June 19, By Christian Murray
The cost to rent an apartment in Astoria is starting to fall, according to a report released by the real estate research firm MNS this week.
The average rent paid for an Astoria studio in May was $1,838 per month, according to MNS. That figure was down a little more than 1 percent from May 2016, when the average cost of a studio was about $1,861 per month.
The cost to rent a one-bedroom apartment decreased by 5 percent over the past year. A typical one-bedroom apartment in Astoria cost $2,089 in May 2017, compared to $2,200 per month for the same month in 2016.
The cost of a two-bedroom fell 4.5 percent over that same period. A two bedroom rented for $2,508 in May 2017, compared to $2,627 in May 2016.
The Astoria rental market is reflective of the Queens rental market as a whole on a year-over-year basis.
In Long Island City, studio prices have fallen 3.5 percent; one bedrooms down 5.5 percent; and two-bedrooms down 8.6 percent on a year-over-year basis, according to the MNS report.
From May 2016 to May 2017, studio prices in the borough fell 3.3 percent, while one-bedrooms were down 2.1 percent and two bedrooms were flat.