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
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12 Comments
Glad I don’t live near any hotels… Between this and the pending proposal for rezoning neighborhoods that have single family homes, they are really trying to get rid of nice upper middle class neighborhoods.
https://pix11.com/news/local-news/ny-hotels-to-be-converted-into-housing-for-homeless/
Time to build high density affordable housing, time to for us to start emulating East Asia style high rise apartments. Get rid of all the NIMBYs, and do away with our single family home suburban sprawl obsessed culture.
And the City claims it’s due to a tight rental market. BS… In my building we have quite a few empty apartments. My landlord is very anal about people paying on-time and doesn’t seem to care that he has empty rentals during peak season. I suspect that other landlords are doing the same… Holding out until they get their price.
Peak season? It’s a home not a hotel, right?
Where are people getting this kind of money?!
I think they share more…I live in a first floor studio…it’s pretty tiny. The same sized apartment over me has a whole family living there. People in bigger apartments tend to have roommates I think.
I keep hearing this but really rents have just returned to pre-pandemic levels. They were always high which is why we need to build more housing in this City.
The city needs to increase rent vouchers for the poor. Joy Won please help.
i would normally voted thumbs down on this But its near to impossible to get an apartment at a decent rate Anywhere in Nyc…how much does one have to earn to even think they can afford some of these apts..feel bad for some of the young ones nowadays..no wonder they stay in their parents basement til they are 40
A 1900 dollar rent voucher for a single person can get you a nice one bedroom in western queens. Its much more for a 2 bedroom and three depending on family size. Its also illegal for landlords not to accept it.
I heard of people trying to rent in LIC and there was hardly anything on the rental market. The gap between the rich and poor is widening. Most young folks who can afford the rents in our area tend to vote for progressives.
A result of people fleeing Manhattan and Brooklyn due to covid, crime, gun violence and higher rent to rent luxury housing in LIC and other areas in Qns and live with a certain demographic. Thus raising the median rental market in WQs. Take away luxury housing in LIC and the median rent is much lower.