According to a report by real estate firm MNS Real Estate, the average rent price for all residential units in Queens increased by 6.76% in July 2024 compared to the previous year. This jump continues an upward trend from the previous month.
Average rent prices in Queens increased from $2,734 in July 2023 to $2,919 in July 2024. During this period, there was an overall increase in prices for studio, one-bedroom, and two-bedroom apartments.
Studios saw the largest change percentage-wise, increasing 9.02%, from $2,168 last year to $2,363 this year. Of the 11 Queens neighborhoods covered in this report, Rego Park saw the largest increase in average studio rent. This neighborhood saw a jump from $1,918 in 2023 to $2,735 in 2024.
One-bedroom apartments increased in price by 5.93% over the same period, from $2,685 to $2,844. Rego Park also saw the largest increase of any Queens neighborhood for these apartments, with the price there increasing from $2,645 last year to $3,130 this year.
For two-bedroom apartments in Queens, the average rental price increased 5.96% year-over-year, from $3,351 in 2023 to $3,551 in 2024. While the percentage change is similar to one-bedroom apartments, the actual price change was the most significant among the three apartment types, with an increase of $200. Flushing saw the largest increase in Queens, where the average rental price increased from $2,992 in July 2023 to $3,599 in July 2024.
The average rent price of each unit in Queens for July 2024 was the highest in the borough at the end of any month last year.
Rego Park saw the highest increase in average rent prices among the Queens neighborhoods included in the report, largely due to significant increases in average rents for studios and one-bedroom apartments, which saw a year-over-year increase of 19.91%.
Long Island City had the most expensive housing units across the board in July 2024. Average rent prices there were $3,386 for studios, $4,144 for one-bedrooms, and $5,910 for two-bedrooms.
The cheapest studios in July 2024 were in Flushing, where the average rent was $1,775. Elmhurst had the cheapest one- and two-bedroom apartments, with average rents of $2,342 and $2,963, respectively.
