You are reading

Queens Rents Dropped by More Than 5 Percent From Last Year: Report

Homes in Astoria (iStock)

Sept. 10, 2020 By Allie Griffin

The cost to rent an apartment in Queens has dropped by more than 5 percent from a year ago, according to a new report.

The average amount paid to rent a studio, one-bedroom or two-bedroom apartment was down across the board, compared to the same time last year, according to a report from the real estate company MNS.

The average rent paid for a studio apartment in Queens dropped by 5.3 percent, from $1,935 in August 2019 to $1,833 in August 2020, the Queens Rental Market Report states.

The average rent for a one-bedroom apartment fell by 5.5 percent, from $2,254 in August 2019 to $2,129 in August 2020. Meanwhile, the average rent paid for a two-bedroom apartment decreased by 5.4 percent from $2,906 in August 2019 to $2,750 in August 2020.

Long Island City saw the steepest decline from last year to this year with a more than 15 percent decrease, according to the report.

The amount paid for a Long Island City apartment is typically higher than what’s paid in other Queens neighborhoods and experts say the most expensive areas usually see the earliest and often largest decreases in rent when the market dips.

LIC studios dropped from an average monthly rent of $2,776 to $2,411 from August last year to August this year, according to the report. One-bedrooms in the neighborhood decreased from $3,455 in August 2019 to $2,897 in August 2020 and two-bedrooms dropped from $4,647 to $3,916 over the same time period.

email the author: news@queenspost.com
No comments yet

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Queens Special Victims Squad joins search for alleged rapist in Downtown Flushing: NYPD

Detectives from the Queens Special Victims Squad have joined the urgent manhunt for the sexual predator who allegedly beat and raped a 53-year-old woman inside a commercial building in Downtown Flushing on the night of Sunday, July 14.

Police from the 109th Precinct in Flushing responded to a 911 call after the victim was attacked at 11:06 p.m. inside the business in the vicinity of Prince Street and 40th Road near the Bland Houses NYCHA complex after the perpetrator punched her multiple times in the head before forcibly raping her, police said. The stranger then fled on foot in an unknown direction.

AG James announces dismantling of Queens-based ghost gun trafficking operation

New York Attorney General Letitia James announced Wednesday the takedown of a prolific Queens-based gun trafficking crew accused of selling firearms and ammo at an East Elmhurst playground, the Queens Center Mall and other locations around the borough.

James secured a 625-count indictment charging five men for participating in the gun smuggling ring, which involved selling dozens of ghost guns, assault weapons, high-capacity magazines and hundreds of rounds of ammunition.