RentHop: NYC rents increased the most near these subway stops

The work-from-home trend, which was once a safety measure, has created a shift in the NYC rental market. In the past years, neighborhoods in Brooklyn and Queens have become prime spots for New Yorkers who work remotely or follow a hybrid schedule. NYC renters have been flocking to the outer boroughs in search of more affordable housing options.

Although renters could still find great deals in Brooklyn and Queens, the recent surge in demand pushed rents in the outer boroughs up, particularly in neighborhoods near subway stops. In its latest report, RentHop, a real estate listing website, analyzed listings located within 0.5 miles of NYC subway stations to determine where rents have increased the most.

In 2022, 94.1 percent, or 445 subway stops, experienced a year-over-year rent increase. This rent growth was primarily driven by new developments priced above the average market rates. The median rent for a one-bedroom apartment near Grand Army Plaza (2-3-4) rose 25 percent in the past year to $2,800, faster than at any other subway station. 

“This year, rents slightly increased across Manhattan, jumping more noticeably in the outer boroughs,” the report reads. “An influx of renters looking to escape high rents, mixed with a growing number of new sky-high developments, drove rents up in areas that previously offered less expensive opportunities.”

The intersection of Sutphin Boulevard and Archer Avenue in Jamaica, Queens, saw the second-highest annual rent increase. The median one-bedroom rent near this subway stop soared 34.1 percent year-over-year to $2,014.50. Brooklyn’s Ocean Parkway station rounded up the top three list of subway stops with the highest annual rent increase, with the median rent jumping 23.2 percent in one year. 

Manhattan apartments located near subway stops experienced a less significant change in the median rents. Some Manhattan subway stations even saw a year-over-year drop in rents. The median rent for a one-bedroom apartment went down near Wall Street (2-3 Trains), Fulton Street (A-C-J-Z), Rector Street (R-W), and Bowling Green (4-5).

Image credit:

Billy Wilson (Flickr)

Resources:

“New Developments Drive Up 1BR Rents Along Outer Borough Subway Stops,” (RentHop, 2023) 

“Demand for new rentals near subway stops in the outer boroughs spurs higher rents,” by Jennifer White Karp (Brick Underground, 2023)

“Rents near these NYC subway stops have rapidly increased over past year,” by Ben Brachfeld (amNY, 2023)