Homes Near This Midtown Subway Stop Saw 15% Rent Drop: Study

MIDTOWN MANHATTAN, NY — Homes located near New York City subway stops saw precipitous rent drops last year, with a handful of Midtown stations seeing some of the city's biggest declines, according to a new study.

The report, released Monday by RentHop, found that one-bedroom rents near subway stations decreased at 418 NYC train stops from 2020 to 2021 — equivalent to 88 percent of the city's 473 stations.

That finding included some of the busiest stations in New York, like Times Square-42nd Street, where nearby rents fell by 15.7 percent year-over-year, the study found.

A near-identical drop occurred around the 42nd Street–Grand Central station, where nearby rents dropped by 15.6 percent.

Here are the five biggest rent drops on one-bedroom apartments around New York City subway stations:

• 66th St./Lincoln Center — 1 train ($3,100 median rent; year over year change of -23%)
• Delancey St./Essex St. — F train ($2,495; YoY -21.9%)
• 81st St. — A/B/C trains ($2,500; YoY -21.8%)
• Forest Ave. — M train ($1,800; YoY -21.7%)
• Delancey St./Essex St. — J/M/Z ($2,500; YoY -21.3%)

Rents also dropped near these major subway hubs:

• Bowling Green — 4/5 trains ($3,100 median rent; year over yera change of -17.6%)
• Times Sq. – 42nd St. — 1/2/3 trains ($3,036; YoY -15.7%)
• Grand Central — 4/5/6 trains ($3,040; YoY -15.6%)
• Fulton St. — 2/3 trains ($3,250; YoY -15.3%)
• Fulton St. — A/C trains ($3,250; YoY -14.9%)
• Fulton St. — 4/5 trains ($3,250; YoY -14.5%)

Only 35 train stops across New York City saw nearby one-bedroom apartments increase in rent, including stations in Upper Manhattan, the Bronx and Eastern Brooklyn.

Find the full study from RentHop here.

Patch reporter Gus Saltonstall contributed.