New York City rental prices reached an all-time high last summer, skyrocketing even further for units along subway stops. In a post-low-rent and work-from-home age, New Yorkers must face the increasing cost of living in the city. This year, rents slightly increased across Manhattan, jumping more noticeably in the outer boroughs. An influx of renters looking to escape high rents, mixed with a growing number of new sky-high developments, drove rents up in areas that previously offered less expensive opportunities.
With MTA ridership reaching its highest level since COVID-19, renters heavily rely on public transportation. As the rental season prepares for kick-off, this year’s renters must decide how much they’re willing to pay for their ideal location.
Our key findings this year include the following:
- Citywide, the median one-bedroom rent currently sits at $4,250, 8.17% higher than a year ago.
- 94.1% of the stops experienced positive rent growth in the past year, while rents decreased at 4.9% or 23 stops included in the analysis. Rents remained unchanged at only 5 stops.
- Many stops in Brooklyn witnessed significant rent growth year-over-year, primarily driven by new developments priced above the average market rates.
- In Clinton Hill, newly developed rental buildings such as 545 Vanderbilt Avenue, 1010 Pacific Street, and 540 Waverly Avenue drove up rents significantly. The median one-bedroom rent at Clinton – Washington Aves (A-C Trains) increased by 20.69% to $3,500.
- In Queens, One Archer at 92-27 160th Street pushed up the median asking rent for one-bedroom units around Jamaica Center – Parsons / Archer (E-J-Z) by 20.79% to $2,426.
- Changes in the median asking rent for one-bedroom apartments are less drastic in Manhattan. Some stops even saw a decrease year-over-year.
- In Financial District, multiple stops experienced negative rent growth in the past year, including Wall Street (2-3 Trains, YoY -1.1%), Fulton Street (A-C-J-Z, YoY -1.0%), and Rector Street (R-W, YoY -1.4%).
2023 NYC Subway Median Rent Map with YoY Price Fluctuations
The below map highlights MTA subway stops that experienced significant price fluctuations year-over-year. Prices significantly increased in outer boroughs near stops like Stuphin Boulevard, Ocean Parkway, and Brooklyn College. In Manhattan, rents increased the most near East 110th St in East Harlem, spiking 17.2% as renters continue exploring areas further north to evade rising rents downtown.
Over 90% of MTA stops experienced rent hikes, but the growth was less drastic than in 2022
Last year, more than 90% of MTA stops also experienced rent hikes, but the price difference felt more drastic compared to the low rents and concessions from COVID-19. As the rental market warmed up to a post-COVID landscape last year, rents increased this year at a more steady pace.
445 stops, or 94.1%, witnessed rent increases this year. Increases in many areas are less noticeable than last year. 96th Street increased 13.33%, significantly less than last year’s 33.9% jump. Grand Central spiked 31.8% last year, but this year only increased by 2.4%.
This year, 23 stops, or 4.9% of stops, decreased in rent. Neighborhoods like Gravesend, Battery Park, and the Financial District dropped slightly. While new developments drive up rents in other areas in Brooklyn, rents are cooling in Gravesend. However, the neighborhood will soon welcome a new development as 2300 Cropsey Avenue nears completion, adding 154 new luxury apartments to the market. Neighborhoods like FiDi and Battery Park, while still popular NYC neighborhoods, are likely impacted by the population outflow to outer boroughs.
New developments drove up rents in outer boroughs
Manhattan rents for apartments near subway stops did not drastically increase from last year, but outer boroughs witnessed more robust spikes. This year, more luxury high-rise buildings emerged along the Brooklyn skyline, increasing inventory and average rent.
Part of this sudden development push tracks back to the recently expired 421a Exemption, which offered tax incentives for new residential construction that incorporated affordable housing units. However, the government did not extend the exemption last year. Only new buildings that started construction between January 1, 2016, and June 15, 2022, and that then finish development on or before June 15, 2026, qualify for the program.
To seize the tax benefits before the program expired, many developers initiated new construction to meet the June 15, 2022, deadline. Several of those buildings have since finished the building phase and opened this year, flashing stellar amenities and sophisticated apartments that charge higher rents and increase the average rent for the area. These buildings often reside near subway stations.
