The rent prices in real estate in Long Island City, in the New York region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per sq.feet in Long Island City has had a strong fall during the last 6 months. In July, the average price per sq.feet was $164.76. In the following month the price per sq.feet rose to $174.56. The price for the following two months in (September, October) had a considerable fall of 38 with regard to the previous two months. The price per sq.feet has had a considerable fall of 51 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $116.73 to $59.62 during November, and December.
When referring to the price in Long Island City (cities), this has fallen in the last 6 months. The average price for July is $3,251. During August the price had a slight fall till $3,048. During the following two months (September, October) the average price fell 92 % with regard to the previous two months. During the last two months, the average price has fallen with regard to the previous ones. To be precise it has fallen 89 %, going from $3,023.75 to $2,682 in November and December.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $2,707 they are 1 % more affordable than the average price for Long Island City . The properties with the highest average price have 4 bedrooms, Their price is 91 % more expensive than the average. After that we have properties with 3 bedrooms priced at $4,349.
With regard to the average price per sq.feet, those properties with 3 bedrooms are the most affordable ones at a cost of $4.74 / sq.feet, with an average $73.98 / sq.feet price in Long Island City. The properties with the most expensive average prices have 1 bedroom. They are 17 % more expensive than the average followed by properties with 2 bedrooms with a price at $54.11 / sq.feet.
The graph displaying the average rent prices displays the property type "Townhouse" as the most affordable one. At an cost of $2,707 it is 25 % more affordable than the average price in Long Island City. "Apartment" is seen as the second most affordable property type. The most expensive property type is "House" followed by "Condo". At a price of $3,390 it is 75 % more expensive than the average price.
According to the average cost per sq.feet, the most affordable property is "House" at an average price of $3.47 / sq.feet followed by "Condo" priced at $3.78 / sq.feet. "Apartment" is the most expensive type of property with a $87.72 / sq.feet value followed by "Townhouse" with an average price of $16 / sq.feet.