental Market Report February 2018 page 7
A QUICK LOOK Year Over Year Price Change By Neighborhood 5.5%-10% Change 4% - 5.49% Change < 4% Change -0.78% Flushing -2.82% Astoria 5.93% Long Island City 0.97% Jackson Height s 4.28% Rego Park 1.13% Forest Hills 4.31% Ridgewood Queens Rents: February 2017 vs. February 2018 Type February 2017 February 2018 Change Studios $ 1,762 $ 1,806 2.46% One-Bedrooms $ 2,076 $ 2,121 2.15% Two-Bedrooms $ 2,582 $ 2,622 1.54% MNS Queens Rental Market Report February 2018 page 8
A QUICK LOOK Where Prices Decreased (monthly) Where Prices Increased (monthly) Long Island City Two-Bedroom -1.9% Astoria Studios -1.7% Flushing Studios -5.1% One-Bedroom -1.1% Two-Bedroom -5.2% Forest Hills Two-Bedroom -0.1% Jackson Heights Studios -6.0% Two-Bedroom -1.1% Long Island City Studios 0.3% One-Bedroom 1.9% Astoria One-Bedroom 0.1% Two-Bedroom 0.4% Ridgewood Studios 2.1% One-Bedroom 1.8% Two-Bedroom 1.4% Rego Park Studios 4.7% One-Bedroom 3.7% Two-Bedroom 6.4% Forest Hills Studios 4.0% One-Bedroom 2.6% Jackson Heights One-Bedroom 4.1% MNS Queens Rental Market Report February 2018 page 9
QUEENS PRICE TRENDS Queens Studio Price Trends 2,000 1,900 1,800 1,700 1,600 1,500 Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb 1,762 1,723 1,724 1,744 1,809 1,835 1,823 1,828 1,799 1,810 1,797 1,811 1,806 Queens One-Bedroom Price Trends 2,350 2,250 2,150 2,050 1,950 1,850 Feb Mar April May June Jul Aug Sep Oct Nov Dec Jan Feb 2,076 2,082 2,048 2,072 2,077 2,157 2,222 2,192 2,139 2,108 2,082 2,083 2,121 Queens Two-Bedroom Price Trends 3,000 2,850 2,700 2,550 2,400 2,250 Feb Mar April May June Jul Aug Sep Oct Nov Dec Jan Feb 2,582 2,614 2,579 2,605 2,605 2,697 2,792 2,726 2,715 2,696 2,692 2,629 2,622 MNS Queens Rental Market Report February 2018 page 10
LONG ISLAND CITY After a correction in January, the rental market in Long Island City remained stable during February, with average rental prices falling by just 0.12%. Long Island City Studio Price Trends 2,800 2,650 2,500 2,350 2,200 2,050 2,396 2,406 2,343 2,384 2,452 2,499 2,529 2,530 2,408 2,398 2,376 2,375 2,383 Long Island City One-Bedroom Price Trends 4,000 3,600 3,200 2,800 2,400 2,000 2,744 2,792 2,722 2,828 2,814 2,973 3,201 3,237 3,030 2,924 2,875 2,818 2,871 Long Island City Two-Bedroom Price Trends 5,000 4,500 4,000 3,500 3,000 2,500 3,355 3,462 3,423 3,516 3,449 3,717 4,066 4,168 4,060 3,943 3,897 3,816 3,744 MNS Queens Rental Market Report February 2018 page 11
ASTORIA Rental prices in Astoria continued to remain stable month-over-month. During February, the average rental price in Astoria fell by just 0.34%. Astoria Studio Price Trends 2,300 2,150 2,000 1,850 1,700 1,550 1,987 1,933 1,866 1,838 1,888 1,882 1,943 1,901 1,895 1,960 1,953 1,960 1,926 Astoria One-Bedroom Price Trends 2,350 2,250 2,150 2,050 1,950 1,850 2,121 2,143 2,102 2,089 2,094 2,155 2,172 2,149 2,152 2,118 2,142 2,098 2,100 Astoria Two-Bedroom Price Trends 2,850 2,700 2,550 2,400 2,250 2,100 2,553 2,558 2,479 2,508 2,513 2,569 2,548 2,485 2,433 2,469 2,448 2,437 2,447 MNS Queens Rental Market Report February 2018 page 12
