Astoria rental prices drop in November: report

Astoria charts- cut
Chart courtesy of MNS Real Estate 

Astoria residents have at least one more thing to smile about — lower rents.

While the overall average rates of rents in Queens increased for a second consecutive month, prices in Astoria saw a decline in November for various sizes of apartments, according to MNS Real Estate’s monthly Queens Rental Market Report.

Residents were likely to pay $1,719 for a studio, $2,017 for a one-bedroom and about $2,468 for a two-bedroom apartment in November, which results in an overall average rent decline of 4.45 percent, the report said.

The decrease in price for two-bedroom apartments was eclipsed by Forest Hills, which recorded average rents of two-bedroom apartments for $2,599 in November.

Astoria, a burgeoning neighborhood that has begun to see an influx in major developments such as Astoria Cove, also had a bump in inventory, and the report praised the neighborhood’s growth.

“An increase in Astoria inventory and an average of 13.6 days in market imply a steady rate of growth and popularity in rental market,” the report said.

While Astoria saw declining rents, studios in nearby Long Island City had the highest percent increases throughout the borough. Renters were likely to pay $2,406, which is a 6.16 percent jump from the previous month.