If you live close to a prime subway stop, you’re likely paying for the privilege, because convenience comes at a cost. But what cost, exactly, does it come at? That’s what RentHop is trying to figure out.
The rental search engine just released its latest handy map, which looks at the median one-bedroom rents around each of the city’s subway stops. A lot of their findings are about what you’d expect—living near a major subway hub is pricy, it turns out!—but there are more than a few surprises.
To figure out an area’s median pricing, RentHop’s data scientists looked at non-duplicate one-bedroom listings within 660 feet, or an eighth of a mile, from subway stops. If they found at least 50 listings, they calculated the median area rent. If they didn’t, they steadily increased the radius from the subway stop until they had enough unique data points to work with. It’s also worth noting that RentHop’s data only looks first-quarter median rents of RentHop-listed properties, so there are some limitations to the data here.
On that note, let’s start with the obvious: if you want to live close to a bustling transit center—Union Square, West 4th Street, Atlantic Ave/Barclays Center, Times Square—it’s going to cost you. Union Square has some of the priciest rents in the city, with the median cost of a one bedroom clocking in at $5,265, while digs near Fulton Street cost a not-insignificant $3,346.
Since last year, median rents have increased the most near outer borough subway stops—Halsey Street, Church Avenue, Parkside Avenue, and Ralph Avenue have all seen huge jumps—while some prime Manhattan locations have actually seen notable rent drops. One-bedrooms around 59th Street and Lexington Avenue, West 4th Street, Chambers Street, and Astor Place are all cheaper than they were this time last year.
Here’s where the data gets interesting, though: in a number of locations, renters can save significant dough by living one stop further out. At Church Avenue in Brooklyn, for example, the median rent hovers around $2,950. But if you’re willing to go one stop further to Ditmas Avenue, the median is $1,725—theoretically, a $1,225 savings. You get similar savings if you live at 77th Street in Manhattan instead of 66th, or 125th Street instead of 116th. A one-bedroom at Nassau Avenue in Greenpoint averages $3,100, but if you’re willing to stay on the train another few minutes, you can live off the Greenpoint Avenue stop for $700 less.