Queens Rental Market Report November 2016 mns.com Queens Rental Market Report November 2016 TABLE OF CONTENTS
03 Introduction 04 A Quick Look 10 Queens Price Trends 11 Neighborhood Price Trends 11 Long Island City 12 Astoria 13 Ridgewood 14 Flushing 15 Rego Park 16 Forest Hills 17 Jackson Heights
26 The Report Explained
MNS Queens Rental Market Report November 2016 page 2
mns.com Queens Rental Market Report November 2016
INTRODUCTION Over the last month, prices in Queens have decreased by 4.0%, from $2,235.48 to $2,146.75, following a 2.6% increase from September to October.
MNS Queens Rental Market Report November 2016 page 3 mns.com mns.com Queens Rental Market Report November 2016 A QUICK LOOK Over the last month, prices in Queens have decreased by 4.0%, from $2,235.48 to $2,146.75, following a 2.6% increase from September to October. Studio prices decreased by 4.8%, one bedroom prices decreased by 3.7%, and two bedroom prices decreased by 4.7%. This is equal to an average price drop of $88.73. The largest change this month was a 14.1% decrease in the price of two bedroom units in Rego Park, mainly due to lower priced units on the market, such as at 75-10 Yellowstone Boulevard and 63-45 Saunders Street. The second largest change was a 12.3% decrease in the price of one bedroom units in Flushing, due to more inexpensive units being on the market. When considering the prices changes in Rego Park and Flushing, it is important to remember that when combined, they only constitute 8.2% of inventory this month (7.9% last month). This percentage is smaller than even some individual neighborhoods. Therefore, slight market pressures will have larger effects on pricing.
The largest price increase this month was an 11.8% increase in the price of two bedroom units in Ridgewood. This is due to the introduction of new, more expensive units to the market, specifically at 55-27 Myrtle Avenue, the site of the old Ridgewood Theatre, a much speculated development/conversion site for years. They are now offering higher end rental units, which constitute the majority of the more expensive units in that market.
Over the last year, price have increased by 3.3% on average, or by $68.18: studio prices have increased by 4.7%, one bedroom prices have increased by 1.2%, and two bedroom prices have increased by 3.6%. Prices in Ridgewood and Flushing have changed the most over the last year, by 8.0% and 8.2%, respectively. Both areas have gained attention for their valuable amounts of underutilized land, which have since been put to their highest and best uses.
At the time the sample was taken, the following neighborhoods had a sample size of less than 20 units on the market: studios in Ridgewood, Flushing, Rego Park, and Jackson Heights; one bedroom units in Ridgewood; and two bedroom units in Flushing and Jackson Heights. Smaller sample sizes often result in inflated price movements in average prices.
New developments such as the Ridgewood Theatre, which originally opened in 1916 and one hundred years later was converted to residential, will continue to change the landscape of Queens, proving that there is more room to grow.
Notable Trends Building (Average Prices)
Type Most Expensive Least Expensive
Studios Long Island City $2,343 Flushing $1,425
One-Bedrooms Long Island City $2,763 Flushing $1,707 Two-Bedrooms Long Island City $3,674 Ridgewood $2,333
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mns.com Queens Rental Market Report November 2016 A QUICK LOOK STUDIOS
Average Unit Prices Greatest Changes By Neighborhood Since October
9.1% (-$147)
JACKSON HEIGHTS STUDIO PRICES $1,930 $1,425 Astori a $1,472 Flushing Jackson Heights $2,343 Long Island City Days on Market High Low $1,738 Rego Park $1,566 Forest Hills
Ridgewood 35 9 DAYS DAYS
Rego Park Flushing
Market Inventory High Low
Average Price $ Queens Studios 1,746 84 0 LIC Ridgewood
MNS Queens Rental Market Report November 2016 page 5 mns.com mns.com Queens Rental Market Report November 2016 A QUICK LOOK 1 BEDS
Average Unit Prices Greatest Changes By Neighborhood Since October
12.3% (-$239)
FLUSHING 1 BED PRICES $2,169 $1,707 Astoria $1,859 Flushing Jackson Heights $2,763 Long Island City Days on Market High Low $2,026 Rego Park $1,940 Forest Hills $1,829 Ridgewood 30 18 DAYS DAYS
Forest Hills, Astoria LIC, Jackson Heights
Market Inventory High Low
Average Price $ Queens 1 Beds 2,042 299 16 Astoria Ridgewood
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mns.com Queens Rental Market Report November 2016 A QUICK LOOK 2 BEDS
