Photo: Gabe Shore/Flickr
Average rents were up in nearly every neighborhood in Queens in August.
Long Island City continued to record the largest gains and remained the borough’s most expensive neighborhood, according to a report released yesterday by New York brokerage MNS.
Over the last month, rents rose just over 2 percent to $2,279.09 boroughwide in August, up from $2,229.62 the previous month. This was the fourth consecutive month of price gains, “signaling a healthy and growing market.”
Meantime, rents rose over the last month in every Queens neighborhood but Flushing in August — where average rents decreased 1.64 percent. The largest increases were recorded in Long Island City and Jackson Heights, 6.9 percent and 4.15 percent, respectively.
Additionally, prices were up annually across all unit sizes in August: studios prices rose 5 percent, one-bedrooms rose 5.3 percent, and two-bedrooms rose 3.5 percent.
The Long Island City neighborhood is home to the borough’s most expensive rental units on average: $2,529 for a studio, $3,201 for a one-bedroom and $4,066 for a two-bedroom.
One-bedroom and two-bedroom prices increased 7.7 percent and 9.4 percent over the last month in Long Island City, spurred by new waterfront luxury units hitting the market, according to MNS.
Long Island City has a lot to offer renters, enough to justify its increasing prices.
“Accessibility to midtown, continued retail growth, incredible views and brand new buildings that are less expensive and significantly nicer inventory than the outdated postwar buildings in Midtown East,” Andrew Barrocas, MNS CEO, tells BuzzBuzzNews.
Renters should be prepared for further increases in the coming months.
“As we enter peak rental season for New York City, prices are expected to maintain strong growth,” MNS says in the report.
Click here to read the entire report.