July 11, 2021 By Christian Murray
Astoria’s rental market has stabilized in current months however is down greater than 10% from pre-pandemic ranges, in keeping with a new report printed by the actual property firm MNS
The typical hire paid for a studio within the neighborhood in June was $ 1,760, nearly unchanged from Might, in keeping with the report.
Nonetheless, the quantity paid for a studio in Astoria is down about 10 % from the common in February 2020– the final full month earlier than the pandemic – when the common studio introduced in $ 1,951.
The one bed room market in Astoria has seen comparable declines. The typical hire paid in June was $ 1,989, matching that of Might, however down greater than 12% from February 2020, when the common hire paid was $ 2,270.
The report additionally discovered that the common 2-bedroom room in Astoria was rented in June for $ 2,307, down greater than 13% from pre-pandemic ranges. As of February 2020, the common value paid for a 2 bed room in Astoria was $ 2,662.
Nonetheless, the market seems to have bottomed out and costs are slowly rising, the information reveals.
Luca DiCiero, founding father of Astoria-based actual property agency NY Area Finders, mentioned the market was beginning to come again.
“The market picked up although we went via a number of hurdles with COVID and a quick oversupply,” DiCiero mentioned. “Fortuitously, now we have not too long ago rented numerous items. “
Astoria market has been hit a lot tougher than the remainder of the borough, in keeping with the report
The typical hire paid within the borough for a studio was $ 1,830 in June 2021, down 4% from February 2020, when it was $ 1,907; one bed room fell about 4% to $ 2,162, from $ 2,249 in February 2020; and the common value paid for a two-bedroom fell 6% to $ 2,710 in June, from $ 2,885 earlier than the pandemic.