RIDGEWOOD After a 1.4% price drop in January, Ridgewood rentals experienced a rebound during February, with average rental prices increasing by 1.6%. Ridgewood Studio Price Trends 2,250 2,000 1,750 1,500 1,250 1,000 1,600 1,500 1,775 1,756 1,915 1,895 1,695 1,776 - - 1,630 1,660 1,695 Ridgewood One-Bedroom Price Trends 2,200 2,075 1,950 1,825 1,700 1,575 1,856 1,847 1,846 1,899 1,890 1,880 1,982 1,956 1,976 1,930 1,929 1,911 1,945 Ridgewood Two-Bedroom Price Trends 2,850 2,600 2,350 2,100 1,850 1,600 2,225 2,299 2,305 2,291 2,206 2,154 2,325 2,308 2,265 2,151 2,296 2,255 2,286 MNS Queens Rental Market Report February 2018 page 13
FLUSHING Over the month of February, Flushing rental prices fell by 3.91%. This price decrease can be attributed to the number of luxury units that came off the market, which left overall rental prices to adjust. Flushing Studio Price Trends 2,250 2,000 1,750 1,500 1,250 1,000 1,719 1,637 1,516 1,555 1,727 1,765 1,679 1,595 1,589 1,538 1,798 1,770 1,680 Flushing One-Bedroom Price Trends 2,600 2,350 2,100 1,850 1,600 1,350 2,089 2,050 2,047 2,053 2,052 2,201 2,168 2,095 2,009 2,014 1,980 1,977 1,955 Flushing Two-Bedroom Price Trends 3,250 3,000 2,750 2,500 2,250 2,000 2,485 2,492 2,542 2,645 2,718 2,751 2,761 2,697 2,865 2,933 2,894 2,751 2,609 MNS Queens Rental Market Report February 2018 page 14
REGO PARK Rego Park saw an impressive average rental price growth of 5.07% during February. This growth is thanks, in large part, to luxury units from newer developments, such as The Alexander at 61-55 Junction Boulevard, coming back onto the market and driving overall prices up. Rego Park Studio Price Trends 2,100 1,900 1,700 1,500 1,300 1,100 1,590 1,520 1,521 1,528 1,575 1,648 1,710 1,763 1,718 1,785 1,637 1,662 1,739 Rego Park One-Bedroom Price Trends 2,350 2,200 2,050 1,900 1,750 1,600 1,997 1,941 1,895 1,866 1,881 2,066 2,140 2,041 1,967 2,035 1,922 1,961 2,034 Rego Park Two-Bedroom Price Trends 3,050 2,850 2,650 2,450 2,250 2,050 2,495 2,533 2,423 2,455 2,575 2,763 2,795 2,694 2,549 2,567 2,461 2,414 2,569 MNS Queens Rental Market Report February 2018 page 15
FOREST HILLS The average rental price in Forest Hills increased by 1.86% during February. Forest Hills Studio Price Trends 1,800 1,720 1,640 1,560 1,480 1,400 1,555 1,579 1,563 1,588 1,576 1,595 1,629 1,614 1,623 1,560 1,593 1,617 1,682 Forest Hills One-Bedroom Price Trends 2,500 2,300 2,100 1,900 1,700 1,500 1,944 1,975 1,937 1,950 1,995 2,043 2,036 2,062 2,026 1,973 1,941 2,011 2,064 Forest Hills Two-Bedroom Price Trends 3,000 2,800 2,600 2,400 2,200 2,000 2,693 2,698 2,619 2,578 2,494 2,562 2,545 2,406 2,483 2,475 2,544 2,520 2,516 MNS Queens Rental Market Report February 2018 page 16
JACKSON HEIGHTS During the month of February, the average rental price in Jackson Heights fell by 0.85%. Jackson Heights Studio Price Trends 1,800 1,680 1,560 1,440 1,320 1,200 1,489 1,489 1,486 1,557 1,531 1,558 1,580 1,614 1,559 1,618 1,594 1,633 1,536 Jackson Heights One-Bedroom Price Trends 2,100 1,980 1,860 1,740 1,620 1,500 1,781 1,828 1,786 1,819 1,815 1,783 1,853 1,803 1,814 1,762 1,786 1,802 1,876 Jackson Heights Two-Bedroom Price Trends 2,750 2,600 2,450 2,300 2,150 2,000 2,271 2,258 2,266 2,246 2,278 2,361 2,507 2,323 2,350 2,330 2,306 2,207 2,183 MNS Queens Rental Market Report February 2018 page 17
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 1999. From large companies to individuals, MNS tailors services to meet your needs. To discuss further with our CEO, Andrew Barrocas, call us on 212-475-9000 or email 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. http://www./queens_rental_market_report MNS Queens Rental Market Report February 2018 page 18