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Average rental price in Queens rose over 3% year-over-year in February 2024: report

Mar. 13, 2024 Ethan Marshall

The average rental price of studio, one-bedroom and two-bedroom units in Queens all increased from February 2023 to February 2024, according to a report by the real estate firm M.N.S. Real Estate.

The overall average cost of rent for these types of units increased 3.1% over this span, from $2,715 in 2023 to $2,800 in 2024. The Ridgewood neighborhood saw the largest month-over-month rental price increase at 5.32% .

Studios experienced the most significant increase in rental price. The average rental price for these units in Queens rose 6.11% year-over-year, from $2,169 last year to $2,301 this year. One-bedroom units in Queens increased by 3.85%, from $2,603 to $2,703. Two-bedroom units rose year-over-year by 2.78%, from $3,302 to $3,394.

Out of the 11 Queens neighborhoods included in this study, Rego Park experienced the most significant average rental price increase for studio and one-bedroom units. Studios increased in price there from $2,079 in 2023 to $2,794 in 2024. One-bedroom units jumped from $2,389 last year to $3,031 this year.

Flushing had the largest increase in the price of two-bedroom units year-over-year. The cost there went up from $2,768 to $3,358. However, it also had the least expensive studio units, priced at $1,666.

Long Island City had by far the most expensive studio, one-bedroom and two-bedroom units in February 2024 among all the neighborhoods included in the report. Studios there had an average rental price of $3,378. One-bedroom units in Long Island City have a rental price of $4,014. Two-bedroom units in the neighborhood were $5,677.

The cheapest one-bedroom and two-bedroom units in terms of average rental price were both in Elmhurst. One-bedroom units there had an average rental price of $2,019 in February 2024. The average rental price of two-bedroom units there were $2,725.

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