May 5, 2022 Staff Report
The rental market has bounced back—with apartments located within a half mile of a subway station coming back with vigor.
The real estate firm RentHop released a report earlier this week that found that the median rent paid for a 1-bedroom apartment has jumped significantly for those located near subway stations.
The report, which focused solely on 1-bedroom apartments, revealed that the jump was particularly noticeable by major station hubs and near stations where there has been an increase in luxury housing development.
For instance, the median rent paid for a 1-bedroom unit by the Queensboro Plaza station during the first quarter (Jan. 1—March 31) was $3,390, up 28 percent from the first quarter of 2021. The median rent paid for a 1-bedroom unit near the 36th Street station (E-M-R) during the first quarter was $2,658, up 29 percent from first quarter 2021.
The proximity of the stations to two new developments played a role in driving up prices, according to the report. The stations are near Sven, a 71-story tower located at 29-59 Northern Blvd, and Rise LIC, a 10-story building at 29-17 40th Ave.
The report noted that across the city rents have “skyrocketed at major subway stops,” with pandemic concessions vanishing and gross rents soaring. For instance, at the 72nd Street in Manhattan the median rent paid for a one-bedroom is up 30 percent year-over-year, to $3,495 during the first quarter.
“When the pandemic first hit New York City, residents fled in droves,” the report says. “Two years into the pandemic, many have returned to the city [and] rental prices have recovered well beyond the pre-pandemic levels.”
RentHop released data showing the median amount paid for a 1 bedroom near each station, as well as the increase.