MORNINGSIDE HEIGHTS — Moving one subway stop farther from your Midtown job could save you hundreds of dollars a month in rent, according to a new study of the median rental prices around each MTA station.
The median monthly rental price of a one-bedroom apartment near the 125th Street stop on the 1 train was $823 less than that of one-bedrooms near the 116th Street station — or $2,125 a month compared to $2,948, an analysis by the apartment rental listings website RentHop found.
Other large disparities in rent prices between a single subway station include the $1,077 difference between apartments near the 68th Street stop ($3,595) and 77th Street stop ($2,518) on the 6 train, and the $702 difference between apartments near the 96th Street stop ($3,100) and 103rd Street stop ($2,398) along the B and C lines.
"This could be because they are on the edge of a business development district, rents dropped at one stop, prices soared at the other, both, or all of the above," the report explains. "It’s also possible that the typical one bedroom apartment near one stop is very different from an apartment a stop away."
RentHop used rental data from the first quarter of 2017 for at least 50 one-bedroom apartments within a certain radius from a subway stop to calculate the median rent in the area.
The site's study also looked at year-over-year fluctuations in rental prices around each station.
The following three stations, all in Manhattan, saw the greatest drops in one-bedroom rents in Q1 2017 compared the same period last year:
► A 15.5 percent drop to $3,250 a month near the 59th Street/Lexington Ave stop on the 4/5/6 N/R/W lines.
► A 15.1 percent drop to $3,395 a month near the West 4th Street stop on the A/B/C/D/E/F lines.
► A 13 percent drop to $3,850 a month near the Chambers Street stop on the 1/2/3 lines.
The following three stations, all in Brooklyn, saw the greatest increases in rents for one-bedrooms apartments year-over-year:
► A 25.8 percent jump to $2,353 a month near the Parkside Avenue stop on the Q line.
► A 24.7 percent increase to $2,245 a month near the Halsey Street stop on the J line.
► A 22.3 percent rise to $2,950 a month near the Church Avenue stop on the F/G lines.
The most expensive subway station to make your transit hub? That would be Union Square, where the median rental price for a one-bedroom is a whopping $5,265.
Explore the RentHop map of rental prices by subway stops below: