Astoria rental market has stabilized however down greater than 10% from pre-pandemic ranges: report

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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.

For a duplicate of the June 2021 report, Click on right here. For the February 2020 report, Click on right here.

Rental costs within the final 12 months in Astoria. Nonetheless, the common hire paid for a studio in February 2020 (the month earlier than the pandemic) was $ 1,951; a 1 bed room value $ 2,270; and a pair of bedrooms $ 2,262 (Supply MNS Actual Property Inc)

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