Apr. 16, 2024 By Ethan Marshall
The average rental price of studio, one-bedroom and two-bedroom units across Queens increased 3.42% year-over-year from March 2023 to March 2024, according to a report released by the real estate firm M.N. S. Real Estate.
Studios experienced the most significant year-over-year increase, with the average rental price rising 7.2%, from $2,157 in March 2023 to $2,312 in March 2024. With the increase, the average price for a studio approached the December 2023 figure of $2,336.
The average rental price for a one-bedroom unit increased by 3.9% year over year, from $2,625 last year to $2,727 this year. The last time the average rental price for a one-bedroom unit was higher was in October 2023, at $2,729.
Meanwhile, the average rental price for two-bedroom units jumped 2.93% year over year, from $3,358 to $3,457.
Of the 11 Queens neighborhoods examined in the report, Rego Park experienced the most significant year-over-year increase in average rental price among studio, one-bedroom and two-bedroom units. The average rental price in Rego Park increased 23.4% year-over-year, from $2,474 to $3,053.
Over this time span, studio units increased in Rego Park by just over 23.8%, from $2,034 to $2,519. Despite this significant increase, the average rental price has decreased compared to the $2,794 posted in February 2024.
One-bedroom units in Rego Park increased 22.4% year over year from $2,437 to $2,984. However, as with studio units, this average is lower than February, which was $3,031.
The average rental price for two-bedroom units in Rego Park went up 23.8% year-over-year, from $2,952 to $3,656.
In March 2024, Long Island City had the most expensive studio, one-bedroom, and two-bedroom units. The average rental prices in that neighborhood were $3,418 for studios, $4,066 for one-bedrooms, and $5,819 for two-bedrooms.
Flushing had the most affordable studio units in March 2024, at $1,717. Elmhurst, meanwhile, had the lowest average rental price for one-bedroom and two-bedroom units, at $2,273 and $2,738, respectively.