JAN 11, 2025
As we head into the final months of 2024, real estate trends across Queens continue to show a steady rise in rental prices. According to the latest report from M.N.S. Real Estate, the borough saw a 4.35% increase in average rent costs in September 2024 compared to the same month last year. This jump reflects the ongoing pressure on the rental market, with some neighborhoods in Queens experiencing particularly sharp increases.
In September 2024, the average rent in Queens hit $2,927, up from $2,805 in September 2023. This year-over-year increase of $122 marks a continued upward trend that renters are noticing across the borough. The increase in rent is being driven by higher demand, limited supply, and economic factors that affect housing across New York City.
For renters looking for more affordable options, studios were once considered a solution, but the rental landscape for these units is changing fast. Studios in Queens saw the highest increase, with a 7.17% rise in the average rent. The price went from $2,222 in September 2023 to $2,382 this year. Notably, Sunnyside saw the most dramatic shift, where studios rose from $1,800 last year to $2,175 this year. With these increases, it’s clear that smaller units are becoming more expensive as demand outpaces supply.
The rise in rental prices for one-bedroom units was more moderate but still significant. These units saw a 3.26% increase, moving from an average of $2,748 in September 2023 to $2,837 in September 2024. Elmhurst had the sharpest rise for one-bedroom apartments, with rents climbing from $2,183 to $2,529.
Two-bedroom units also saw a steady increase of 3.4%, with rents moving from $3,445 in September 2023 to $3,562 this year. Once again, Sunnyside led the charge in the neighborhood with the most notable jump. The average rent for two-bedroom apartments in Sunnyside went up from $2,934 last year to $3,532 in September 2024.
Long Island City (LIC) remains the most expensive neighborhood in Queens for all types of rental units, maintaining its position as the borough’s premium area for renters. As of September 2024, the average rent in LIC was $3,525 for studios, $4,158 for one-bedroom units, and $5,920 for two-bedroom apartments. However, it is worth noting that rental prices in LIC have dipped slightly from the August 2024 report, which may indicate a slight cooling of rents in this otherwise high-demand area.
On the other end of the spectrum, Flushing continues to offer the most affordable studios in Queens, with an average rent of $1,816. Jackson Heights had the cheapest one-bedroom units at $2,405, and Elmhurst provided the most affordable three-bedroom options at $2,992. These neighborhoods remain key to renters looking for more budget-friendly options in the borough.
The steady increase in rents across Queens highlights a continued shift in the real estate market, with demand continuing to push rental prices higher. As neighborhoods like Sunnyside and Elmhurst see rapid rent growth, areas such as Long Island City maintain their status as the premium choice for renters willing to pay a premium for convenience and luxury. However, the trend towards higher rents across the borough suggests that renters should prepare for higher costs in the coming months.
For real estate investors, these trends indicate opportunities for growth, particularly in neighborhoods like Sunnyside and Elmhurst, where demand is surging. For renters, it's essential to plan ahead, understand the neighborhood dynamics, and be aware of rental increases that could impact housing decisions in the future.
Stay tuned for more updates on rental prices and the shifting landscape of the Queens real estate market!
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
