As the luxury construction boom has given way to rising vacancy rates and ample concessions at some of New York's poshest buildings, the city has a whole has begun to experience a slight slide in median rents—a positive development, even if it's unlikely to change the fact that the poor and middle class still face a very real housing crisis brought on by rapacious landlords and elected officials.
Until we solve that problem, here is a fun map to play with, which looks at changes in median rent in the last year, broken down by subway stop:
The graphic was created by the real estate company RentHop, using their listings on one-bedroom apartments over the last year, along with additional subway and pricing data from the MTA and CUNY-Baruch College.
Taken together, those data sets show that around half of Manhattan's subway stops experienced negative rent growth, including an 8.2 percent drop in the area around Herald Square (average current rent: $3,350), and 10.2 percent drop near the Chambers Street 1/2/3 station ($3,550).
Interestingly, the market in North Brooklyn—whose residents will face a potentially disastrous L train shutdown in just eleven months —saw less significant rent decreases than Manhattan. Apartments near the Bedford Avenue L station (average rent: $3,122) are down 2.5 percent, while those near the Central Avenue M station ($2,200) are down 4.4 percent.
Less surprisingly, the company also found that major transit hubs ranked among the most expensive stops on the map. Here's a look at the current average rent near some of those hubs, as well as the year-over-year (YoY) changes, as determined by RentHop:
- Union Square 14th St (4/5/6/L/N/Q/R/W Trains) - $5,285, YoY +0.4%
- Grand Central 42nd St (4/5/6/7/S Trains) - $3,700, YoY +5.8%
- West 4th St (A/B/C/D/E/F/M Trains) - $2,850, YoY +3.1%
- Herald Square 34th St (B/D/F/M/N/Q/R/W Trains) - $3,350, YoY -8.2%
- Fulton St (A/C/J/Z/4/5 Traisn) - $3,565, YoY -0.9%
- Atlantic Ave - Barclay’s Center (2/3/4/5/B/Q Trains) - $3,400, YoY + 6.3%
- Broadway Junction (A/C/J/L/Z Trains) - $1,869, YoY -4.2%
Here are the subway stops that saw the largest decrease in rents:
- Nassau Av (G) - $2,375 (YoY -20%)
- 116th St (B/C) - $2,150 (-13.8%)
- City Hall (R/W) - $2,915 (-11.3%)
- Marcy Av (J/M/Z) - $2,488 (-11.2%)
- Chamber St (1/2/3) - $3,550 (-10.1%)
- 36 Av-Washington Av (N/W) - $2,200 (-9.7%)
And here are the stops that saw an increase in rent:
- East Broadway (F) - $2,825 (YoY 14.1%)
- Park Place (2/3) - $4,029 (12.2%)
- East 180th St (2/5) - $1,900 (10.0%)
- Harlem - 148th Street (3) - $1,900 (8.6%)
- 86th St (4/5/6) - $3,050 (8.0%)
- East 143 St-St Mary’s St (6) - $1,879 (7.9%)