Average Unit Prices Greatest Changes By Neighborhood Since October
14.1% (-$392)
REGO PARK 2 BED PRICES $2,540 $2,448 Astoria $2,365 Flushing Jackson Heights $3,674 Long Island City Days on Market High Low $2,389 Rego Park $2,485 Forest Hills $2,333 Ridgewood 41 19 DAYS DAYS
Forest Hills Rego Park
Market Inventory High Low
Average Price $ Queens 2 Beds 2,605 280 10 Astoria Flushing
MNS Queens Rental Market Report November 2016 page 7 mns.com mns.com Queens Rental Market Report November 2016 A QUICK LOOK
Year Over Year Price Change 5.5%-10% Change By Neighborhood 4% - 5.49% Change < 4% Change
8.18% Flushing
3.46% Astoria 5.56% Jackson Heights -0.52% Long Island City
5.13% Rego Park -3.69% Forest Hills
8.02% Ridgewood
Queens Rents: November 2015 vs. November 2016
Type November 2015 November 2016 Change
Studios $1,666 $1,746 4.75%
One-Bedrooms $2,018 $2,042 1.18%
Two-Bedrooms $2,514 $2,605 3.62%
MNS Queens Rental Market Report November 2016 page 8
mns.com Queens Rental Market Report November 2016 A QUICK LOOK
Where Prices Decreased (monthly) Where Prices Increased (monthly)
Long Island City Ridgewood Studios -1.9% Two-Bedroom 11.8% One-Bedroom -4.2% Two-Bedroom -7.4% Flushing Studios 1.8% Astoria Studios -6.8% Jackson Heights One-Bedroom -2.9% One-Bedroom 2.7% Two-Bedroom -2.9%
Ridgewood One-Bedroom -1.9%
Flushing One-Bedroom -12.3% Two-Bedroom -4.4%
Rego Park Studios -4.9% One-Bedroom -1.8% Two-Bedroom -14.1%
Forest Hills Studios -7.5% One-Bedroom -4.9% Two-Bedroom -7.4%
Jackson Heights Studio -9.1% Two-Bedroom -3.0%
MNS Queens Rental Market Report November 2016 page 9 mns.com mns.com Queens Rental Market Report November 2016 QUEENS PRICE TRENDS
2,200 Studio Price Trends
2,150
2,100
2,050
2,000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 1,666 1,685 1,747 1,743 1,772 1,738 1,803 1,857 1,943 1,865 1,736 1,833 1,746 1,9502,200 One-Bedroom Price Trends
2,150
2,100
2,050
2,000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,018 2,011 2,035 2,044 2,068 2,115 2,117 2,152 2,133 2,122 2,109 2,120 2,042 1,950 Two-Bedroom Price Trends
2,7 50
2,7 00
2,650
2,600
2,550
2,500
2,450 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,514 2,547 2,560 2,600 2,581 2,641 2,616 2,633 2,626 2,666 2,693 2,733 2,605
MNS Queens Rental Market Report November 2016 page 10
mns.com Queens Rental Market Report November 2016 LONG ISLAND CITY • LongIsland City prices decreased by 5.0%, following small decreases of 0.5% and 0.1% over the months of October and September. Studio prices dropped by 1.9%, one bedroom prices dropped by 4.2%, and two bedroom prices dropped by 7.4%. Over the last year, price changes have been smaller: studio prices have increased by 1.1%, one bedroom prices have decreased by 2.6%, and two bedroom prices have increased by 0.02%. Inventory levels increased in Long Island City this month, as they tend to do after a post-summer drop off. There were 39 more units on the market this month, including many new two bedroom units along Center Boulevard, and at the Avalon Riverview and Avalon Riverview North. Studio Price Trends
2,500
2,450
2,400
2,350
2,300
2,250 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,200 2,318 2,303 2,418 2,414 2,436 2,417 2,471 2,430 2,459 2,441 2,427 2,390 2,343 3,050One-Bedroom Price Trends
3,000
2,950
2,900
2,850
2,800
2,7 50
2,7 00 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,836 2,751 2,754 2,788 2,821 2,921 2,993 2,947 2,935 2,953 2,942 2,886 2,763
Two-Bedroom Price Trends
4,100
4,000
3,900
3,800
3,7 00
3,600 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 3,500 3,673 3,646 3,621 3,652 3,697 4,063 3,850 3,758 3,879 3,904 3,922 3,968 3,674
MNS Queens Rental Market Report November 2016 page 11 mns.com mns.com Queens Rental Market Report November 2016 ASTORIA • Prices in Astoria decreased by 4% this month, following a small increase last month. Studio prices decreased by 6.8%, which was the largest change, followed by 2.9% price decreases in the costs of one bedroom and two bedroom units. This is a $92.96 price drop over the last month. Over the last year, however, prices have increased across all unit sizes. Studio prices increased by 4.2%, one bedroom prices increased by 2.8%, and two bedroom prices increased by 3.4%. Inventory levels rose this month, and now Astoria units constitute 39.4% of the borough’s total units, as opposed to 35.6% last month. Even though they are a several blocks from the nearest train station, developments like Exo Astoria at 26-38 21st Street and Astoria Windsor at 30-80 21st street prove that demand for Astoria is strong and flexible as undeveloped or underused land is harder to come by. Studio Price Trends
