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Rents in Forest Hills Drop as Prices in Rego Park Rise, Report Says

By Ewa Kern-Jedrychowska | April 14, 2015 2:04pm | Updated on April 14, 2015 6:26pm
 Average rent in affluent Forest Hills fell in March — with studio apartments renting for $1,400.
Average rent in affluent Forest Hills fell in March — with studio apartments renting for $1,400.
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DNAinfo/Ewa Kern-Jedrychowska

QUEENS — Average rent in affluent Forest Hills fell in March, while those in up-and-coming Rego Park were on the rise, according to a recent real estate report.

The average cost of a studio apartment in Forest Hills dropped to $1,417 per month, or by about 1 percent from February to March, while the price of studios in Rego Park went up to $1,520, or by 0.5 percent, according to an MNS Real Estate report released this week.

The trend mirrored the borough as a whole, where rents decreased slightly.

Overall prices in Forest Hills went down slightly last month 1.3 percent, and rose in Rego Park by 2 percent as more new and renovated apartments hit the market last month, according to real estate experts.

The slight downward dip in Forest Hills also applied to one- and two-bedrooms.

Cheaper rents in the neighborhood could be tied to price decreases in several buildings in the neighborhood, including The Mayfair at 98-30 67th ave., a pre-war building with a private garden, said Andrew Barrocas, CEO of MNS.

It was not clear why the prices decreased.

For the same one-month period, average prices for one-bedrooms in neighboring Rego Park rose slightly to $1,875, and two-bedrooms are up to $2,573, or by about 5 percent.

Prices in Rego Park climbed as more newly renovated apartments hit the market last month, including two-bedroom units in 99 Millennium at 63-66 99th St. for $4,499, which pushed overall average prices up, Barrocas said.

The neighborhood — which has been attracting more young families and professionals recently — has been getting more upscale buildings, including renovated and brand new ones, real estate experts said.

Long Island City remains the priciest neighborhood for renters in the borough, although prices slipped by 1.2 percent in March.

Average rent for a studio apartment in Long Island City was $2,385 for a studio, $2,932 for a one-bedroom and $4,091 for two-bedrooms.