Dec. 13, 2023 By Ethan Marshall
The average rental price in Queens decreased in November 2o23 compared to October, according to a report by the real estate firm M.N.S. During that time, the average rental price fell 1.46%, from $2,803 to $2,762.
Studios, one-bedroom and two-bedroom units experienced varying decreases in the average rental price across the borough. One-bedroom units experienced the most significant decline, falling 2.08%, from $2,729 to $2,673. Two-bedroom units had the second-largest drop, down 1.44%, from $3,424 to $3,375. The rental price for studios fell 0.75%, from $2,256 to $2,239.
Ridgewood was the Queens neighborhood to experience the most significant percentage drop in the price of studio rentals, down 6.7%. The average price of a studio in the neighborhood fell from $2,400 in October to $2,240 in November.
Forest Hills had the biggest percentage drop when it came to one-bedroom units, down 6.5%. The price dipped from $2,683 to $2,508.
Meanwhile, Rego Park experienced the most significant percentage drop in Queens for two-bedroom units, plummeting 11.4%. The rental price of these units dropped from $3,438 to $3,046.
Despite the monthly declines, the November rental prices are still up compared to November 2022. Year-over-year, the average rental price in the borough is up 3.56%. Rental units of all sizes have experienced an increase over that span. Studio prices are up 6.09%, one-bedroom units are up 4.42%, and two-bedroom units have risen 1.31%.