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.
The research shows that the median rent paid for a one-bedroom apartment near the 40th Street station in Sunnyside is $2,000, $1,995 by the 46th Street station and $1,950 by the 52nd Street station.
These aren’t the rents being PAID, they are the rents being advertised. So the actual median that people are paying is much lower, factoring in longterm tenants, rent stabilization, apartments not advertised on their site, etc. Don’t let your landlord point to these numbers and use them to argue for an increase…it’s not what people are actually paying.
And then you find out, more often than not, that your train will not be making stops at your station during off-peak hours on weekdays and/or entire weekends when you want to go into Manhattan, leaving you to either take a shuttle bus, go the scenic route on a train in the opposite direction and back, or tolerate multiple subway transfers, all to add more eyerolling unnecessary time to your commute because truly “the city” is what your heart really desired in the first place, but you ended up in LIC as your dinky consolation prize.
“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… .”
Widely published data indicates that the movement is from other parts of the 5 boroughs: People leaving specific neighborhoods and moving to other specific neighborhoods. There has not been any net gain of ‘newcomers.’
Many who left the city will never return, for any reason.
Robots- Does your crystal ball pick lotto numbers? The city of NY. (All 5 Boroughs) gained over 600,000 residents since 2010 US Census. Fact. That’s about the population of Miami. According to the US Post office (using change of address forms) the overwhelming majority of people who left during the pandemic have returned. Fact! Your prediction “ Many who left the city will never return, for any reason.”Not a fact!
Many undocumented pepple came to nyc from other states and countries and so did many seeking asylum from the Mexico border. Government flies them to NY.
That’s completely false, there’s a huge surge of people returning; that’s why you have 0 sources. I can see you don’t live here but if you did, you would know that’s why rents are at an all time high.
What? That’s completely false, most of those returning are coming back from other parts of NY, CT or NJ. Remember when home prices surged there?
Wow, you’re out of the loop 😂
Does Julie Won know about this? The subways need to be removed to prevent gentrification.
Rents are up in LIC because they have doormen private security and great views. They are close to Manhattan by car bike walk or subway.
Its because some people the the subway is free.
And this is a surprise to whom?
Progressive privileged renters do not mind paying more to live in progressive districts. Meanwhile they live in buildings that kicked out the poor and minorities to house them and then complain about the homeless situation, and noise that wakes up their dogs at night.
Lucy your posts are consistently ignorant, ill informed and moronic. People like you are why I would never vote Democrat. Can you just go away. Please.
Joe- Are you sure Lucy is a legit post?
just tell tenants that its because of inflation, LOL!
Bunch of greedy landlords and slumlords that kick out the poor to house the rich. Putting a balcony by an elevated train station and charging 3 thousand a month is something a translapnt would only rent.
Seeing Trump make SO much money out of building for the rich makes you liberals upset
Trump famously lost money with all his schemes. He would have made more if he had just put his daddy’s money into a market-tracking fund and had never run any businesses.
Turns out he made most of his money on his game show. He made quite a bit off real estate, you’re completely wrong. Trump Steaks though? Not so much…
They should fix the things that don’t work because I pay 2k for an apartment that is falling apart and I have called 311 and they do nothing about it. Yes its older building but he accept rent voucher. Now he say he have no money to fix.
I payed my rent during the pandemic after I moved to Sunnyside , and my rent was raised this year by 100 dollars! I told the landlord I can not afford to pay more and I give him what I was paying last month. He can either take what I offer or evict me. I am not going back to Corona.
This isn’t about poor people its a war on the middle class.. I make $100,000 a year and this one bedroom $2000 apartment is insane. People who can choose the new developments because they have a doorman and doors that actually lock. In NYC you pay for safety and its sad.
The only solution is to raise taxes and fees and licenses on landlords.
You have to pay a lot to live with a certain demographic which is dwindling in numbers due to covid, high crime and poor quality of life.
Get ready homeowners for a big state/city property tax increases next year! I see it coming.
This is coming at a time in which the mayor and city are going after homeless people in the streets and trains. These rent increases will increase the homeless problem in our city.
man bidens executive order on day one to make us beg for gas and oil which lead to sky high gas prices, no one saw this coming? this man, with one reckless signature, destroyed us.
BTW, thanks for that $1400 I didnt need, Thats $5,600 for me and my family who are both employed and doing ok.
Tossing money around is reckless and criminal
Hide the ceremonial pens from this man
Pay more to live closer to noise, construction, etc. Thanks to the good folks at Community Board 2, who voted for these new construction sites, yet nothing is given back to the community, except and increase in homelessness and a guy requesting “CHANGE” (he’s correct, we do need a change).
Leave change man alone, he’s been here longer than any dumb hipster with mommy and daddy’s money who is ruining the area more than he ever has.