Sep. 19, 2023 By Ethan Marshall
According to a report from NYC-based listing portal RentHop, Queens saw a large increase in rent prices of one-bedroom units over the course of the summer. This finding comes as demand for outer boroughs like Queens has increased and new developments are being put up there.
RentHop’s report analyzed the New York City rental market using rental listings drawn from the RentHop database from June 1 to Aug. 31 of 2022 and 2023. Each of the median one-bedroom rent prices were then compared in order to calculate the yearly percentage change in price. Only neighborhoods with more than 20 listings accumulated during the time period were included in the report by RentHop.
Half of the 10 largest median rent increases over the summer months took place in Queens neighborhoods. This includes Jackson Heights, Flushing, Rego Park, Ridgewood and Forest Hills.
Jackson Heights trailed only Sheepshead Bay (19.2%) in Brooklyn when it came to the percentage increase compared to summer 2022. The median rent for one-bedroom units in Jackson Heights increased 15% from $2,000 in summer 2022 to $2,300 this summer, according to the report.
Flushing experienced the second-highest increase in median rent percentage among Queens neighborhoods and seventh-highest in all of New York City. Rent there rose 10.26%, from $1,950 to $2,150. Rego Park’s rent went up 10%, from $2,000 to $2,200, according to the report. Ridgewood saw its median rent over the summer months climb 9.61%, from $2,550 to $2,795. The median rent for one-bedroom units in Forest Hills ended up rising 9.29%, from $2,100 to $2,295.
Despite each of these neighborhoods, along with the others that round out this Top 20 list, having experienced increases in rent prices, they all fall well below New York City’s average median rent price of $4,188. Each of these neighborhoods offer lower rental prices, thus attracting more renters and leading to a growing interest that allows landlords and management companies to increase their prices.