Queens Rental Market Report September 2017 mns · MNS Queens Rental Market Report September 2017...

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Queens Rental Market ReportSeptember 2017

MNS Queens Rental Market Report September 2017 page 2

Queens Rental Market Report September 2017

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TABLE OF CONTENTS

11 Neighborhood Price Trends

26 The Report Explained

03 Introduction04 A Quick Look10 Queens Price Trends

11 Long Island City12 Astoria13 Ridgewood14 Flushing15 Rego Park16 Forest Hills17 Jackson Heights



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INTRODUCTIONOver the last month, the average rent in Queens has decreased by 1.34%, from $2,279.09 to $2,248.53



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A QUICK LOOK

Type Most Expensive Least Expensive

Studios Long Island City $2,530 Flushing $1,595

One-Bedrooms Long Island City $3,236 Jackson Heights $1,803

Two-Bedrooms Long Island City $4,168 Ridgewood $2,308

Over the last month, the average rent in Queens decreased by 1.3%, from $2,279 to $2,249. Studio rental prices increased by 0.2%, from $1,823 to $1,828. One-bedroom rental prices decreased by 1.3%, from $2,222 to $2,192. Two-bedroom rental prices decreased by 2.38%, from $2,792 to $2,726. Over the last year, studio prices decreased by 2.0%, one-bedroom prices increased by 3.3%, and two-bedroom prices increased by 2.34% As we enter a cyclical slowdown point, rental price decreases during September are expected. In addition to this seasonality, an increased amount in both concessions and supply also exerted downward pressure on rental prices.

September was a predictable month for rental prices in Queens. After a four-month build up, rental prices begin their seasonal correction as we head into Autumn. All neighborhood rental price changes were negative except for: studio prices in Ridgewood (+4.8%), studio prices in Rego Park (+3.1%), studio prices in Jackson Heights (+2.2%), studio prices in LIC (+0.1%), one-bedroom prices in Forest Hills (+1.3%), one-bedrooms prices in LIC (+1.1%), and two-bedroom prices in LIC (+2.5%). Overall neighborhood prices were negative across the board except for Ridgewood (+0.6%) and LIC (+1.4%). Year-over-year, the greatest price changes were seen in LIC, Flushing, and Rego Park, where overall rental prices increased by 6.9%, 8.5% and 4.3%, respectively. LIC remains home to the most expensive rental units in Queens. The least expensive studio rentals this month were in Flushing. The least expensive one-bedroom rentals were in Jackson Heights. The least expensive two-bedroom rentals were in Ridgewood.

The most noteworthy occurrence during September was the 8.5% year-over-year increase seen in Flushing. This increase can be attributed to numerous new development rental units that came onto the market in the past twelve months.

As we enter a traditional slow point for the NYC rental market, rental prices are expected to continue their slight correction.

Notable TrendsBuilding (Average Prices)



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A QUICK LOOK STUDIOS

Long Island City

Astori aJackson Heights

Forest HillsRego Park

Flushing

Ridgewood

Greatest ChangesSince August

Average Unit Prices By Neighborhood

FLUSHINGSTUDIO PRICES

$1,828Average PriceQueens Studios

5.0% ($83.50)

$1,776

$2,530

$1,901

$1,614

$1,614

$1,595

$1,763



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A QUICK LOOK 1 BEDS

Long Island City

AstoriaJackson Heights


Flushing

Ridgewood


$2,192Average PriceQueens 1 Beds


REGO PARK1 BED PRICES

4.6% (-$98.30)

$3,237

$2,149

$2,062

$2,041

$2,095

$1,956

$1,803



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A QUICK LOOK 2 BEDS

Long Island City



Flushing

Ridgewood



7.3% ($183.59)

JACKSON HEIGHTS2 BED PRICES

$2,726Average PriceQueens 2 Beds

$4,168

$2,485

$2,323

$2,406

$2,697

$2,694

$2,308



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Type September 2016 September 2017 Change

Studios $1,865 $1,828 2.00%

One-Bedrooms $2,122 $2,192 3.29%

Two-Bedrooms $2,666 $2,726 2.26%

Queens Rents: September 2016 vs. September 2017

A QUICK LOOKYear Over Year Price Change

By Neighborhood5.5%-10% Change

4% - 5.49% Change

< 4% Change

Long Island City



Flushing

Ridgewood

8.47%

4.32%-2.24%

-1.54%

6.86%

-4.75% -5.99%



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Astoria Studios -2.2% One-Bedroom -1.0%Two-Bedroom -2.5%

RidgewoodOne-Bedroom -1.3%Two-Bedroom -0.7%

Flushing Studios -5.0% One-Bedroom -3%Two-Bedroom -2.3%

Rego Park One-Bedroom -4.6%Two-Bedroom -3.6%

Forest Hills Studios -0.9% Two-Bedroom -5.5%

Jackson HeightsOne-Bedroom -2.7% Two-Bedroom -7.3%

Long Island City Studios 0.1% One-Bedroom 1.1%Two-Bedroom 2.5%

RidgewoodStudios 4.8%

Rego Park Studios 3.1%

Forest Hills One-Bedroom 1.3% Jackson HeightsStudios 2.2%

Where Prices Decreased (monthly) Where Prices Increased (monthly)