Examples of new developments in outer boroughs
In Clinton Hill, Brooklyn, new developments like 545 Vanderbilt Avenue, 1010 Pacific Street, and 540 Waverly Avenue offer affordable housing units and plenty of market-rate apartments influencing average rental prices. For example, 545 Vanderbilt Avenue houses 284 apartments, 80 of which are affordable. Median one-bedroom rent for the Grand Army Plaza stop increased by 25% as a result of the new luxury developments, the greatest increase this year across all MTA stops.
In Queens, buildings like One Archer at 92-27 160th Street introduced 315 apartments to the market, where 90 of them were affordable and the remaining 225 charged higher rental prices, driving up the average rent near the Sutphin Boulevard – Archer Av stop by 24.10% since last year.
Median 1BR rents at major NYC subway hubs
Living near major subway stations can decrease your commute time and increase your ease of travel city-wide. However, living near a major station can increase your rent.
- Union Sq – 14 St (N-Q-R-W) – $5,000, YoY +4.2%%
- Union Sq – 14 St (4-5-6-6 Express) – $4,620, +8.2%
- Times Sq – 42 St (1-2-3) – $4,400, +2.92%
- Times Sq – 42 St (N-Q-R-W) – $4,500, +5.9%
- Grand Central – 42nd St (4-5-6-6 Express) – $4,295, +2.4%
- Grand Central – 42nd St (7-7 Express) – $4,272, +2.94%
- West 4th St (A-B-C-D-E-F-M) – $4,150, +12.9%
- Herald Sq – 34 St (B-D-F-M) – $4,595, +4.4%
- Herald Sq – 34 St (N-Q-R-W) – $4,595, +3.4%
- Fulton St (2-3) – $4,400, +13.5%
- Fulton St (4-5) – $4,395, -0.9%
- Fulton St (A-C-J-Z) – $4,396, -1.0%
- Jay St – Metro Tech (A-C-F) – $3,999, +1.9%
- Atlantic Ave – Barclay’s Center (2-3-4-5) – $4,195, +6.2%
- Atlantic Ave – Barclay’s Center (B-Q) – $4,195, +5.9%
- Atlantic Ave – Barclay’s Center (D-N-Q-R) – $4,125, +5.8%
- Broadway Junction (J-Z) – $2,400, +11.6%
- Broadway Junction (A-C) – $2,400, +14.3%
- Jackson Heights – Roosevelt Av (E-F-M-R) – $2,200, +15.8%
- 74 St – Broadway (7) – $2,200, +15.8%
Rents spiked at these stops
- Grand Army Plaza (2-3-4) – $2,800, YoY+25.0%
- Sutphin Blvd – Archer Ave (E-J-Z) – $2,014.50, YoY +24.1%
- Ocean Pkwy (Q) – $1,867.50, YoY +23.2%
- Bedford – Nostrand Aves (G) – $3,200, YoY +23.1%
- Park Pl (S) – $2,949.50, YoY +22.9%
These stops experienced slight decreases in median asking rents for one-bedroom apartments
- Ave U (F) – $1,750, YoY -2.5%
- South Ferry (1) – $4,235, YoY -2.5%
- Fulton St (2-5) – $4,488.50, YoY -2.0%
- Rector St (1) – $4,270, YoY -1.8%
- Bowling Green (4-5) – $4,272, YoY -1.8%
To calculate the median net effective rents for the map above, we used RentHop’s rental data for long-term, unfurnished one-bedroom apartments from February 1 through April 30, 2022 & 2023, MTA Lines and Stops data, and GIS data for subway stops compiled by CUNY – Baruch College and NYC Open Data. To get accurate prices near the subway stops, we looked at least 50 non-duplicated rental listings within 800 meters (0.5 miles) of a subway stop and then calculated the median rents. If there were less than 50 non-duplicated listings. If not, the radius from the stop was increased to up to 2,000 meters (1.2 miles), and the data were resampled to ensure enough unique listings were used when calculating the median.