{"id":41,"date":"2016-07-11T16:17:08","date_gmt":"2016-07-11T16:17:08","guid":{"rendered":"http:\/\/www.renthop.com\/content-manager\/?p=51"},"modified":"2016-07-11T16:18:33","modified_gmt":"2016-07-11T20:18:33","slug":"new-york-rent-by-subway-stop-2016","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/research\/new-york-rent-by-subway-stop-2016\/","title":{"rendered":"New York Rent by Subway Stop (2016)"},"content":{"rendered":"

An Analysis of Rents and the Subway Lines – NYC\u2019s Two Most Beloved Things<\/h2>\n

Check out our updated for 2017 NYC subway median rent map and study!<\/a><\/em><\/p>\n

View the most recent\u00a02023 edition of our NYC subway median rent study!<\/a><\/em><\/p>\n

Close your eyes and think of your least favorite things about New York City. If the subway and your monthly rent come to mind, then you’re in for a treat. The RentHop data science team has put together a map of median rents for one-bedroom apartments across all the subway lines. We cross-referenced our apartment listings to train entrance locations, taking the median of apartments within 500 meters or about two avenues from each stop. We set a minimum threshold of 50 listings for calculating each median, incrimentally expanding the radius around a subway stop if too few listings were returned. To prevent apartments that were listed multiple times, like open listings, from innacurately affecting the stats, we grouped duplicated listings.<\/p>\n

Check out the map below to see how rents are faring at your stop<\/h2>\n
\n

<\/p>\n

Would you commute for cash?<\/h2>\n
\n

It’s no secret that the further you get from downtown, the lower the rent is. Many people would be unwilling to live outside the boundary of their preferred neighborhood, but what if you could save $500+ per month by travelling an extra stop on the train? The extra few blocks from 66th St to 72nd St could save you $845 per month<\/b>. Granted you might really like the Lincoln Center area, but that’s enough extra dough for a trip or two to the NY Philharmonic, the Met Opera, or even dinner at Jean-Georges.<\/p>\n

A good rule of thumb<\/em> is that each stop is about two minutes apart (except express stops and when crossing a bridge), assuming there’s no “debris on the track” or “train traffic ahead”. Consider this when calculating what your time and commute is worth to you. An extra stop on the J\/M\/Z train past Marcy Ave will save you about $175, and each subsequent stop saves another $100 or more. The same holds true heading into Queens.<\/p>\n

These stops had the biggest jumps in price<\/h2>\n
\n

Some neighborhoods are always hot and trending, and it is expected that rents will rise, but the prices here are just soaring. The top spots rose by 10-20% year-over-year, a large departure from the rate quoted by the Bureau of Labor Statistics’ Consumer Price Index for New York – Northern New Jersey. The BLS published a year-over-year increase in \u2018residential rents\u2019 of 3.9% for the region, making these spots 3-5x more inflated than the rest of the region.<\/p>\n