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Astoria rental prices dip in November, experts not surprised

The Montenegro of Astoria

The Montenegro of Astoria

Dec. 17, 2014 By Michael Florio

Rental prices in Astoria dipped in the past month–although they remain largely unchanged from six months ago.

The average monthly rent decreased in November from October across all categories—whether it be studios, one-bedrooms or two-bedroom apartments, according to the MNS November report.

The November numbers, however, were essentially the same as six months ago across all categories and real estate experts were not surprised.

“It is a common trend to see rental rates drop in the winter,” said Justin Kinslow, an agent with Douglas Elliman who is based in the neighborhood.

Kinslow said rentals are in high demand in the spring and the summer months– essentially in Astoria as its profile has grown.  Therefore, landlords tend to raise the rents.

However, in the fall and winter demand wanes, which often leads to landlords settling for less.

The average price for an Astoria studio in November was $1,719, a decrease from $1,772 in October. However, the November number is largely unchanged from the June figure of $1,707, according to the MNS report.

The average price of a one-bedroom in Astoria dropped 4.45 percent in November to $2,017, compared to $2,111 in October. However, the November number is largely unchanged from six months ago when that number was $1,992.

Astoria two-bedroom apartments saw the biggest month-to-month decrease in November. Rents dropped 5.4 percent–from $2,610 in October to $2,468 in November. Despite the decline, they were mostly unchanged from June.

“In Astoria, this seasonal effect is more exaggerated because prices have increased in such a short period of time,” Kinslow said. “As the demand softens, landlords get more desperate and settle for less.”

The report noted that the overall supply of apartments in Astoria has grown and that many are now available for rent.

The increase in supply indicates that developers anticipate demand to continue as the neighborhood’s popularity grows.

 

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4 Comments

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SD

I don’t think it is true reporting. I have been looking for rental property in Astoria for six to eights months now and I can’t find anything within my price range.

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