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 March, the average price per sq.feet was $99.7. In the following month the price per sq.feet rose to $110.38. The price for the following two months in (May, June) had a considerable fall of 20 with regard to the previous two months. The price per sq.feet has had a considerable fall of 13 % 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 $63.25 to $8.23 during July, and August.
When referring to the price in Long Island City (cities), this has risen considerably in the last 6 months. In our first sample month during March, the average price is $3,350. In April This price remains at $3,399. During the following two months (May, June) the average price had a considerable rise of 120 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has had a strong increase of 115 % during the last two months.
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 $4,303 they are 20 % more affordable than the average price for Long Island City . The properties with the highest average price have 2 bedrooms, Their price is 10 % more expensive than the average. After that we have properties with 4 bedrooms priced at $4,126.
With regard to the average price per sq.feet, those properties with 4 bedrooms are the most affordable ones at a cost of $3.7 / sq.feet, with an average $6.49 / sq.feet price in Long Island City. The properties with the most expensive average prices have 1 bedroom. They are 33 % more expensive than the average followed by properties with 2 bedrooms with a price at $5.37 / sq.feet.
The graph displaying the average rent prices displays the property type "" as the most affordable one. At an cost of $4,303 it is 54 % more affordable than the average price in Long Island City. "Condo" is seen as the second most affordable property type. The most affordable property is "House" followed by "Condo". At a price of $3,856 it is 3 % more affordable than the average price.
According to the average cost per sq.feet, the most affordable property is "Condo" at an average price of $4.96 / sq.feet followed by "House" priced at $6.69 / sq.feet. "House" is the most expensive type of property with a $6.69 / sq.feet value followed by "Condo" with an average price of $4.96 / sq.feet.