Gantry Plaza State Park in Long Island City, with the TF Cornerstone luxury rental buildings in the background (Queens Post)
June 7, 2022 By Christian Murray
The rental market in Queens is red hot— and western Queens is no exception.
The average rent paid in May to nab an apartment in Queens was up 14 percent from May 2021, according to a report released by the real estate firm M.N.S.
The average price paid for a studio in May across the borough was $1,964, up 10 percent from May 2021; $2,409 for a one-bedroom, up 15 percent from a year earlier; and $3,147 for a two-bedroom, representing a 16 percent jump year-over-year.
Rental prices spiked most in Long Island City, Astoria and Jamaica, the report revealed. The report did not provide a breakdown for Sunnyside or Woodside.
The average rent paid in May to snag a Long Island City apartment was up 29 percent compared to May 2021. In Jamaica it was up 24 percent, while in Astoria, that figure was up 17.2 percent.
In Long Island City apartments of all sizes were going for hefty prices.
Average prices: Data by M.N.S. Real Estate NYC
The average rent for a studio apartment in Long Island City in May was $3,167. This figure was up 31 percent — from $2,410 — one year prior.
One-bedroom apartments in the neighborhood saw a 34 increase — with the May average being $3,959, up from $2,953 in May 2021.
The average rent to get into a two-bedroom apartment in Long Island City was $5,304, up 25 percent compared to a year ago. The average two-bedroom went for $4,250 in May 2021.
The Astoria market has also come back from the days of the pandemic.
The average price paid for a studio apartment in Astoria in May 2022 was $1,963, up 12 percent from a year ago; a one-bedroom fetched on average $2,341, up 18 percent; while a two-bedroom went for $2,803, up 21 percent.
Other neighborhoods in the borough saw significant rental price increases, although not to the same levels. Average rental prices in Jackson Heights were up 9 percent, while in Forest Hills they rose 12 percent and in Ridgewood they were up 16 percent.
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Data: M.N.S. Real Estate NYC
One Comment
Rent in this city is out of control. 3k for a studio, one room? I get New York has always been an expensive city, but the cost of living is completely ridiculous. At your job you could make 55-60k. great money right? It is, completely, but you can’t afford 4k for a one bedroom let alone 3 k for a studio. Something needs to be done about this. Create stable, affordable units in each building and neighborhood.