Real Estate
www.qns.com I LIC COURIER I JANUARY 2019 11
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These Queens neighborhoods
saw increases in average
rental prices during 2018
BY EMILY DAVENPORT
A new report found that prices for
rentals throughout the World’s Bor-ough
have increased across the board.
MNS Real Estate released their
Year End Market Report for Queens,
which tracks the price trends for rent-als
throughout the borough. While
their recent monthly report found
that rental prices were dropping in
December, their 2018 Year End Re-port
found that average rental prices
had increased overall during 2018.
Last year, according to the report,
Queens saw price increases across all
rental unit types, with average prices
for studio apartments raising from
$1,781 to $1,827 (+2.6 percent),
one-bedrooms raising from $2,110
to $2,140 (+1.4 percent) and two-bedrooms
raising from $2,659 to
$2,701 (+1.6 percent).
Overall, Long Island City saw a 6.3
percent increase in average rental
prices throughout 2018. MNS par-tially
attributes the increase to the
number of luxury apartments that
were introduced to the neighbor-hood
last year as well as Amazon’s
intentions to bring their HQ2 to Long
Island City.
Other neighborhoods that saw
average rental price increase were
Ridgewood (+0.7 percent), Rego Park
(+1.81 percent), Forest Hills (+2.86
percent) , and Jackson Heights
(+1.38 percent). Astoria and Flush-ing
each saw average rental price
decreases in 2018, dropping down
by 1.02 percent and 2.08 percent,
respectively.
The largest average price changes
for one-bedroom and two-bedroom
units were both found in Long Island
City, which increased by 5.26 percent
and 9.11 percent, respectively. Rego
Park had the largest change for studio
apartments, increasing 7.41 percent
overall.
According to the report, MNS be-lieves
that Queens will benefit from
the increased attention not just from
renters and developers, but from
entire industries and multi-national
corporations.
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