A recent study found that New Yorkers living in one-bedroom apartments near a subway station may be able to save some cash if they renew their lease.
According to RentHop, between Jan. 1 and March 31, 2021, rental prices for one-bedroom apartments near subway stops decreased at 418 out of 473 stops across all train lines, marking 88% of the stations analyzed.
The study found that the 66th St./Lincoln Center station, housing the 1/2 trains, saw the highest year-over-year drop in rent prices for a one-bedroom, falling 23% to $3,100, followed by the Delancey St./Essex St. station (F train) with a 21.9% decrease to $2,495. The next three highest year-over-year drops were found at the 81st St. station (A/B/C trains) falling 21.8% to $2,500; the Forest Ave. station (M train) dropping 21.7% to $2,500; and the Delancey St./Essex St. station (J/M/Z trains) falling 21.3% to $2,500.
Several one-bedroom apartments near New York City’s major subway hubs saw drastic decreases in rental prices as well. In Manhattan alone, the Bowling Green station (4/5 trains), Times Square-42nd Street station (1/2/3 trains), and Grand Central station (4/5/6 trains) fell 17.6%, 15.7%, and 15.6%, respectively, to $3,100 at Bowling Green, $3,036 at Times Square-42nd Street station, and $3,040 at Grand Central. The Fulton Street station overall had one-bedroom rents costing $3,250 — based on the areas analyzed, the apartments near the station’s 2/3 trains fell 15.3%, the apartments near the A/C trains fell 14.9%, and the ones near the 4/5 trains fell 14.5%.
Outside of Manhattan, apartments near stations in Brooklyn — including Williamsburg and Bushwick — saw rents drop during this time period. The Central Ave. station (M train) saw an 18.4% drop year-over-year in one-bedroom rental costs to $3,097. Other big drops include the Atlantic Ave./Barclay’s Center (2/3/4/5 trains), falling 14.8% to $2,850; the Metropolitan Ave. station (G train) dropping 13.8% to $3,000; the Bedford Ave. station (L train) falling 13.6% to $3,097; and the Jay St./Metrotech (A/C/F trains) dropping 11.3% to $3,162.
Though many rents saw decreases, one-bedroom apartments near 35 stations saw rent increases during the first three months of the year. The biggest change was the apartments at the 167th St. station, running the B/D lines, which raised 5.6% year-over-year to $1,795 a month. Following behind was the 238th St. station (1 train) raising 5.2% to $1,890; the Far Rockaway/Mott Ave. station (A train) raising 4.6% to $1,673; the New Lots Ave. station (3/4 trains) raising 4.5% to $1,724; and the 183rd St and Fordham Rd. station (4 train) raising 4.4% to $1,775. Several stations also saw no change in rent changes in nearby apartments.
Read the full report at renthop.com. Check out the interactive map below: