Homes Near UWS Train Station See Biggest Rent Drop In NYC: Study

UPPER WEST SIDE, NY — A real estate data site recently published a study that mapped out rental prices for one-bedroom homes near subway stops across New York City, and apartments by one Upper West Side station had the biggest drop in price over the past year in the five boroughs.

A data scientist from RentHop found that one-bedroom rents near subway stations decreased at 418 out of the 473 NYC train stops from 2020 to 2021 — 88 percent of all stations.

However, there was no bigger drop in the figure than the rent dip in one-bedroom apartments around the 66th Street/Lincoln Center station on the Upper West Side.

Rents for one-bedroom apartments around the UWS station dropped 23 percent in the median rent over the last year — the largest dip in New York City.

The 66th Street 1 station wasn't the only Upper West Side subway stop to find itself near the top of the RentHop study, as one-bedrooms near the 81st Street A, B, C station dipped 21.9 percent in median rent over the past year. It's the third-largest dip during the period in New York City.

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

• 66th St./Lincoln Center — 1 trains ($3,100; YoY -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%)

RentHop classified a one-bedroom apartment as being near a subway stop by finding at least 50 rental listings within a half-mile of the station and then calculating the median rents. If there were less than 50 listings, the real estate website expanded the distance to one mile from the subway stop.

Only 35 train stops across New York City saw nearby one-bedroom apartments increase in rent.

You can check out the full study from RentHop here.