The average rental price in Queens for studio, one-bedroom and two-bedroom units maintained an upward trend from the previous year in November 2024, according to a report by the real estate firm M.N.S. Real Estate.
Year-over-year, Queens experienced a 4.44% increase in its average rental price, from $2,763 in November 2023 to $2,885 in November 2024. Studios, one-bedroom and two-bedroom units each experienced jumps in their respective rental prices over this period of time.
Studios in Queens had a 3.74% boost in the average cost of rent, from $2,239 in November 2023 to $2,322 in November 2024. Despite the year-over-year increase, this cost actually presents a slight drop from the $2,337 rent in October 2024. Among the 11 Queens neighborhoods included in the study, studios in Woodside/Maspeth had the most annual growth, from $2,369 last year to $2,691 this year.
One-bedroom units experienced a 3.92% rise in the average rental price, from $2,673 in November 2023 to $2,778 in November 2024. As was the case with studios, the one-bedroom units actually had a slight dip in rental price from the previous month’s $2,782 average cost. The Rego Park neighborhood had the biggest spike in average rental price, from $2,602 last year to $2,965 this year.
Two-bedroom units had the most significant boost in the average cost of rent among the unit types, rising 5.3%, from $3,375 in November 2023 to $3,554 in November 2024. However, this new cost is the lowest seen for a month since $3,551 in July 2024. Sunnyside had by far the highest jump among the Queens neighborhoods from last year, going up from $2,754 in 2023 to $3,454 in 2024.
The median rent in Northwest Queens rose year-over-year in November 2024, marking the second consecutive month to experience such an increase, while the number of lease signings and available inventory continued to climb, according to a report by the real estate firm Douglas Elliman Real Estate.
Northwest Queens encompasses the neighborhoods of Astoria, Long Island City, Sunnyside, Woodside.
Over this period, the median rental price increased 8.9%, from $3,175 in November 2023 to $3,458 in November 2024. Units ranging from studios to three-bedrooms each experienced jumps in the respective median rent. One-bedroom units had the most significant increase, going up 14.1% from $2,998 last year to $3,422 this year.
One big contributing factor to the maintained rise in the median rent is bidding wars becoming more common for the many new listings in this area, allowing for many rentals to end up with higher prices than what was originally listed.
For the 14th consecutive month, new leases signed were up year-over-year in northwest Queens. There was a 64.9% increase in new leases being signed, from 416 in November 2023 to 686 in November 2024. Similar to the median rent, new leases went up across the board among each type of housing unit, with one-bedroom units spiking the most. New leases among one-bedroom units rose 87.4%, from 183 last year to 343 this year.
Oh, the story about the picture.That is actually the root cause for the rent being too damn high and getting higher and higher and will continue to do so for the City Of Mess. The word affordable has become doublespeak by the NYC Housing Department.
New York City has launched a housing lottery for 72 units at AURA, a 37-story mixed-use building in Long Island City.
Located at 23-10 42nd Rd., AURA features 240 residential units, with 168 offered at market rate. The 72 remaining units have all been designated for individuals who earn 130% of the area median income, with an asset cap of $201,890.
Studios account for 25 of the units set aside, 17 of which have a monthly rent of $3,423 and are meant for residents earning an annual income ranging from $117,360-$161,590. The other eight units cost $3,434 a month in rent and are meant for those earning $117,738-$161,590 annually. No more than two people can reside in each of these units.
Another 34 units are one-bedroom and are intended for up to three residents. Five of these units have a monthly rent of $3,674 and are intended for households earning $125,966-$181,740 in annual income. The other 29 one-bedroom units have a monthly rent of $3,661 and each household must combine to earn $125,520-$181,740 annually.
The last 13 units are two-bedroom. These units have a monthly rent of $4,376. Households of up to five people can reside there, as long as they have a combined annual income ranging from $150,035-$218,010.
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Don't question the Oligarchs. They'll round you up and charge you with terrorism.
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