Queens areas experience rental price boom

Queens experienced heightened rental prices last year.

Some sections of New York’s Queens borough experienced commercial property managers increase prices for multiple multifamily rental types in 2012.

The rent level for a one-bedroom apartment in the Astoria section of the borough averaged $1,600 per month, a report from Modern Spaces explained. This rose even higher  in the Long Island City area, as it increased $50 per month during the fourth quarter to an average of $2,400.

Astoria had a price per square foot increase of $32 from 2011 to 2012, the New York Daily News reported, citing the firm. This brought last year’s figure to $732.

“We’re definitely seeing prices going up,” Eric Benaim, president and CEO of Modern Spaces, told the news source. “There’s not enough housing to support everybody.”

For the same type of apartment unit, the figure sold for an average of $501,732 in Long Island City during 2012, according to the firm. This level was $387,786 in Astoria during the same period.

Much of the price increases in the area were due to property management companies dealing with a significantly lower supply, Modern Spaces added. The demand for apartments in New York City has also been elevated in recent months.

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