New York City rents continue to increase, affecting the budgets of tenants and incoming renters. This year, RentHop found that while prices rose across most subway stations, they drastically jumped in Brooklyn. Renters looking to escape the high rental prices in Manhattan are still moving to the outer boroughs. In response, developers and existing owners continue to build and renovate properties to charge more expensive rents.
As MTA subway ridership levels continue to surpass previous post-COVID records, ridership remains lower than before the pandemic. Yet the pre-pandemic rental prices are long forgotten in the NYC rental market, where renters are paying more than ever, with no indication of fluctuation on the horizon. With the rental season underway, those looking to move this year must decide which location accommodates their rental wish list and budget.
Our Key Findings This Year Include the Following:
- The median rent for a New York City apartment is currently $4,400, 3.5% higher than this time last year.
- Rental prices increased at 84% of subway stations this year, lower than the 94% of increases in 2023.
- 11.7%, or 56 subway stations, saw rents decrease year over year, more than double the decreases that occurred last year.
- Subway stations along the 6 train in the Bronx witnessed the most drastic rental decreases, with rents coming down over 6%.
- Rental prices remained the same at 3% of stations, including Manhattan’s busiest stops like Times Square and Grand Central.
- While construction has decreased year over year, new developments and renovations still increased rental prices in outer neighborhoods across Brooklyn, the Bronx, Queens, and even uptown Manhattan.
2024 NYC Subway Median Rent Map with YoY Price Fluctuations
The map below highlights MTA subway stops that experienced significant price fluctuations year-over-year. Rent prices increased in the outer boroughs like Brooklyn around the Ave P stop by 17.44%. In Manhattan, prices spiked uptown off the 155th St stop and downtown near Bowery, Grand St, and East Broadway.
84% of Subway Stations Experienced Rental Increases, Lower than Last Year
402, or 84% of stops, watched their rents go up over the past year. However, this figure is lower than our 2023 findings, which located rent increases at 94% of stations. Overall, rents remained the same or decreased along more subway stations year over year.
Rental prices remained the same at 3% of subway stations, including popular Manhattan stops like Grand Central, Times Square, and West 4th Street. While renters still commute and use these stops frequently, the demand for rentals along these stops has not impacted the median rents.
Rental prices decreased along 11.7% of stations across the boroughs, with many rents decreasing along the 4 and 6 routes in the Bronx. Several stations along the G line in Brooklyn also saw decreasing rents.
Slower Development is No Match for Rapid Renovations
Similar to previous years, Manhattan renters still consistently concede their location to acquire lower-priced units in the outer boroughs, eventually increasing prices in those areas. However, new developments and renovations also impact rental prices, jacking up rents in areas typically offering more affordable options for long-time residents.
New Developments Still Impact Rents
Between 2022 and 2023, new developments in the outer boroughs drastically impacted rents as developers took advantage of the expiring 421a Exemption. While developers have until June 15, 2026, to complete construction, many buildings already launched leasing, leaving fewer units to impact rental prices. New developments like The Highland and 1775 Coney Island Avenue increased the median one-bedroom rents off the Shepherd Ave stop by 14.53%, and the Ave M stop by 9.49%, respectively.
New developments and renovations in Upper Manhattan contributed to increasing rents along the 155th St subway stops. In our 2023 report, the rent along 155th St increased only 7.3% at the A-C location and 9.0% at the B-D location. However, new developments like Sunrose Tower charge higher rents in exchange for in-unit laundry, furnished rooftops, and doormen, driving up rents by 19.27% since last year.
Renters along the 2 and 5 trains in the Bronx also watched prices drastically increase. The Bronx Vibe began leasing new luxury units in February, and the Simpson Street stop watched prices soar 12.08%. Rents also soared 17.07% off the Kew Gardens stop in Queens due to new buildings like 81-07 Kew Gardens Road.
