NYC 1BR Rents Are Dropping At Most Major MTA Stops
New Yorkers living in one-bedroom apartments may be able to save some money should they decide to renew their lease.
That’s according to RentHop data scientist Shane Lee who mapped out rental prices for one-bedroom apartments by subway stop. Here’s what she discovered for the period of Jan. 1, 2021 and March 31, 2021:
- Rents decreased at 418 out of 473 stops across all train lines.
- That’s 88% of the stops we tracked.
- Rents increased at just 35 stops in the past year.
- Median rent dipped 23% around Lincoln Center — a short walk from the AMSTRDM where one-bedroom prices dropped over 20% year-over-year (scroll down for more info).
- Median rent slid more than 21% at two Delacey St./Essex St. stops near the F, J, M and Z lines.
- That’s close to The Adele — 310 E 2nd Street, New York, NY 10009 — which is currently offering 2 months free on a 12-month lease.
RentHop also whipped up an interactive map showing all rents, stops, and YoY price fluctuations:
The top 5 biggest rent drops on one-bedroom apartments occurred at the following stops:
- 66th St./Lincoln Center — 1/2 trains ($3,100; YoY -23%)
- Delancey St./Essex St. — F train ($2,495; YoY -21.9%)
- 81st St. — A/B/C trains ($2,500; YoY -21.8%)
- Forest Ave. — M train ($1,800; YoY -21.7%)
- Delancey St./Essex St. — J/M/Z ($2,500; YoY -21.3%)
With this in mind, apartment hunters would be wise to check RentHop for listings in and around this area — especially the 66th St. stop in Manhattan. The AMSTRDM (pictured below) over at 166 West 75th Street, for example, saw a median 1BR rent dropped over 20% year-over-year, has no-fee apartments and offers up to 3 months free.
Of the 35 stops where rent increased, these were the top 5 stops that saw the largest uptick:
- 167th St. — B/D trains ($1,795; YoY 5.6%)
- 238th St. — 1 train; $1,890 (YoY 5.2%)
- Far Rockaway/Mott Ave. — A train ($1,673; YoY 4.6%)
- New Lots Ave. — 3/4 trains ($1,724 YoY 4.5%)
- 183rd St and Fordham Rd. — 4 train ($1,775; YoY 4.4%)
RentHop also discovered that 20 subway stops in Manhattan experienced no rent change. So if you’re landlord won’t cut you a break on the heels of the Covid-19 pandemic, consider these options:
Apartments located around the 34th Street-Herald Square stop — a major transportation hub with B/D/F/M/N/Q/R/W trains — have rents that hover $3,200 a month, giving it a year-over-year decrease of 13.5%.
Over in Union Square, near 14th Street – where the 4/5/6 trains are in close proximity to the N/Q/R/W — rents saw a year-over-year decrease of more than 20%.
Median 1BR Rents at Major NYC Subway Hubs
- Bowling Green — 4/5 trains ($3,100; YoY -17.6%)
- Times Sq. – 42nd St. — 1/2/3 trains ($3,036; YoY -15.7%)
- Grand Central — 4/5/6 trains ($3,040; YoY -15.6%)
- Fulton St. — 2/3 trains ($3,250; YoY -15.3%)
- Fulton St. — A/C trains ($3,250; YoY -14.9%)
- Fulton St. — 4/5 trains ($3,250; YoY -14.5%)
The trend isn’t exclusive to Manhattan. Many stops in Brooklyn — including hotspots Williamsburg and Bushwick — also saw rents drop for one-bedroom apartments:
- Bedford Ave. — L train stop ($3,097; YoY -13.6%)
- Metropolitan Ave. — G train ($3,000, YoY -13.8 percent)
- Central Ave. – M train ($2,000 YoY -18.4 percent)
- Jay St./Metrotech — A/C/F ($3,162; YoY -11.3%)
- Atlantic Ave./Barclay’s Center — 2/3/4/5 ($2,850; YoY -14.8%)
To calculate the median net effective rents for the map above, we used RentHop’s rental data for one-bedroom apartments from Jan 1 through March 31, 2020 & 2021, 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 surveyed at least 50 non-duplicated rental listings within half a 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 mile of a subway stop.
Outside of New York, we illustrated a similar trend. Last month, RentHop reported that one-bedrooms near the Boston T also saw significant rent drops.
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