While rents have increased, home prices have reportedly decreased. This is the most confusing point for those inquiring about the Flushing market these days. Based on the numbers available until September, neither statement is entirely incorrect.

To clarify the basis, I should mention that the statistics for October rents and sales in Flushing have not yet been released. Therefore, the figures in this article are based on September data.

Rents are analyzed using the MNS Queens Rent Report. This is an average of the asking prices for listings that come onto the market each month. It's important to note that this reflects asking prices, not actual contract amounts.

The average asking prices in Flushing for September are $2,105 for studios, $2,814 for one-bedroom apartments, and $3,585 for two-bedroom apartments.

Compared to a year ago, the trends diverge. One-bedroom apartments have increased by 5.8% from $2,660, and two-bedroom apartments have risen by 4.7% from $3,425. Only studios have decreased by 6.9% from $2,262.

When compared to August, all three types have decreased. One-bedroom apartments are down $25, two-bedroom apartments are down $118, and studios are down $187. The overall average for Flushing, as compiled by MNS, has also dropped by 3.72% in just one month.

However, it would be premature to say that the trend has reversed. For instance, one-bedroom apartments jumped from $2,580 in July to $2,839 in August, an increase of $259 in just one month. The average asking price fluctuates based on the listings available that month.

The numbers from RentCafe tell a different story. According to the page updated on October 30, the average rent in Flushing is $2,318, with one-bedroom apartments at $2,275, reflecting a 7.41% increase compared to the previous year.

This page does not specify the month for the data. The criteria for the data collection also differ from MNS, so these two numbers should not be mixed.

Finding accurate market data is not easy. According to a RentCafe survey reported by QNS, Queens was the 22nd most competitive rental market in the U.S. as of July, with 11 applicants per available unit.

This year's biggest news is the rent freeze. The Rent Guidelines Board decided on June 25 by a vote of 7 to 1 to set the increase rate for stabilized apartments at 0%. This applies to all one- and two-year leases starting between October 1, 2026, and September 30, 2027.

Last year, the increases were 3% for one-year leases and 4.5% for two-year leases. This is certainly a relief for tenants. The real estate industry has pushed back, arguing that the board ignored its own data, and concerns about repair costs for older buildings are real, so I believe both sides have valid points.

The freeze applies only to stabilized apartments and does not affect general rentals. If you are unsure which category your home falls into, you can request your rent records from the state housing agency (HCR) for verification.

Now, moving on to sales. According to StreetEasy data compiled by Milton Coste, the median sale price in Flushing for September is $563,000. This is down 12.0% from a year ago, with 46 transactions recorded.

Condos are priced at $602,760, down 5.8%, with 18 transactions. Co-ops are at $365,000, up 4.3%, with 19 transactions.

The sample size is small. With this level of transaction volume, the median can fluctuate significantly depending on which units were sold. It would be misleading to interpret this as meaning that the same home has decreased in price by 12%.

In fact, according to RLS data from the same site, the median price over the last 90 days is $960,000, with 11 transactions. The numbers can vary greatly depending on the transactions captured.

The overall atmosphere in Queens cannot be summarized in one way. According to RLS, the median prices for condos and co-ops in the third quarter are $775,000, up 14.1%, while single-family homes have decreased by 6.7%. The sources and scopes differ, so these figures cannot be directly compared to those in Flushing.

The issues are concentrated on the supply side. On September 16, construction began on Phase 2 of Flushing Commons. This is an 18-story building developed by F&T Group and the New York City Economic Development Corporation, which will include 156 units.

At 32-02 Linden Place, a plan for a 10-story building with 296 units has been proposed. Of these, 75 units will be allocated for households earning 40-60% of the area median income. However, rezoning must occur first, so there are still reviews pending from the community board, city planning commission, and city council.

Neither of these projects will immediately lower rents next year. It is not advisable to delay contracts based solely on supply news.

There is much discussion in the neighborhood about the affordable housing fast track. This was passed by a resident vote last November and will take effect in January 2027. In 12 community districts with low affordable housing performance, the rezoning will be reviewed in 90 days without going through the city council.

In Queens, districts 4, 5, 10, 11, and 13 are included. On October 13, residents of District 11 questioned whether they would lose their veto power at a town hall meeting at the East Flushing Library. District 7, which includes the center of Flushing, is not on the list, so please check which district your address belongs to.

If you are a tenant, here's what I would do. First, check whether your unit is stabilized. If it is a general rental, gather the asking prices of three similar listings before receiving a renewal proposal.

If you are a buyer, use the neighborhood median price as a reference only. Look up recent transactions for that building directly in the city's recording system, ACRIS. For co-ops, you also need to consider monthly maintenance fees and board approval conditions.

If you are an investor, start by recalculating your rental income. Buildings with stabilized units need to reflect the freeze, and repair costs should be estimated generously.

Here's my assessment. Right now, rents in Flushing are solid, while home prices are uncertain. Therefore, if you are considering a purchase, it may be worth negotiating rather than accepting the asking price outright.

When the October figures are released, I plan to see if the two-bedroom and studio prices continue to decline from September. Please base your judgment on three months' worth of data from the same source.