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.
- 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.