A QUICK LOOK



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QUEENS PRICE TRENDS

Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep1,736 1,833 1,746 1,752 1,729 1,762 1,723 1,724 1,744 1,809 1835 1,823 1,828

Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep2,109 2,120 2,042 2,031 2,063 2,076 2,082 2,048 2,072 2,077 2,157 2,222 2,192

Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep2,693 2,733 2,605 2,625 2,606 2,582 2,614 2,579 2,605 2,605 2,697 2,792 2,726

1,600

1,700

1,800

1,900

1,950

2,000

2,050

2,100

2,150

2,200

2,250

2,400

2,500

2,600

2,700

2,800

2,900

Studio Price Trends

One-Bedroom Price Trends

Two-Bedroom Price Trends



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Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep2,427 2,390 2,343 2,368 2,386 2,396 2,406 2,343 2,384 2,452 2,499 2,529 2,530



2,200

2,250

2,300

2,350

2,400

2,450

2,500

2,550

2,400

2,500

2,600

2,700

2,800

2,900

3,000

3,100

3,200

3,300

3,000

3,200

3,400

3,600

3,800

4,000

4,200

4,400

LONG ISLAND CITY• During September, overall LIC rental prices grew slightly, increasing by 1.4%. Most of this growth occurred within the two-bedroom rental sub-market, which experienced a price increase of 2.5%. The delay in typical seasonality slowdown in LIC can be explained by the addition of numerous new development rental units, which exerted upward pressure on overall rental prices.

Studio Price Trends





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1,700

1,800

1,900

2,000

2,100

2,000

2,050

2,100

2,150

2,200

2,250

2,300

2,350

2,400

2,450

2,500

2,550

2,600

2,650

ASTORIA• During the month of September, overall Astoria rental prices fell by 1.9%. A sizable increase in inventory and typical rental seasonality can explain this correction.

Studio Price Trends





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Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep1,399 - - - 1,700 1,600 1,500 1,775 1,756 1,915 1,895 1,695 1,776



1,000

1,150

1,300

1,450

1,600

1,750

1,900

2,050

1,500

1,600

1,700

1,800

1,900

2,000

2,100

1,900

2,000

2,100

2,200

2,300

2,400

RIDGEWOOD• Over the last month, rental prices remained stable in Ridgewood. Overall rental prices grew by just 0.6%. Studio rental prices, however, outpaced the overall market, growing by 4.8%. Most of this price growth in the Ridgewood studio rental sub-market can be attributed to the addition of rental units from new developments, such as The Mill at 16-26 Madison Street.

Studio Price Trends





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1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,200

2,300

2,400

2,500

2,600

2,700

2,800

FLUSHING• Adhering to seasonality trends, overall Flushing rental prices fell by 3.3% during September.

Studio Price Trends





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REGO PARK• During September, overall rental prices in Rego Park fell by 2.2%. Studio rental prices, however, grew by 3.1%.

Studio Price Trends






1,400

1,500

1,600

1,700

1,800

1,900

2,000

1,800

1,850

1,900

1,950

2,000

2,050

2,100

2,150

2,200

2,200

2,300

2,400

2,500

2,600

2,700

2,800

2,900



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1,450

1,500

1,550

1,600

1,650

1,700

1,750

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,400

2,400

2,450

2,500

2,550

2,600

2,650

2,700

2,750

FOREST HILLS• Following seasonality trends, overall rental prices in Forest Hills fell by 2.0%.

Studio Price Trends





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1,200

1,300

1,400

1,500

1,600

1,700

1,740

1,760

1,780

1,800

1,820

1,840

1,860

1,880

1,900

2,000

2,100

2,200

2,300

2,400

2,500

2,600

2,700

JACKSON HEIGHTS• During the month of September, overall rental prices in Jackson Heights fell by 3.3%.

Studio Price Trends





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THE REPORT EXPLAINED

Author: MNS has been helping NYC landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. To discuss further with our CEO, Andrew Barrocas, call us on 212-475-9000 or email at [email protected]

Note: All market data is collected and compiled by MNS’s marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice.

If you would like to republish this report on the web, please be sure to source it as the “Queens Rental Market Report” with a link back to its original location.

http://www.mns.com/queens_rental_market_report

The Queens Rental Market ReportTM compares fluctuation in the borough’s rental data on a monthly basis. It is an essential tool for potential renters seeking transparency in the Queens apartment market and a benchmark for landlords to efficiently and fairly adjust individual property rents in Queens.

The Queens Rental Market ReportTM is based on a cross-section of data from available listings and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).

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Queens Rental Market Report September 2017 mns · MNS Queens Rental Market Report September 2017...

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