- The 96th Street & Lexington Avenue stop of the 6 Train saw a 22.3 percent increase in rental prices to $2,600.
- Bushwick's Morgan Avenue stop off the L Train saw a 16.6 percent drop in median rent to $2,000.
- Morgan and Montrose Avenues saw the biggest drops in rental prices annually.
Access to public transit is top of mind for homebuyers and renters in New York City– and lucky for them the city has one of the most extensive public transportation systems in the nation. According to Walk Score, New York has a score of 84 out of 100, ranking it as having “excellent transit.”
While some buyers and renters simply need to live near all the action in their specific neighborhood of choice, others may find that saving a couple hundred bucks a month and spending a few extra minutes on the train are worth being farther out.
RentHop recently mapped out the transit system in New York and the median rent within 500 meters from the stop, setting a threshold of 50 listings.
Unsurprisingly, rental prices become increasingly less expensive the farther out they are from the center of the city.
Notable price changes near train stops in NYC
The Upper East Side, specifically the 96th Street & Lexington Avenue stop of the 6 Train, saw a whopping 22.3 percent price increase over the past year, and the median rental price around the stop is $2,600.
But trek just two stops in either direction and rent is considerably cheaper. At the 110th Street stop rents increased just 2.6 percent to $1,950, while prices at the 77th Street stop dipped 2.2 percent to $2,225.
On the other end of the spectrum, Bushwick’s Morgan Avenue stop off the L Train saw a 16.6 percent drop in median rent to $2,000. Just one stop over at Montrose Avenue, rents fell 14.1 percent to $2,148. Go out just one stop farther from Morgan Avenue to DeKalb Avenue, and prices are still on the rise by 4.1 percent, although they are slightly lower, at $1,925.
