Markets & EconomyRentals

Studios, rent on the rise in Queens

  • Inventory across Queens dropped 3.34 percent, from 1,256 units before the turn of the year to 1,214 units in January.
  • Jackson Heights studios increased 10 percent since December, climbing $142 to reach $1,558 per month on average.
  • The average price for a studio in Queens in January was $1,747 per month.
  • Both Long Island City and Astoria held the majority of Queens’ market share in January, contributing 71 percent of the units analyzed in the MNS report

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Queens saw slight upward movement in average rental pricing since December, says a recent MNS report on the borough. According its January market report for Queens, MNS measured a 1.43 percent increase in average rent month-over-month. Prices stood at $2,094.34 at the end of 2015 and grew to $2,124.26 in January. At the same time, inventory across Queens dropped 3.34 percent, from 1,256 units before the turn of the year to 1,214 units in January. A tighter market with fewer units for renters could have played a role in the marginal upturn in average price. [graphiq id="1JeTszQYnGt" title="Queens County, NY Demographics" width="630" height="567" url="https://w.graphiq.com/w/1JeTszQYnGt" link="http://places.findthehome.com/l/65469/Queens-County-NY" link_text="Queens County, NY Demographics | FindTheHome"] Are studios the king of Queens? Perhaps the greatest rental value increase within Queens neighborhoods on was in studio pricing. Jackson Heights studios increased 10 percent s...