Despite Subway Meltdown, New Yorkers Pay To Live Close To Train

NEW YORK, NY — The subway can be a daily headache as much as it's a convenience. But New Yorkers still pay dearly to be close to the train, according to a new study from the real estate website RentHop.

Rents for apartments within just a few blocks of a station can cost 8 percent more than the median, RentHop says in a data analysis published Friday.

In Brooklyn, Manhattan and Queens, rents are closest to each borough's median when they're about a quarter-mile from the nearest subway stop, the study found. But Brooklyn renters can shell out nearly $200 more each month to be within a 2-minute walk of the closest station, the figures show.

Conversely, New Yorkers can save some cash if they're willing to live a little futher from the train. Renters in Queens, where the subway is tougher to access, typically pay $2,200 a month for an apartment more than a half-mile from the closest station, RentHop found. That's nearly 11 percent, or about $270, less than the median rent.

The dynamics are different in Manhattan, where 9 of every 10 apartments is within a quarter-mile of a subway stop, RentHop says. Renters there get the biggest discount by living between one-sixth and one-eighth of a mile from the closest station — apartments at that distance typically cost $3,350, 2.9 percent less than the borough median.

Manhattan renters pay about 4 percent more to live less than a two-minute walk from the subway. But apartments further than a half-mile away cost 8.7 percent more than the median because they're along the waterfront, RentHop found.

Proximity to the subway can have a bigger effect on rent in different neighborhoods, the study shows. In southern Crown Heights, apartments closest to a station cost 16.7 percent more than the neighborhood median of $2,400, while living up to half a mile away can mean a 32.2 percent discount. Williamsburg apartments within a two-minute walk to a station typically cost $3,675 a month, nearly 11 percent above the trendy neighborhood's median rent.

RentHop notes that the subway doesn’t drive up rents on its own. Real estate developers are more likely to build or renovate apartments near stations knowing that New Yorkers want the convenience, the study says.

“It’s almost certainly a combination of subway proximity and the knowledge that a renter will be willing to pay a bit more if they’re a short walk from the subway and the apartment is new, regardless of the neighborhood,” the study says.

Check out RentHop’s interactive chart and maps to see how much you could save by living further from the subway.

(Lead image: Photo by Lauren Ramsey/Patch)