You are reading

Asking rent prices increase significantly in Queens year-over-year: report

via Getty Images

Mar. 29, 2024 By Ethan Marshall

The median asking price for rent in Queens jumped significantly from February 2023 to February 2024, according to a study conducted by the real estate firm StreetEasy.

Year-over-year, the median asking rent rose 13.5%, from $2,599 to $2,950. This price increase is reflective of the fact that more people are competing for places to live, as there are fewer homes available on the market in Queens and New York City as a whole. The number of rentals on the market decreased 3.4% year-over-year, from 3,739 to 3,866.

Long Island City, Sunnyside and Astoria are among the neighborhoods in the borough that have experienced the largest increase in median asking price. The increases in these neighborhoods are due in large part to them each being located in close proximity to Manhattan, as well as new rental buildings being installed there with modern amenities. The median asking rent for these neighborhoods increased 8.3% year-over-year, from $3,001 in 2023 to $3,250 in 2024. This asking price is also 10.2% more than the median for the borough.

Other Queens neighborhoods that experienced a big increase in asking rents included Woodside, Jackson Heights and Elmhurst. In Woodside, the median asking rent increased 16.7%, from $2,400 in 2023 to $2,800 in 2024. Jackson Heights experienced a 8.9% jump, from $2,250 last year to $2,450 this year. The asking rent in Elmhurst rose 6.2%, from $2,350 to $2,495.

There continue to be more and more people looking for a place to live in Queens than there are available spaces. With rentals at a premium, there are more people competing for each space, driving up the cost of rent in the process.

email the author:
No comments yet

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

NYPD searching for burglary crew that targeted nearly 30 laundromats in Queens and others in Brooklyn and the Bronx

Police from the 110th Precinct in Elmhurst are looking for three masked men who broke into Susan’s Laundromat at 85-12 Grand Ave. at around 3:15 a.m. on Monday, June 24, while a fourth member of their crew acted as a lookout near their getaway car parked in front.

The burglars stole $1,800 in cash and removed a payment machine for the laundry room continuing an undetermined amount of cash.

Law enforcement ghost car crackdowns continue with dozens of vehicles seized on Whitestone Bridge: MTA

MTA Bridge and Tunnel officers, the NYPD and law enforcement partners impounded 55 vehicles from motorists crossing into Queens on the Whitestone Bridge on Monday, July 8, as a multi-agency crackdown continued unabated.

Governor Kathy Hochul announced on Tuesday that through 25 joint enforcement operations focusing on ghost plates and persistent toll violators on bridges and tunnels throughout New York City, 1,540 vehicles have been impounded, 339 arrests have been made and 12,007 summonses have been issued so far this year to drivers who owe more than $12.5 million in unpaid tolls and fees.