A typical street lined with brick residential buildings in Astoria. Photo via Getty Images.
May 17, 2024 By Ethan Marshall
The Queens neighborhood of Astoria experienced the third-largest year-over-year increase in rental inventory in April 2024, according to a report by the real estate listing information site StreetEasy.
Rental inventory in Astoria rose 47.1% year-over-year, from 936 in April 2023 to 1,377 in April 2024. The only neighborhoods to experience a larger jump over this span were Mott Haven in the Bronx at 85.2% and Greenpoint in Brooklyn at 47.4%.
The median asking rent in Astoria also went up with the rental inventory. Over the same period of time, the median asking rent went up 5.5%, from $2,749 in 2023 to $2,900 in 2024.
The median asking rent in Queens as a whole experienced a more extreme change than in Astoria alone. Year-over-year, the borough had an 11.1% jump in median asking rent from $2,700 last year to $2,999 this year. This drastic increase suggests that inventory is still limited despite Astoria’s drastic growth. There is still a lot of competition for the few available rental units.
Astoria is the only Queens neighborhood to be among the top ten in rental inventory growth. The borough’s inventory as a whole experienced a 9.6% increase, from 3,692 last year to 4,046 this year.
StreetEasy cited new rental buildings with modern amenities as playing a large role in the rental inventory growth across Astoria and the rest of the borough. A main factor into Astoria standing out among other neighborhoods is its close proximity to Manhattan, in addition to all the new amenity-rich buildings.
If rental inventory continues to trend up in Queens, rent growth could eventually slow down. This is best reflected in Astoria, where rent growth is much smaller compared to the rest of the borough.
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3 Comments
How many neighborhoods did you expect to see the largest rent growth?
You mean all the cheap, shoddy, graffiti ridden dump the Chinese are building and taking over the area aren’t enough?
I love Astoria and am frequently there. Yet, the reason why there is more “inventory” is due to the fact that the apartments are smaller than in other areas of Queens. Astoria’s apartments were built in the early 20th century. Also, some buildings are still walkups. 3 years ago we wanted to move there but couldn’t. The apartments we saw had mice and roach issues.
Lastly, the nightlife. Yes Astoria has a booming nightlife. What you “save” in rent you will most likely use up in food and going out to eat. I feel many of the restaurants are under-rated. A friend of mine moved out of the Steinway area due to the noise. He moved to Sunnyside, where his apartment is bigger, more expensive but quieter.
Once again, I am not bashing Astoria as I love the neighborhood. I am just pointing out truths that people need to know.