Photo via Jeffrey Zeldman’s Flickr
While amenities like on-site laundry and air conditioning are big selling points in New York City rentals, the building’s proximity to the subway remains one of the most important factors when looking for new digs. And like other amenities, there is an added cost to live near the subway. New data from RentHop breaks down how much renters can save by living further from the subway in Manhattan, Brooklyn and Queens. According to their report, as Curbed NY reported, apartments closest to the subway cost 6 to 8 percent more than the borough median, with the furthest costing 8 to 10 percent less.
For Brooklyn apartments located within 16th of a mile, the median rent is $3,000 per month, compared to the borough’s median of $2,768 per month. On the flip side, those living over half a mile from the nearest subway pay just $2,550 per month, well under Brooklyn’s median by about 6 percent.
Overall, Brooklynites living within 1/16th of a mile will pay over 8 percent higher than the borough median. If you don’t mind walking for ten minutes, you could potentially save 8 percent on your rent in Brooklyn.
Similarly, apartments in Queens are more expensive as you move closer to the trains. For a two- or five-minute walk to the subway in this borough, it will cost you slightly more than the borough’s median of $2,500 per month. Over a half a mile from the subway provides a decent discount for a median monthly rent of $2,200.
The data also revealed that 10,000 unique listings in Queens were found between 1/16th and 1/8th of a mile, with only 8,000 unique listings for apartments over 1/2 mile from the subway. RentHop suggests that the further away from the subway an apartment is, there will be more homeownership and fewer rentals.
Manhattan is a different story because 90 percent of the borough sits within a quarter mile of a subway. In Manhattan, living further away from a subway stop does not guarantee cheaper rent. That’s because, according to the report, when you’re 1/3rd of a mile from the subway you most likely live by the waterfront, which will cost 8.7 percent higher than the median rent.
In fact, apartments in this borough are actually cheaper when located between 1/6th and 1/8th of a mile from a train entrance, but just 2.9 percent cheaper than the borough’s median rent of $3,450.
Read the full report from RentHop here.
[Via Curbed NY]
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