New York City: Where Moving a Half-Mile Can Save You $1,000 on Rent

published Aug 11, 2017
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Living close to certain major subway stations almost always means paying more in rent—that’s a fact that will surprise approximately zero New Yorkers. That kind of convenience doesn’t come cheap, and everyone knows it. But if you’re looking to save money on rent, a recent study from RentHop can help you use that information to your advantage better.

RentHop basically did the work of mapping out the median rent in NYC neighborhoods against the subway stops that service those areas. The results can teach us where in NYC you can give up just a bit of your commuting time for a big savings on rent.

The Highest Rents, by Subway

Let’s start by covering the subway stops you should avoid living by if you’re not looking to spend more. In Manhattan, Union Square 14th Street station tops the list with a median asking rent of $5,265 for one bedroom apartments, followed by Times Square 42nd Street ($3,468), West 4th Street ($3,395), Herald Square 34th Street ($3,395), and Fulton Street ($3,346). Brooklyn stations Atlantic Avenue – Barclays Center and Broadway Junction station also made the top 7, with median asking rents of $3,040 and $2,035, respectively.

Where Rents are Dropping

Some subway stops in Manhattan have actually seen a decrease in rent prices, and might be worth paying attention to. For example, median asking rent for one bedroom apartments near the 59th Street / Lexington Avenue stop has decreased 15.5 percent since the first quarter of 2016—though rent prices are still high at $3,250.

Where You Can Trade Commute Time for Dollars

But here’s where you can really find a difference—RentHop broke down the median asking rent disparities between single subway stops, where you can save perhaps a surprising amount of money just by adding a few minutes to your daily commute. Here’s what you need to know:

  • Living by the 77th Street 6 train, as opposed to the 68th Street stop, can save you a whopping $1,082.
  • Living by the 125th Street 1 train, as opposed to 116th Street, can save you $823—no small sum, either.
  • The difference between the 103rd Street B and C trains vs. 96th Street? $702. And the same goes for living by the Greenpoint Avenue G train versus the Nassau Avenue stop.
  • In Astoria, you can save $625 just by living by the Astoria Ditmars Boulevard N and W train stop instead of the Astoria Boulevard stop.

You can see a breakdown of rent costs by different subway stations on the map below, or read the full report at RentHop.