Agent Joseph Kano with Rentopia believes that while high Manhattan rents are pricing renters out and causing a migration to the outer boroughs, there are “new developments in Williamsburg and Bushwick” also hitting the market at higher prices.
Renovations and Boutique Buildings Drive Up Rents in Outer Neighborhoods
Meanwhile, more renovated apartments and boutique buildings entered the market this spring, pushing rents higher at certain stops. Renters in Canasie can pick from renovated units in buildings like 1370 East 92nd Street, which contribute to rents increasing 16.28% off the Canarsie—Rockaway Pkwy L stop. Smaller boutique buildings with refined finishes, like 1846 Park Place off the Sutter Ave—Rutland Road stop in Brooklyn, also charge higher rental prices.
The median one-bedroom rent increased at the 155th St stop in Manhattan, partially due to renovations at 457 West 150th Street, which turned 19th-century carriage houses into modern sun-drenched oases with higher rents.
Tenants With Lower Rents Aren’t Moving
Some existing tenants with below-average rents may have opted to stay put more often in the past year. As rents drastically increased in outer neighborhoods after the pandemic, existing tenants who did not need to move apartments could have resigned their leases, decreasing the inventory of lower-priced units. When tenants eventually decide to move, the units may be outdated enough to convince owners to renovate and charge a higher rent.
Median 1BR Rents at Major NYC Subway Hubs
- Union Sq – 14 St (N-Q-R-W) – $5,050, YoY +1.0%
- Union Sq – 14 St (4-5-6-6 Express) – $4,700, +1.73%
- Times Sq – 42 St (1-2-3) – $4,400, +0.0%
- Times Sq – 42 St (N-Q-R-W) – $4,500, +0.0%
- Grand Central – 42nd St (4-5-6-6 Express) – $4,375, +1.86%
- Grand Central – 42nd St (7-7 Express) – $4,300, +0.66%
- West 4th St (B-D-F-M) – $4,650, -0.75%
- West 4th St (A-C-E) – $4,695, +0.0%
- Herald Sq – 34 St (B-D-F-M) – $4,600, +0.11%
- Herald Sq – 34 St (N-Q-R-W) – $4,645, +1.09%
- Fulton St (2-3) – $4,663, +5.98%
- Fulton St (4-5) – $4,598, +4.62%
- Fulton St (A-C) – $4,619, +4.98%
- Fulton St (J-Z) – $4,600, +4.66%
- Jay St – Metro Tech (A-C-F) – $4,271, +6.35%
- Atlantic Ave – Barclay’s Center (2-3-4-5) – $4,195, +2.5%
- Atlantic Ave – Barclay’s Center (B-Q) – $4,300, +2.5%
- Atlantic Ave – Barclay’s Center (D-N-Q-R) – $4,275, +3.64%
- Broadway Junction (J-Z) – $2,700, +12.5%
- Broadway Junction (A-C) – $2,672.50, +11.35%
- Jackson Heights – Roosevelt Av (E-F-M-R) – $2,350, +6.82%
- 74 St – Broadway (7) – $2,395, +8.86%
Rents Spiked at These Stops
- 155th St (B-D) – $2,600, +19.27%
- 155th St (A-C) – $2,600, +17.97%
- Briarwood – Van Wyck Blvd (E-F) – $2,300, +17.95%
- Marble Hill – 225th St (1) – $2,700, +17.65%
- Ave P (F) – $2,290, +17.44%
These Stops Experienced Decreases in Median Rents for 1BR Apartments
- Cypress Ave (6) – $2,420, -6.58%
- Bronx Park East (2-5) – $1,640 -6.52%
- 103rd St (A-B-C) – $3,347.50, -6.49%
- Brook Ave (6) – $2,369, -6.36%
- Gun Hill Rd (5) – $1,797.50, -5.15%
Methodology
To calculate the median net effective asking rents for the map above, we used RentHop’s rental data for long-term, unfurnished one-bedroom apartments from February 1 through April 30, 2023 & 2024, 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 20 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 20 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.
