Feb. 7, 2024 By Ethan Marshall
The average rental price in Queens remained mostly static in January 2024 compared to December 2023, according to a report from the real estate firm M.N.S. Real Estate.
There was only a 0.02% increase over that time period, with the average rent going from $2,780 to $2,781. Studio units increased on average just 1.04%, from $2,236 to $2,259. The change was even smaller for one-bedroom and two-bedroom units. The average rent paid for one-bedroom units decreased 0.16%, from $2,691 to $2,686. Two-bedroom units, meanwhile, went down 0.51%, from $3,414 to $3,396.
Of the 11 Queens neighborhoods tracked in the study, five experienced overall increases in rental prices while six experienced decreases. Out of all the unit types in each neighborhood of Queens, studios in Woodside/Maspeth were the only ones to experience a change of more than 10%. The average price paid for a studio in that area went up 10.1%, from $2,335 to $2,572.
Queens rental prices in January, however, did increase year-over-year—as opposed to the miniscule monthly change.
The average rental price in January was up 3.85% compared to the January 2023, from $2,678 to $2,781. The average paid for a studio, one-bedroom and two-bedroom units all increased year-over-year. Studios were up 5.44%, from $2,143 to $2,259. One-bedroom units increased 4.59%, from $2,568 to $2,686, while two-bedroom units rose 2.25%, from $3,322 to $3,396.