2,100
2,000
1,900
1,800
1,7 00 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 1,852 1,866 1,878 1,865 1,875 1,767 1,861 1,993 2,022 2,061 1,995 2,070 1,930 2,350 One-Bedroom Price Trends
2,300
2,250
2,200
2,150
2,100
2,050 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,000 2,109 2,057 2,110 2,155 2,163 2,267 2,200 2,202 2,198 2,271 2,297 2,232 2,169 Two-Bedroom Price Trends
2,650
2,600
2,550
2,500
2,450
2,400 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,350 2,456 2,437 2,425 2,508 2,526 2,489 2,627 2,534 2,545 2,619 2,597 2,615 2,540
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mns.com Queens Rental Market Report November 2016 RIDGEWOOD • The Ridgewood Theatre renting top of the line two bedroom units led to an 11.8% price increase in that unit size this month. This percentage increase equates to a $246.41 increase in the price of two bedroom units. Of the fifteen most expensive two bedroom units in Ridgewood this month, ten were in the converted theatre, located at 55-27 Myrtle Avenue. There were no studios on the market, and one bedroom prices fell 1.9%. Additionally, inventory rose this month, by 24 units. Over the last year, prices have increased across the board, with one bedroom prices rising 1.3% and two bedroom prices rising 14.0%, due to high amounts of developer attention. Studio3,000 Price Trends
2,500
2,000
1,500
1,000
500
0 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov - - - - 1,713 1,850 1,867 2,100 2,500 - 1,399 - -
One-Bedroom Price Trends
2,300
2,200
2,100
2,000
1,900
1,800
1,7 00 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 1,600 1,806 1,825 1,822 1,828 1,860 1,911 1,891 2,251 2,217 1,873 1,866 1,864 1,829
1,5002,400Two-Bedroom Price Trends
2,350
2,300
2,250
2,200
2,150
2,100
2,050
2,000 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,047 2,113 2,092 2,163 2,111 2,100 2,190 2,181 2,141 2,217 2,165 2,087 2,333
MNS Queens Rental Market Report November 2016 page 13 mns.com mns.com Queens Rental Market Report November 2016 FLUSHING • Flushing prices varied this month, as studio prices increased by 1.8%, one bedroom prices decreased by 12.3%, and two bedroom prices decreased by 4.4%. 151-09 34th Avenue, a 72 unit building with rent stabilized apartments, contributed to the decrease in one bedroom prices. Flushing’s inventory is generally very low, and constituted only 2.5% of total inventory this month and 3.2% of inventory last month, so large price swings are not uncommon. Over the last year, prices in Flushing have increased: studio prices increased by 4.4%, one bedroom prices increased by 3.4%, and two bedroom prices increased by 14.3%. Studio Price Trends
1,600
1,550
1,500
1,450
1,400
1,350 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 1,300 1,365 1,382 1,456 1,441 1,480 1,392 1,565 1,533 1,524 1,579 1,476 1,400 1,425
One-Bedroom Price Trends 2,000
1,950
1,900
1,850
1,800
1,7 50
1,7 00
1,650
1,600
1,550 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 1,500 1,651 1,587 1,588 1,608 1,745 1,790 1,870 1,878 1,804 1,885 1,836 1,946 1,707
Two-Bedroom Price Trends
2,600
2,500
2,400
2,300
2,200
2,100 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,142 2,300 2,313 2,356 2,356 2,328 2,365 2,363 2,403 2,424 2,519 2,560 2,448 2,000 MNS Queens Rental Market Report November 2016 page 14
mns.com Queens Rental Market Report November 2016 REGO PARK • While prices in Rego Park increased across all unit sizes in last month, they decreased across all unit sizes this month: studio prices decreased by 4.9%, one bedroom prices decreased by 1.8%, and two bedroom prices decreased by 14.1% (mainly due to lower priced units in buildings such as 75-10 Yellowstone Boulevard and 63-45 Saunders Street). Over the last year, prices have increased by an average of 5.1%, with the largest change being the 13.6% increase in the price of studio apartments. Inventory levels are generally very low in Rego Park, and this month they accounted for 5.7% of the borough’s total units, as opposed to 4.7% last month. Buildings along Booth Street, as well as The Alexander at 61-55 Junction Boulevard and Millennium 99 at 63-36 99th Street, contributed to the rise in inventory levels. Studio Price Trends 1,900 1,850 1,800 1,7 50 1,7 00 1,650 1,600 1,550 1,500 1,450 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 1,530 1,580 1,641 1,624 1,746 1,662 1,715 1,705 1,824 1,848 1,731 1,827 1,738 1,400 One-Bedroom Price Trends
