Navigating the reasonable rental market in New York City isn’t easy; some might doubt such a thing exists. However, Queens is steadily gaining a reputation as the borough for economical renting compared to NYC standards — a choice for young professionals and lower-income earners to remain Big Apple residents without relocating to the suburbs.
According to the latest MNS report for Queens, the best deals were found in Flushing studios, priced at $1,392 per month this April. For one-bedrooms, Jackson Heights held the lowest average price at $1,778 per month. Two-bedrooms were cheapest in Ridgewood, costing renters $2,100 per month.
Surprisingly, these prices are comparable (and perhaps, under), many of the large metros throughout the U.S. Although New York City apartments are infamously steep, Queens presents the opportunity to live in the New York City on a moderate budget.
Queens’ submarkets in April
Long Island City continues to be the most expensive neighborhood in Queens because of flourishing development. Retail, restaurants and rental housing opportunities are booming in LIC, setting a higher standard price as compared with the rest of the borough.
Long Island City as a whole grew 5 percent in average rent month-over-month, illustrating the increasing demand for accessibility, neighborhood accommodations and new development among Queens’ renters.
Although Ridgewood remained one of the more inexpensive neighborhoods, it increased in price by 3.12 percent month-over-month.
Monthly trends mild, but stable
In April, the average price in all of Queens grew to $2,164.51 per month from a previous $2,150.59 the month prior — a minor 0.65 percent boost.
One-bedrooms and two-bedrooms in Queens increased by 2.24 percent and 2.32 percent, respectively. Studios dropped 1.92 percent in price.
Following the rest of NYC’s turnover trends, listing inventory in rentals grew 7.45 percent to reach 1,413 units on the market from a previous 1,315 units in March.
The largest inventory was found in Astoria and LIC, which combined featured 134 studios on the market in April. In both markets, there were 547 one-bedrooms and 360 two-bedrooms available to rent.
2015 vs. 2016 in Queens
Year-over-year, Queens rent grew 4.36 percent, from $2,074.17 in April 2015 to $2,165.51 this April.
Studios and two bedroom rents moved up 4.13 percent and 3.18 percent while one-bedrooms had the highest boost at 7.08 percent.
Rego Park and Ridgewood rental markets solidified year-over-year in April, with prices increasing 8.89 percent and 8.34 percent, respectively.
Unlike Manhattan and Brooklyn, none of Queens’ neighborhoods dropped in average rent year-over-year, revealing just how strong Queens’ rental market has become.
