Thursday, May 12 2022

The latest real estate report shows that subway stops have a big effect on rent. As two new services – StreetScape and Rent Betta – are launched to help New Yorkers land in the apartment of their dreams.

Proximity to major subway stations is an important factor in rents in New York. Photo: Florian Wehde/Unsplash

When it comes to apartment hunting, there are a few well-known factors that determine how much you’ll pay – the square footage of units in the area, whether the neighborhood is known for its luxurious glass towers or elegant stone brunettes, and the fickle nature of “what’s cool”.

Adjacent to a park? $$. Next to Central Park? $$$. Central Park West Penthouse? $$$$$.

While nearby parks and green spaces are invariably attractive to apartment hunters, there’s a less glamorous, but equally vital consideration: proximity to the metro. And according to a report from the Renthop real estate search engine, your proximity to certain metro stations can significantly increase or decrease the value of your apartment.

According to the report, median room rents increased along 438 stops on all MTA train lines, or more than 90% of the total number of stops in the system. Rents around major hubs like Times Square (where the median one-bedroom rent was around $4,000 and up 30% from last year) have risen dramatically, in part due to the strong demand and declining rent concessions. The highest increases were recorded at stops closest to luxury skyscrapers, such as at Hudson Yards by the new 7 train, where the median rent was even higher – listed at $4,153. Midtown West fared better than Nabes more downtown – a room near the Union Square NQRW stop could cost you up to $4,600 a month (a 28% increase year over year). other).

While we won’t discount taxis, walking, or the city bus system as a way to get around veritable subway wastelands like Hell’s Kitchen, the train – despite myriad delays ranging from signal outages to chickens crossing the tracks – is still the fastest way to get from point A to point B (as anyone who’s braved the West Side Highway during rush hour can attest). And although the city’s transit system was half-abandoned at the height of the pandemic, according to the MTA, on March 15 subway ridership hit its peak. highest one-day total since the start of the pandemic, proving that despite all its challenges, New Yorkers still rely on the convenience of being near a subway to get where they need to go.

But what if you want to walk the streets of New York looking for a building that just call you? There’s now an app for that (and no, it’s not Co-starring!!). StreetEasy has developed an iOs application called streetscape which will be released this summer and will allow users to harness augmented reality technology to scan their location for available units. Buildings with units available will display a sims-as a floating icon so you can knock on the door and ask to move in follow the link to a StreetEasy list.

If you prefer a more direct method of checking apartment availability, you’re in luck too! A new service called Rent Betta promises to book apartment tours directly with landlords and property managers, for a greater share of apartments at no cost – which, in a city where every dollar increasingly counts, could mean thousands in savings moving in.

Rent Betta offers a wide range of apartments without brokerage fees.

Happy apartment shopping, real estate warriors! And remember… even if you pay more to live near an express train, you’ll save on the taxis you would have taken each time the local line stops (here you’re looking at 1 train).


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