{"id":737,"date":"2022-05-02T09:09:05","date_gmt":"2022-05-02T09:09:05","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?post_type=studies&p=15501"},"modified":"2022-05-02T09:10:48","modified_gmt":"2022-05-02T13:10:48","slug":"nyc-mta-subway-rent-map","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/research\/nyc-mta-subway-rent-map\/","title":{"rendered":"1BR Rents Skyrocketed At Major MTA Stops"},"content":{"rendered":"

When the pandemic first hit New York City, residents fled in droves, leaving countless apartments empty and flooding the rental market with sublets and lease breaks<\/a>.<\/p>\n

Today, it\u2019s a completely different scenario. Two years into the pandemic, many have returned to the city they love the most, for work, for social life, and for many other reasons that make New York New York. Rental prices have recovered well beyond the pre-pandemic levels, and affordable rental inventory for many is hard to come by.<\/p>\n

Post-pandemic changes to the MTA<\/h3>\n
The MTA system saw a similar shift. Over 90% of NYC\u2019s subway riders disappeared<\/a> during the pandemic. Now, the crowded cars and platforms show a stark difference. Subway ridership hit the highest single-day total on March 15<\/a> since the pandemic, and while the ridership is still not back to the pre-pandemic days, it\u2019s fair to say that many people in NYC still rely heavily on the MTA system.<\/p>\n
Proximity to the right trains means shorter commutes and more time spent doing what you love. But more importantly, choosing the right stop could potentially save you hundreds of dollars. How much can you save in 2022 by living one stop farther away from the city center? Let\u2019s find out.<\/p>\n
Our key findings this year include:<\/strong><\/p>\n
\n
One-bedroom median rents rose along 438 stops<\/strong> across all train lines. That\u2019s over 90%<\/strong> of the MTA subway stops in New York City.<\/li>\n
Rents skyrocketed at major subway stops as concessions went away and gross rents soared with strong rental demand.<\/li>\n
In Manhattan, multiple stops experienced over 30% year-over-year growth, including 72nd St (1-2-3 trains, $3,495 \/ YoY 34.4%), 28th St (N-Q-R-W, $4,200 \/ YoY 33.3%), and Grand Central – 42nd St (4-5-6-6 Express, $4,025 \/ YoY 31.8%).<\/li>\n
In addition to reduced incentives, new developments also pushed up median asking rents at major subway stops.<\/li>\n
In Brooklyn, one-bedroom median rent rose 21.7% at Bergen St (2-3-4, $3,225) and 30.5% at Atlantic Av – Barclay Center (2-3-4-5, $3,775), partially due to two major new developments, 662 Pacific Street<\/a> and 18 Sixth Avenue<\/a> in Prospect Heights.<\/li>\n
In Queens, new buildings like 29-17 40th Avenue and Sven at 29-59 Northern Boulevard<\/a> drove up prices along stops including 36th St (E-M-R, $2,658 \/ YoY 29.6%) and Queensboro Plaza (7-7 Express-N-W, $3,390 \/ YoY 28.6%)<\/li>\n
In the Bronx, the median price for one-bedroom apartments around Cypress Ave rose 19.4% to $2,269 as the Arches + NYC<\/a>, a 190-unit new rental building, launched leasing.<\/li>\n<\/ul>\n
The Interactive Map Below Shows All Rents, Stops, and YoY Price Fluctuations<\/h2>\n
Looking at the map, we can see that stops experiencing more drastic year-over-year fluctuations are in neighborhoods saturated with high-rise luxury rental buildings. This is mostly due to landlords reducing the unprecedented concessions they were offering during the pandemic. In Midtown East, renters could get up to 3 months free at 150 E 44th Street on a 15-month lease. Now, not only has the gross rent increased, but the rent incentives are no longer as attractive. In Downtown Manhattan<\/a>, buildings like 88 Leonard Street<\/a> were offering up to 4 months free last year, and that kind of sweet deal no longer exists in the city.<\/p>\n