You are reading

Western Queens Rental Prices Plummet, Major Drop Over The Past Year

The Gantries in Long Island City (Unsplash)

Jan. 22, 2021 By Allie Griffin

The rental market in Queens has taken a hit over the past year — and western Queens saw a heavy decline.

The average rent paid in December to nab a Queens apartment was down 6.23 percent, from December 2019, according to a recent report released by the real estate firm M.N.S.

The prices plummeted most in Long Island City and Astoria, the report revealed.

The average rent paid in December to snag a Long Island City apartment was down 14.42 percent compared to December 2019. In Astoria, that figure was down 12.36 percent compared to December 2019.

Other neighborhoods in the borough saw rental price declines but they were less severe.

In Long Island City apartments of all sizes were down — with the larger units hit hardest.

The average rent for a two bedroom apartment in Long Island City in December was $3,660. This figure was down 16.7 percent — from $4,397 — one year prior.

One-bedroom apartments in the neighborhood saw a 14 percent decline — with the December average being $2,882, down from $3,294 in December 2019.

LIC studios fell 11 percent to $2,364 compared to a year ago. A studio on average went for $2,646 in December 2019.

Yet even with the steep declines, Long Island City remained on average the most costly neighborhood in the borough in December, according to the report.

Long Island City rental price trends (MNS)

Astoria’s rental market experienced a decline much like Long Island City’s.

The average price to nab a two-bedroom apartment in Astoria in December was $2,314, down 12 percent from December 2019. One-bedrooms rented for $1,980, down 13 percent from $2,248 a year earlier. Meanwhile studios went for $1,691, down 13 percent from the December 2019 figure of $1,944.

Astoria rental price trends (MNS)

The decline in rents were felt borough wide — no matter the size of the unit.

The rent for studios, one-bedrooms and two-bedrooms all fell by about 6 percent over the past 12 months.

Queens average rent price changes (MNS)

email the author: [email protected]
No comments yet

Leave a Comment
Reply to this Comment

All comments are subject to moderation before being posted.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Recent News

Little Neck-Douglaston Memorial Day Parade honors fallen heroes

May. 30, 2023 By Gabriele Holtermann

Rain or shine, the Little Neck-Douglaston Memorial Day Parade, touted as the largest Memorial Day parade in the United States, has been a staple of the quaint Queens neighborhoods since 1927. Thousands lined the parade route under clear blue sky along Northern Boulevard from Jayson Avenue in Great Neck to 245th Street in Douglaston on May 29 to honor the brave men and women who answered their call to service and made the ultimate sacrifice while defending their country.

New York Hall of Science awarded federal funding for project on artificial intelligence

New York Hall of Science (NYSCI) will play a key role in the future of artificial and natural intelligence after U.S. Rep. Grace Meng announced that the institution in Flushing Meadows Corona Park has been awarded nearly a half-million dollars in federal funding from the National Science Foundation over the next five years.

NYSCI will be part of a $20 million initiative led by Columbia University to establish an AI Institute for Artificial and Natural Intelligence (ARNI), an interdisciplinary center that will bring together several top research institutions to focus on a national priority: connecting the major progress made in AI systems to the revolution in understanding the brain.