Jan. 16, 2024 By Ethan Marshall
The average rental price in Queens increased 4.76% over the past year, from $2,654 in December 2022 to $2,780 in December 2023, according to a report by the New York City real estate firm M.N.S. Real Estate.
Studio, one-bedroom and two-bedroom units all experienced increases in rental prices across the borough year-over-year. The average rental price of studio units went up 6.33%, from $2,103 to $2,236. One-bedroom units rose 5.13%, from $2,559 to $2,691. Two-bedroom units increased 3.48%, from $3,299 to $3,414.
Rego Park experienced the most significant year-over-year rental increase for studio and one-bedroom units across the borough. The rental price for studio units went up from $1,875 in December 2022 to $2,575 in December 2023. One-bedroom units increased from $2,215 to $2,822.
Flushing experienced the largest increase in rental price for two-bedroom units over the same period of time. The rental price for these units increased from $2,887 to $3,493.
Despite the rental price increases in Rego Park and Flushing, Long Island City had the most expensive units across the borough in all three categories in December 2023.
The average price paid for a Long Island City studio was $3,437, significantly more than Rego Park’s $2,575, which was the next highest. Long Island City’s one-bedroom units rented on average for $4,043, blowing away second-place Rego Park at $2,822. The average two-bedroom unit in Long Island City rented for $5,728, far higher than second-place Flushing where rents were $3,493.