{"id":643,"date":"2020-06-23T12:30:25","date_gmt":"2020-06-23T12:30:25","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?post_type=studies&p=12972"},"modified":"2020-06-23T12:31:47","modified_gmt":"2020-06-23T16:31:47","slug":"renthop-2020-subway-rent-map-rents-are-dropping-at-major-mta-stops","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/research\/renthop-2020-subway-rent-map-rents-are-dropping-at-major-mta-stops\/","title":{"rendered":"RentHop 2020 Subway Rent Map: Rents Are Dropping at Major MTA Stops"},"content":{"rendered":"

New York\u2019s MTA subway system is an integral part of most New Yorkers\u2019 lives. With as many as 5.5 million riders<\/a> each weekday, it truly is the backbone of the city. It should be no surprise that it is one of the first things that people consider when looking to rent an apartment. Proximity to the right trains means shorter commutes and more time spent doing what you love. RentHop\u2019s data scientists love maps and rental data, and so we\u2019ve mapped out rental prices by subway stop to assist in your apartment hunting endeavors.<\/p>\n

Our key findings this year include:<\/strong><\/h5>\n

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  • Rents remained the same around 28 MTA stops, increased at 257 stops, and fell at 159, or 36%, stops. This number is 10% higher than in 2019<\/strong>.<\/li>\n
  • As landlords were pushed to offer more concessions in response to the lackluster market performance caused by the pandemic, more stops in Manhattan this year experienced price cuts, including 28 St ($3,635, -11.3%)<\/strong>, 34 St \u2013 Herald Sq($3,600, -7.6%)<\/strong> , 86 St ($2,978, -6.7%)<\/strong> , and Times Square ($3,299, -5.1%)<\/strong>.<\/li>\n
  • Even with a significant YoY decrease, Union Square<\/strong> continued to be the most expensive stop in the NYC metro area. Median 1BR rent at this stop currently sits at $4,750, 6.8% lower<\/strong> than the same period in 2019.<\/li>\n
  • New developments continue to be a key driver of rental rates. In Brooklyn, median 1BR went up at several stops, including 36 St ($3,050, +9.1%)<\/strong> , Hewes St ($3,050, +9.1%)<\/strong>, and Marcy Av ($3,150, +5.0%)<\/strong>.<\/li>\n<\/ul>\n

     <\/p>\n

    The Interactive Map Below Shows All Rents, Stops, and YoY Price Fluctuations<\/strong><\/h4>\n

     
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