Mar. 29, 2024 By Ethan Marshall
The median asking price for rent in Queens jumped significantly from February 2023 to February 2024, according to a study conducted by the real estate firm StreetEasy.
Year-over-year, the median asking rent rose 13.5%, from $2,599 to $2,950. This price increase is reflective of the fact that more people are competing for places to live, as there are fewer homes available on the market in Queens and New York City as a whole. The number of rentals on the market decreased 3.4% year-over-year, from 3,739 to 3,866.
Long Island City, Sunnyside and Astoria are among the neighborhoods in the borough that have experienced the largest increase in median asking price. The increases in these neighborhoods are due in large part to them each being located in close proximity to Manhattan, as well as new rental buildings being installed there with modern amenities. The median asking rent for these neighborhoods increased 8.3% year-over-year, from $3,001 in 2023 to $3,250 in 2024. This asking price is also 10.2% more than the median for the borough.
Other Queens neighborhoods that experienced a big increase in asking rents included Woodside, Jackson Heights and Elmhurst. In Woodside, the median asking rent increased 16.7%, from $2,400 in 2023 to $2,800 in 2024. Jackson Heights experienced a 8.9% jump, from $2,250 last year to $2,450 this year. The asking rent in Elmhurst rose 6.2%, from $2,350 to $2,495.
There continue to be more and more people looking for a place to live in Queens than there are available spaces. With rentals at a premium, there are more people competing for each space, driving up the cost of rent in the process.