May 14, 2015 By Michael Florio
Rental prices are on the rise in Jackson Heights.
The average rental price in the neighborhood increased 7.45 percent for the month of April compared to March, according to a MNS Real Estate report.
The increase comes in a month where the average rental price in Queens dropped slightly from $2,082.78 in March to $2,074.17 in April.
The increase in Jackson Heights was driven by a significant jump in the average cost of two-bedroom apartments, which rose $356 to $2,395. However, according to the report, the cost of a 2 bedroom in Queens is only higher in Long Island City, Astoria, Forest Hills and Rego Park.
The average price of a studio in Jackson Heights also increased by 3.4 percent, costing an average of $1,491. The only neighborhoods in the report that cost more were Long Island City, Astoria and Rego Park. Despite the overall increase in Jackson Heights, one-bedroom apartments did decrease by 1.03 percent, going for an average rent of $1,696.
The report states that, “Prices [in Jackson Heights] were bolstered all around by a number of renovated units in co-op buildings hitting the market.”