July 12, 2022 By Michael Dorgan
The average price paid to nab a studio in Queens in June was over $2,000 per month, with the average for a one bedroom hitting $2,500 for the first time on record, according to a new report by the real estate firm M.N.S.
The average price paid for a studio was $2,045, up 12 percent from June 2021, according to the report. The average for a one bedroom was $2,500, up 16 percent from a year earlier, and the average cost of a two bedroom was $3,322, representing a 23 percent jump year-over-year.
Rental prices increased across the borough, although they skyrocketed in Astoria, Long Island City, Forest Hills and Jamaica, the report revealed. The report did not provide a breakdown for Sunnyside or Woodside.
The average price paid to snag an apartment in Astoria last month was up 32 percent compared to June 2021. In Long Island City, the average rent was up 28 percent from 12 months prior, while in Jamaica and Forest Hills it was up 21 percent and 16 percent respectively.
In Astoria apartments of all sizes saw lofty increases — although it was most notable with the bigger units.
The average rent for a studio apartment in Astoria in June was $2,211. This figure was up 26 percent — from $1,760 — one year prior.
One-bedroom apartments in the neighborhood saw a 28 increase — with the June average being $2,553, up from $1,989 in June 2021.
The average rent to get into a two-bedroom apartment in Astoria was $3,249, up a whopping 41 percent from 12 months prior. The average two-bedroom went for $2,307 in June 2021.
The red-hot Long Island City rental market shows no signs of cooling down.
The average price paid for a studio apartment in Long Island City in June 2022 was $3,144, up 24 percent from a year ago; a one-bedroom fetched $3,970, up 31 percent from 12 months earlier; while a two-bedroom went for $5,463, up 28 percent.
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