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Astoria rental prices have dropped compared to last year, according to report

June 19, 2017 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.

Queens Market Report May 17 by Queens Post on Scribd

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Astoria is very economically diverse when it comes to people, homes and income. A lot of the older homes in Astoria (which dominate this area) can not compete with the newer buildings thus the asking rent is decreasing. Also all these new places are also offering special perks such as cheaper rent to fill up apts. With Con Ed, the Airport, Sewer Plants, bridges, highways, crowds, traffic, noise etc. Astoria is very far from being upscale compared to neighboring places like LIC (which is a predominately quieter, well-kept and filled with new buildings and views that appeal to a certain type of renter). Many renters also now are venturing off to Sunnyside and Woodside (cheaper). Astoria will continue to grow either way and it is currently a renters market.


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