Is New York City Finally Getting Cheaper?

Next Stop – Lower Rent

New York’s MTA subway system is an essential part of many New Yorkers’ lives. With as many as 5.7 million riders each weekday, it truly is the backbone of the city. It should be no surprise then, that it is one of the first things that people consider when looking to rent an apartment. Close proximity to the right trains means shorter commutes and more time spent doing what you love. RentHop’s data scientists love maps and rental data, and so we’ve mapped out rental prices by subway stop to assist in your apartment hunting endeavors.

Some of our key findings this year include:

• Around half of the subway stops in Manhattan experienced negative rent growth, including 34 St-Herald Sq – B/D/F/M/N/Q/R/W Trains ($3,350, YoY -8.2%), 6 Av-14 St – F/L/M Trains ($3,995, -10.2%), and Chambers Street – 1/2/3 Trains ($3,550, -10.2%).
• Apartments are getting cheaper in Northern Brooklyn. Many stops in Greenpoint, Williamsburg, Bushwick, and Bed-Stuy saw rent drop, such as Bedford Av – L train ($3,122, YoY -2.5%), Metropolitan Av – G Train ($2,875, -8.8%), and Central Av – M Train ($2,200, -4.4%).
• Looking at one-bedroom median net effective rents from February through April 2017 & 2018, we found that many stops in Northwest Queens experienced rent drop, such as Ditmars Blvd – N/W Trains ($1,950, -7.2%), Queensboro Plaza – 7/N/W Trains ($2,700, -3.1%), and 39 Av-Beebe Av – N/W Trains ($2,200, -9.2%).
• The Bronx real estate market, however, seems to be booming against the overall trend in NYC. Certain stops close to Manhattan saw over 5% rent growth, including 138 St – 4/5 Trains ($2,050, +8.5%), Jackson Av – 2/5 Trains ($1,735, +9.9%) and 149 St – Grand Concourse – 2/4/5 Trains ($1,950, +5.5%).

The Interactive Map Below Shows All Rents, Stops, and YoY Price Fluctuations

Get the code to embed this map!

In order to calculate the median net effective rents for the map above, we used RentHop’s rental data for one-bedroom apartments from February through April 2017 & 2018, MTA Lines and Stops data, and GIS data for subway stops compiled by CUNY – Baruch College. To get accurate prices near the subway stops, we looked at least 50 non-duplicated listings within 0.6 mile of a subway stop and then calculated the median rents. If there were less than 50 non-duplicated listings, we expanded the distance to 1.2 miles of a subway stop.

Major subway hubs like Union Square, Fulton Street, and Atlantic Ave/Barclay’s Center give nearby residents flexibility and convenience when traveling or commuting to different places. They also make it easy to convene and get home from anywhere after a long day of work. It’s no wonder these subway stops ranked among the most expensive stops on the RentHop subway rent map.

One Bedroom Rents For Major NYC Subway Hubs

• Union Square 14^th St (4/5/6/L/N/Q/R/W Trains) – $5,285, YoY +0.4%
• Grand Central 42^nd St (4/5/6/7/S Trains) – $3,700, YoY +5.8%
• West 4th St (A/B/C/D/E/F/M Trains) – $2,850, YoY +3.1%
• Herald Square 34^th St (B/D/F/M/N/Q/R/W Trains) – $3,350, YoY -8.2%
• Fulton St (A/C/J/Z/4/5 Traisn) – $3,565, YoY -0.9%
• Atlantic Ave – Barclay’s Center (2/3/4/5/B/Q Trains) –  $3,400, YoY + 6.3%
• Broadway Junction (A/C/J/L/Z Trains) – $1,869, YoY -4.2%

Where Does the Train of Rising Rents Stop?

So far, in 2018, we’ve seen rents dropping at many stops in the Manhattan Island and Brooklyn, mostly related to more supply than demand. In Northwest Queens, similarly, many stops are seeing lower net effective rents, meaning that more landlords are offering concessions to attract tenants. Below, we’ve compiled a list of the stops with the largest price pops and drops.

These stops saw some of the biggest rent drops on one-bedroom apartments

• Nassau Av (G) – $2,375 (YoY -20%)
• 116^th St (B/C) – $2,150 (-13.8%)
• City Hall (R/W) – $2,915 (-11.3%)
• Marcy Av (J/M/Z) – $2,488 (-11.2%)
• Chamber St (1/2/3) – $3,550 (-10.1%)
• 36 Av-Washington Av (N/W) – $2,200 (-9.7%)

These subway stops saw rent jumps

• East Broadway (F) – $2,825 (YoY 14.1%)
• Park Place (2/3) – $4,029 (12.2%)
• East 180^th St (2/5) – $1,900 (10.0%)
• Harlem – 148^th Street (3) – $1,900 (8.6%)
• 86^th St (4/5/6) – $3,050 (8.0%)
• East 143 St-St Mary’s St (6) – $1,879 (7.9%)

Time or Money?

Would you travel a few extra stops to save a couple hundred dollars? How about for $800? We scanned the map for the best single stop rent savings and found some really surprising results.

The list below represents the largest price disparities between a single stop. This could be because they are on the edge of a business development district, rents dropped at one stop, prices soared at the other, both, or all of the above. It’s also possible that the typical one bedroom apartment near one stop is very different from an apartment a stop away.

Turn your commute into extra cash at these stops

• Save $1,000 between 66^th St-Lincoln Center($4,000) and 72^nd St ($2,999) – 1/2/3 Trains
• Save $800 between 59^th Street ($3,500) and Queensboro Plaza ($2,700) – N/W Trains
• Save $799 between 66^th Street-Lincoln Center ($3,899) and 72^nd Street ($3,100) – L Train
• Save $700 between Grand Central 42^nd St ($3,700) and 51^st St ($3,000) – 6 Train
• Save $647 between Bedford Av ($3,122) and Graham ($2,475) – L Train

Condensed Map for Easy Sharing – Click on the image for the full map!

 

What Does This Mean For You?

Finding an apartment in New York City is hard. Deciding where to live and starting your search is probably the most difficult step. By giving you as much information about the market as possible, RentHop hopes to point you in the right direction. This map is just one of the data-backed insights we offer. All of our New York City apartment listings are ranked using available data to ensure that renters always see the best quality apartments.