Queens Rental Market Report March 2015 mns · MNS Queens Rental Market Report March 2015 page 12 Queens Rental Market Report March 2015 Gramercy Par I Williamsurg mns.com RIDGEWOOD

mns.com

Queens Rental Market ReportMarch 2015

MNS Queens Rental Market Report March 2015 page 2

Queens Rental Market Report March 2015

mns.comGramercy Park I Williamsburg

TABLE OF CONTENTS

11 Neighborhood Price Trends

26 The Report Explained

03 Introduction04 A Quick Look05 Mean Queens Rental Prices10 Queens Price Trends

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



mns.com mns.comGramercy Park I Williamsburg

INTRODUCTIONAverage rents throughout Queens decreased 0.32% from $2,089.37 in February 2015 to $2,082.78 in March 2015.




A QUICK LOOK

Type Most Expensive Least Expensive

Studios Long Island City $2,385 Forest Hills $1,417

One-Bedrooms Long Island City $2,932 Flushing $1,647

Two-Bedrooms Long Island City $4,091 Ridgewood $2,015

The average rent across Queens fell by 0.32% from in $2,089.37 in February to $2,082.78 in March 2015. Listing inventory increased by 6.59% - from 834 rental units to

889 rental units – since last month. When examining the rental activity for this month, it is important to note that the neighborhoods of Ridgewood and Flushing have

a relatively small inventory compared to other neighborhoods, making them particularly price sensitive.

The largest month-over-month growth in rent prices occurred in Studio units in Astoria, where rents grew by an average of 7.66%. The largest month-over-month

drop in rent prices occurred in two bedroom units in Jackson Heights, where rents fell by an average 9.73% since last month.

Notable TrendsBuilding (Average Prices)




A QUICK LOOK STUDIOS

Long Island City$2,385

Astoria$1,858

Jackson Heights$1,442

Forest Hills$1,417

Rego Park$1,520

Flushing$1,435

RidgewoodN/A

Greatest ChangesSince February

Average Unit Prices By Neighborhood

Forest Hills

Flushing

Flushing

33 16DAYS DAYS

LIC

07

ASTORIASTUDIO PRICES

$1,676Average PriceQueens Studios

Days on Market

Market Inventory

High Low

High Low

48

7.66% (-$132)




A QUICK LOOK 1 BEDS


Astoria$2,003


Forest Hills$1,966

Rego Park$1,875

Flushing$1,648

Ridgewood$1,800



LIC Ridgewood

36 18DAYS DAYS

Astoria

07Ridgewood

2.92% ($51)

RIDGEWOOD1 BED PRICES

$1,991Average PriceQueens 1 Beds

Days on Market

Market Inventory

High Low

High Low

155




A QUICK LOOK 2 BEDS


Astoria$2,467


Forest Hills$2,595

Rego Park$2,573

Flushing$2,214

Ridgewood$2,015



Flushing Rego Park

43 14DAYS DAYS

Astoria Flushing

9.73% (-$220)

JACKSON HEIGHTS2 BED PRICES

$2,548Average PriceQueens 2 Beds

Days on Market

Market Inventory

High Low

High Low

114 11




Long Island City

One-Bedroom -0.34%

Two-Bedroom -3.82%

Astoria

One-Bedroom -0.93%

Two-Bedroom -2.47%

Flushing

Two-Bedroom -1.15%

Rego Park

Studios -0.47%

Forest Hills

Studios -1.6%

One-Bedroom -0.9%

Two-Bedroom -1.61%

Jackson Heights

Studios -2.63%

One-Bedroom -1.63%

Long Island City

Studios 2.34%

Astoria

Studios 7.66%

Ridgewood

One-Bedroom 2.92%

Two-Bedroom 1.22%

Flushing

Studios 2.59%

One-Bedroom 2.82%

Rego Park

One-Bedroom 0.56%

Two-Bedroom 4.91%

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

A QUICK LOOK




Q UEENS PRICE TRENDSStudio Price Trends

One-Bedroom Price Trends

Two-Bedroom Price Trends

1,500

1,575

1,650

1,725

1,800

1,950

1,970

1,990

2,010

2,030

2,500

2,550

2,600

2,650

2,700

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar1,727 1,754 1,670 1,550 1,581 1,626 1,729 1,744 1,709 1,650 1,676






LONG ISLAND CITY• Average rents in the neighborhood fell by 1.20% this month.• Studios saw the greatest increase in price, with 2.34% month-over-month gains.• Two bedroom units saw the greatest decrease in price, with 3.82% month-over-month losses.

Studio Price Trends



2,200

2,325

2,450

2,575

2,700

2,800

2,850

2,900

2,950

3,000

2,800

2,850

2,900

2,950

3,000

3,700

3,800

3,900

4,000

4,100







ASTORIA• Average rents in the neighborhood grew by .81% this month.• Studios saw the greatest increase in price, with 7.66% month-over-month gains.• One and two bedroom units saw prices fall by 0.93% and 2.47% respectively since last month.

Studio Price Trends



1,500

1,600

1,700

1,800

1,900

1,900

1,975

2,050

2,125

2,200

2,300

2,400

2,500

2,600

2,700







RIDGEWOOD• Average rents in the neighborhood grew by 2.01% this month.• One and two bedroom units saw prices grow by 2.92% and 1.22% respectively since last month. • There were no studio units in this month’s sample.

Studio Price Trends



0

500

1,000

1,500

2,000

1,200

1,400

1,600

1,800

2,000

1,900

2,000

2,100

2,200

2,300

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar1,717 1,998 1,948 1,100 - - - - - - -






FLUSHING• Studio and one bedroom units saw prices grow by 2.59% and 2.82% respectively since last month. • Two bedroom units rent fell by 1.15% since February.

Studio Price Trends



0

400

800

1,200

1,600

1,500

1,575

1,650

1,725

1,800

1,500

1,775

2,050

2,325

2,600

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar1,350 1,395 1,250 1,250 1,343 1,217 - - 1,591 1,399 1,435






REGO PARK• Average rents in the neighborhood grew by 2.12% this month.• Studio prices declined by 0.47% since February.• Two bedroom units saw prices grow by 4.91% from the previous month.

Studio Price Trends



1,100

1,275

1,450

1,625

1,800

1,700

1,775

1,850

1,925

2,000

1,700

1,925

2,150

2,375

2,600







FOREST HILLS• Average rents in the neighborhood fell by 1.36% this month.• Prices for studio, one and two bedroom units fell by 1.59%, 0.87% and 1.61% respectively since February.

Studio Price Trends



1,300

1,475

1,650

1,825

2,000

1,800

1,900

2,000

2,100

2,200

2,400

2,475

2,550

2,625

2,700







JACKSON HEIGHTSStudio Price Trends



1,100

1,200

1,300

1,400

1,500

1,600

1,650

1,700

1,750

1,800

1,500

1,775

2,050

2,325

2,600

• Average rents in the neighborhood fell by 5.24% this month.• Prices for studio, one and two bedroom units fell by 2.63%, 1.63% and 9.73% respectively since February.

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar1,463 1,238 1,500 1,450 - 1,435 1,460 1,452 1,400 1,481 1,442






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 March 2015 mns · MNS Queens Rental Market Report March 2015 page 12 Queens Rental Market Report March 2015 Gramercy Par I Williamsurg mns.com RIDGEWOOD