- Apartment site RentHop analysed NYC apartments to find how far from the subway New Yorkers need to live to find cheap rent.
- In Brooklyn and Queens, rent can be up to 10% cheaper for apartments more than a half mile away from subway entrances.
- In Manhattan, apartments within ⅙ and ⅛ of a mile from the subway have the cheapest rent – but only by 2.9% compared to the borough median.
- Staten Island and the Bronx were omitted because of a lack of available data.
Cheap rent in New York City is hard to find.
Finding an affordable NYC apartment close to a subway is even harder – ask any New Yorker and they will tell you proximity to the subway entrance can make a huge difference on commuting time, comfort – and their cost of living.
And thanks to RentHop, we now know by how much: Moving 10 minutes away from the subway could save renters up to 10%.
RentHop’s data scientists compared the median monthly rent in each borough to median rents of apartments with varying distances to subway entrances, and found that those closest to the train entrances are more expensive by about 6-8% compared to the borough median.
But living farther away from the train – by more than a quarter mile – can cost 8-10% less, on average.
The only borough that didn’t reflect these findings is Manhattan, where 90% of apartments are about ¼ mile away from the subway, and apartments more than ⅓ mile away saw a spike in rent, likely because they are in buildings closer to the waterfront.
The cheapest Manhattan rent can be found within ⅙ and ⅛ of a mile from the subway – but it only drops about 2.9% from the borough median of $US3,450 a month.
The median rent in Brooklyn is $US2,768 a month, and in Queens it’s $US2,470, but apartments greater than 1/2 mile away from the subway can see those prices drop by 8% and 10% (respectively).
Rent in Brooklyn can fluctuate even more drastically in certain neighbourhoods, like Crown Heights South, where median rent prices are 16.7% higher than the borough average when close to the subway, but 32.2% cheaper for apartments between ⅓ and ½ mile away.
You can see more detail about Brooklyn rents below:
New York City’s other two boroughs, Staten Island and the Bronx, were omitted (as usual – although in this case, their sample sizes were too small to provide conclusive information).
So if you’re not interested in moving out of New York to a place where your money might go further, an apartment farther away from the subway might be a good start.
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