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Astoria Rental Market Begins to Stabilize, Although Average Rent Down 10 Percent From Pre-Pandemic Levels: Report

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July 12, 2021 By Christian Murray

The Astoria rental market has stabilized in recent months but is down by more than 10 percent from pre-pandemic levels, according to a new report released by the real estate firm M.N.S.

The average rent for a studio apartment in the neighborhood in June was $1,760, virtually unchanged from May, according to the report.

However, the rental price paid for a studio in Astoria is down approximately 10 percent from the average in February 2020—the last full month prior to the pandemic—when the average studio fetched $1,951.

The one bedroom market in Astoria has experienced similar declines. The average rent paid in June was $1,989, flat with the May figure but down more than 12 percent from February 2020, when the average paid was $2,270.

The report also revealed that the average 2 bedroom in Astoria rented in June for $2,307, down more than 13 percent from pre-pandemic levels. In February 2020, the average rent was $2,662.

The market, however, appears to have bottomed out based on recent monthly data. For instance, the average rent paid has stabilized in recent months.

Luca DiCiero, the founder of the Astoria-based real estate firm NY Space Finders, believes that the Astoria market is beginning to bounce back.

“The market has picked up even though we went through a few obstacles with COVID and a brief oversupply,” DiCiero said. “Fortunately, we’ve been leasing a lot of units recently.”

The Astoria market has been hit much harder than the rest of Queens, according to the report

The average rent paid in the borough for a studio was $1,830 in June 2021, down 4 percent from February 2020; a one bedroom went for $2,162, down about 4 percent from February 2020; while the average paid for a two bedroom in June was $2,710, down 6 percent from February 2020.

The Astoria market has stabilized in recent months. However, the average rent is still down significantly from pre-pandemic levels. In February 2020, the average studio in Astoria went for $1,951; a one-bedroom $2,270; and a 2-bedroom $2,662.

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