Markets & EconomyRentals

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. The latest MNS report for Queens shows rent price surges of 5.7 percent among studios -- the largest shifts in all apartment categories. 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. Annually, rents in Queens have increased by 3.26 percent, from a previous $2,083 in March 2015. While Astoria and Long Island City held the monthly tradition of holding the majority of inventory -- 72 percent in March -- other neighborhoods are showing impressive growth. [graphiq id="b9GoCwFQsSN" title="Long Island City Queens, NY Profile" width="600" height="591" url="https://w.graphiq.com/w/b...