New York City subway ridership has not completely bounced back to where it was before the pandemic, but rents near subway stations have skyrocketed.
It’s an indication that New Yorkers still rely heavily on the subway system, according to a new report from RentHop that looked at one-bedroom median net effective rents near major subway stops year-over year for the period of January 1st through March 31st. The report found that 438 stops saw an increase in median one-bedroom rent. That’s over 90 percent of MTA stops in NYC.
Still, while rents have rebounded, but ridership has not, at least not all the way back. During the pandemic, over 90 percent of NYC’s subway riders disappeared. Now trains are fuller and subway ridership hit the highest single-day total on March 12th since the pandemic. According to the MTA tracker, day-to-day weekday ridership has risen to nearly 60 percent of pre-pandemic levels, and over 65 percent on weekends.
Significantly, rising rents are not just a Manhattan phenomenon—they are increasing all over the city: New development plays a role in the outer boroughs, driving up the asking rent around at major subway stops in Brooklyn, Queens, and the Bronx.
Here are the steepest rent hikes in Manhattan:
72 St (1-2-3) – $3,495, +34.4 percent
103 St (1) – $3,350, +34.3 percent
Grand Central – 42 St (S) – $4,141, +33.9 percent
96th St (A-B-C) – $3,700, +33.9 percent
High St (A-C) – $3,750, +33.9 percent
Here is the link to the interactive renthop map:
https://www.renthop.com/studies/nyc/nyc-mta-subway-rent-map
(source: brickunderground.com)
