Could Rego Park be the next Long Island City for apartments?

Rego Park and Ridgewood show strong annual price growth, reports MNS
  • Overall, average rents throughout Queens went up .45 percent, from $2,141 in February to $2,151 in March.
  • Much like other NYC boroughs, Queens inventory jumped by 7.26 percent month-over-month, from 1,226 units to 1,315 units on the market.
  • Some of this expansion includes Rego Park and Ridgewood, which are largely affected by Long Island City and Bushwick (Brooklyn), respectively.
  • Rego Park (7.56 percent), Jackson Heights (6.93 percent), Flushing (5.41 percent) and Ridgewood (4.05 percent) showed the most robust annual growth in March.

As Queens sticks out in New York City as a more affordable alternative to Manhattan and Brooklyn, certain submarkets are responding to demand with new development and, subsequently, increasing rent prices.