July was a particularly strong month for the Queens rental market, while Brooklyn put up relatively tepid numbers.
Queens prices were up borough-wide from June, with the most pronounced increase occurring in the Long Island City (LIC) neighborhood, where high priced new construction units kept the area’s market hot, according to a new report released today by New York brokerage MNS.
Overall prices in Queens have risen by a little over 3 percent from the previous month to $2,230 in July, up from $2,164.
Over the past month, Queens apartment prices were up across all size types in July: studio prices rose 1.4 percent to $1,835, one-bedroom prices rose almost 4 percent to $2,157, and two-bedroom prices rose 3.5 percent to $2,697.
However, over the last year, studio prices were the only ones to record a decrease, down 5.6 percent in July from last year.
Monthly prices have increased for the last three consecutive months in Queens, an indication of “a strong market.”
LIC saw the highest average prices in the borough across all unit sizes in July — $2,500 for a studio, $3,000 for a one-bedroom, and $3,700 for a two-bedroom.
Monthly price growth in LIC was up across all size types in July: studio prices rose nearly 2 percent, one-bedroom prices up 5.7 percent and two-bedroom prices up 7.8 percent.
“LIC continues to be a hot market because retail continues to fill in, and there are a lot of new high rises offering priceless views,” Andrew Barrocas, MNS CEO, tells BuzzBuzzNews.
Many high priced one- and two-bedroom units hit the market in LIC in July, which helped elevate prices for these unit types, says MNS. Developments like Avalon Riverview North and The Club brought nearly 1,000 new units to market combined in July.
Meantime, over the last month average prices rose just 0.69 percent to $2,798 in Brooklyn, up from $2,779.
Prices were stable across all unit sizes in Brooklyn in July, with studio prices rising 1.1 percent to $2,221, one-bedroom prices up 0.4 percent to $2,664, and two-bedroom prices up 0.6 percent to $3,510.
Overall prices have fallen 0.6 percent from last year in Brooklyn.
“A lot of new product in certain areas helped stabilize pricing in July, as well as new neighborhoods continuing to emerge,” Barrocas tells BuzzBuzzNews.
DUMBO remained the most expensive neighborhood in the borough for all unit types, while Bay Ridge was the most affordable in July.