Rents Are Going Up in New York City
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.
Our key findings this year include:
- Overall, 1BR median rent in NYC went up by 3% the past year.
- Rents increased at 314 MTA stops and fell at 115 stops. Meanwhile, 23 stops experienced no change in 1BR median rent.
- New developments drove up the median rent at multiple stops in Brooklyn, including G Train / Classon Av ($2,575, +13.2%), G Train / Metropolitan Av ($3,225, +12.2%), and L Train / Morgan Av ($2,475, +8.9%).
- Union Square continued to be the most expensive stop in the NYC metro area. 1BR median rent at this stop currently sits at $5,490, 3.9% higher than last year.
- Thanks to the new development at 29-22 Northern Blvd, Queens Plaza – E/M/R outranked Queensboro Plaza – 7/N/W and became the most expensive stop in Queens, with 1BR median rent at $3,025, and year-over-year growth of 9.2%.
- In the Bronx, Freeman St, Simpson St, and Intervale Av on the 2/5 lines experienced significant rent growth, which is largely driven by the new development at 1117 Hoe Avenue.
The Interactive Map Below Shows All Rents, Stops, and YoY Price Fluctuations
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 2018 & 2019, 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 at Major NYC Subway Hubs
- Union Square 14th St (4,5,6,L,N,Q,R,W Trains) – $5,490
- Times Square 42nd St (1,2,3,7,N,Q,R,S,W Trains) – $3,007
- West 4th St (A,B,C,D,E,F,M Trains) – $2,895
- Herald Square 34th St (B,D,F,M,N,Q,R,W Trains) – $3,274
- Fulton St (A,C,J,Z,2,3,4,5 Trains) – $3,693
- Atlantic Ave – Barclay’s Center (2,3,4,5,B,D,N,R,Q) – $3,435
- Broadway Junction (A,C,J,L,Z) – $1,900
Where Does the Train of Rising Rents Stop?
So far, in 2019, we’ve seen rents rising at many stops across Manhattan, Brooklyn, Queens, and the Bronx, mostly related to new or renovated buildings and reduced concessions, such as 305 86th Street by 86 St – Q train. The repositioned 298 Mulberry Street pushed up the 1BR median rent at Bleecker Street – 6 Train ($3,475) by 10.3%. ML House at 1050 Sixth Avenue, one of the newest addition to the Midtown luxury buildings, pushed the median rent up at both Bryant Park and Times Square. In the Bronx, the brand-new, six-story boutique building at 111u Hoe Avenue caused rental prices to surge at Simpson St and Intervale Avenue on the 2/5 Trains. Similarly, in Brooklyn, the Stanwix at 115 Stanwix Street and the Rheingold at 10 Montieth Street also put upward pressure on the rental prices around Flushing Av – J/M Trains.
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
- Fort Hamilton Parkway – F/G – $2,100 (YoY -8.7%)
- Lorimer St – J/M – $2,566 (YoY -8.4%)
- Canal St – A/C/E – $4,120 (YoY -7.2%)
- Jackson Av – 2/5 – $1,632 (YoY -6.1%)
- 36 St – D/N/R – $1,850 (YoY -5.7%)
These subway stops saw rent jumps
- Classon Av – G – $2,575 (YoY 13.2%)
- Simpson St – 2/5 – $1,573 (YoY 12.3%)
- Bergen St – 2/3 – $3,200 (YoY 12.3%)
- Metropolitan Av – G – $3,225 (YoY 12.2%)
- Flushing Av – J/M – $2,449 (YoY 11.3%)
Time or Money?
Would you travel a few extra stops to save a couple hundred dollars? How about for $1,000? 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 $1,101 between 96 St ($3,461) and 103 St ($2,360) – B/C Trains
- Save $1,020 between 68 St – Hunter College ($3,795) and 77 St ($2,775) – 6 Train
- Save $960 between Bedford Av ($3,360) and Graham Av ($2,400) – L Train
- Save $725 between 59 St – Columbus Circle ($3,825) and 72 St ($3,100) – B/C Trains
- Save $680 between 66 St – Lincoln Center ($3,925) and 72 St ($3,245) – 1 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.