2,100
2,080
2,060
2,040
2,020
2,000
1,980
1,960
1,940
1,920
1,900 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 1,937 2,038 2,059 2,075 2,090 2,072 2,011 1,959 1,978 2,015 2,016 2,063 2,026
2,900Two-Bedroom Price Trends
2,800
2,7 00
2,600
2,500
2,400
2,300 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,200 2,386 2,610 2,694 2,609 2,582 2,638 2,411 2,489 2,344 2,367 2,402 2,781 2,389
MNS Queens Rental Market Report November 2016 page 15 mns.com mns.com Queens Rental Market Report November 2016 FOREST HILLS • While prices increased by an average of 4.2% last month, they fell by an average of 6.6% this month. Studio prices decreased by 7.5%, one bedroom prices decreased by 4.9%, and two bedroom prices decreased by 7.4%. Over the last year, prices have decreased across all sizes as well, but not by as much as they did over the last month- by an average of 3.7%. Forest Hill inventory levels increased more than any other borough this month, composing 9.9% of the borough’s total units. High amounts of activity on 113th street, such as at the Warwick (74 units) and at 75-23 113th Street (48 units), and at Parker Towers which has 1,327 units, contributed to the changes this month. 1,7 50 Studio Price Trends
1,7 00
1,650
1,600
1,550
1,500 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 1,450 1,593 1,563 1,534 1,552 1,532 1,564 1,634 1,666 1,572 1,621 1,594 1,693 1,566 One-Bedroom Price Trends
2,120
2,100
2,080
2,060
2,040
2,020
2,000
1,980
1,960
1,940 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,005 2,014 2,099 2,045 2,020 2,065 2,057 2,029 2,017 2,060 1,974 2,039 1,940
Two-Bedroom Price Trends
2,7 00
2,650
2,600
2,550
2,500
2,450
2,400 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,622 2,538 2,634 2,591 2,582 2,569 2,447 2,555 2,541 2,541 2,587 2,683 2,485
MNS Queens Rental Market Report November 2016 page 16
mns.com Queens Rental Market Report November 2016 JACKSON HEIGHTS • Prices in Jackson Heights decreased by 2.9% this month, which was the smallest average change of any neighborhood. The largest decrease was in the price of studios, which fell by 9.1%, and the largest increase was a 2.7% increase in the price of one bedroom units. There were low priced studio units on the market this month; buildings like 33-08 84th Street are offering very low rents for walk up units. Over the last year, prices have increased across the board: studio prices increased by 9.7%, one bedroom prices increased by 4.3%, and two bedroom prices increased by 4.1%. Inventory only increased by 9 units this month. Studio Price Trends
1,800
1,7 00
1,600
1,500
1,400
1,300 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 1,200 1,342 1,417 1,558 1,563 1,561 1,511 1,505 1,571 1,700 1,640 1,533 1,619 1,472 1,880 One-Bedroom Price Trends
1,860
1,840
1,820
1,800
1,7 80
1,7 60 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 1,782 1,802 1,814 1,805 1,780 1,778 1,798 1,797 1,785 1,799 1,830 1,809 1,859 1,7 40 Two-Bedroom Price Trends
2,7 00
2,600
2,500
2,400
2,300
2,200
2,100 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 2,000 2,272 2,186 2,144 2,322 2,215 2,300 2,423 2,554 2,526 2,587 2,660 2,437 2,365
MNS Queens Rental Market Report November 2016 page 17 mns.com mns.com Queens Rental Market Report November 2016
THE REPORT EXPLAINED
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 Author: MNS has been helping NYC landlords and renters navigate from available listings and priced under $10,000, with ultra-luxury the rental market since 1999. From large companies to individuals, property omitted to obtain a true monthly rental average. Our data MNS tailors services to meet your needs. To discuss further with our is aggregated from the MNS proprietary database and sampled from CEO, Andrew Barrocas, call us on a specific mid-month point to record current rental rates offered by 212-475-9000 or email at [email protected] landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Note: All market data is collected and compiled by MNS’s marketing Residential (OLR.com) and R.O.L.E.X. (Real Plus). 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.
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MNS Queens Rental Market Report November 2016 page 18
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