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LIC and Astoria rental prices take a dip since last year, report says

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Rental prices in several western Queens residents have dropped in the past year, according to a report by a real estate brokerage firm.

MNS analyzed prices in studio, one- and two-bedroom apartments in Long Island City, Astoria, Rego Park, Forest Hills, Flushing, Jackson Heights and Ridgewood from May 2016 through May 2017.

According to the report, the average price for a studio in these neighborhoods is $1,838, the lowest its been since rents were recorded last May. In October 2016, the average price for a studio was $2,070.

The average one-bedroom apartment would set you back approximately $2,089 now. In September 2016, the average price was $2,297.

In May 2016, a two-bedroom apartment cost $2,627 but in May 2017, the average price was $2,508.

In Astoria, prices have seen a downward trend since last May. The average price for a two-bedroom apartment did increase slightly in the past month from $2,479 in April 2017 to $2,508 in May 2017, but is still cheaper than the $2,627 in May 2016.

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In Long Island City, where rental prices have skyrocketed in recent years, prices are also lower than they were last May.

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Other neighborhoods, like Rego Park, have also seen large reductions in average rent prices. In May 2016, an average studio rented out for $1,715 but in May 2017 that number was $1,528. Forest Hills also saw drops in studio and one-bedroom apartments but the price of two-bedroom apartments has risen to $2,578 from $2,447.

The average price of a one-bedroom apartment in Flushing increased dramatically from last year, jumping to $2,053 from $1,870. The average price of a two-bedroom apartment also increased while studio prices remained consistent.

For the full report, visit the MNS website.

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