Sept. 12, 2022 By Christian Murray
There is no sign of a recession when it comes to the Queens rental market.
The average rent paid in August to nab an apartment in the World’s Borough was up 16.5 percent from August 2021, according to a report released by the real estate firm M.N.S.
The average price paid to rent a studio across the borough in August was $2,144, up 13.8 percent from August 2021. Meanwhile, the average one-bedroom fetched $2,588 last month, up 16.2 percent from a year earlier, while the average rent for a two bedroom was $3,387, representing an 18.5 percent jump year-over-year.
Rental prices have jumped the most in Astoria, Long Island City and Ridgewood, according to the report.
The average rent paid last month to snag an apartment in Astoria was up 34 percent compared to August 2021. In Long Island City it was up 22.2 percent, while in Ridgewood that figure was up 19.8 percent.
The report did not include the neighborhoods of Sunnyside or Woodside.
In Astoria apartments of all sizes rented for hefty prices—and the area has well and truly bounced back from the days of the pandemic.
The average rent paid for a studio in Astoria in August was $2,282, up 20.2 percent year-over-year. The average in August 2021 was $1,899.
One-bedroom apartments in the neighborhood saw a 40 percent increase over the past year — with the August average being $2,877, up from $2,055 in August 2021.
The average rent to get into a two-bedroom apartment in Astoria last month was $3,480, up 39.6 percent compared to the same month last year. The average two-bedroom was for $2,492 in August 2021.
The Long Island City market has also come back from the days of the pandemic.
The average price paid to rent a studio in Long Island City last month was $3,300, up 23.1 percent from a year ago; a one-bedroom fetched on average $3,986, up 20.7 percent; while a two-bedroom went for $5,624, up 22.8 percent.
Other neighborhoods in the borough saw significant rental price increases, although not to the same extent. Average rental prices in Ridgewood were up 19.8 percent; in Jamaica they jumped 15.2 percent; Forest Hills rose 14.1 percent; and in Jackson Heights they were up 11.5 percent.
The average rent paid in Ridgewood was affected heavily by the jump in price for two-bedroom apartments. The average price paid for a 2 bedroom in August 2022 was $3,138, up 35.4 percent from a year ago when the figure was $2,314.
A studio in Ridgewood fetched $2,118 in August 2022, up 6.1 percent from the same month in 2021. Meanwhile, the average paid for a one bedroom in Ridgewood last month was $2,621, up 16 percent compared to August 2021.
For more information, click here.