New York tenants overpay up to 10% for the proximity to the metro

New York tenants overpay up to 10% for the proximity to the metro

Everyone understands that transportation affects the cost of rental housing, but few know how. Research portal sheds light on this topical issue.

The analysis shows that the distance to the subway — a key pricing factor. So, rent an apartment in the 1-2 minute walk to the subway adds to the cost of rent to 10% depending on the district.

The pattern works in Brooklyn, Manhattan and Queens. In all three borough was the most expensive apartment in the 400 metres and less to the nearest station.

The most distinct difference in Brooklyn. With the average price in the borough of $2.768, accommodation 100 metres from the metro cost $3 000. But if you’re too lazy to walk 800 meters or more, you can find an apartment for $ 2550, that is, 7.9% cheaper than standard rates.

In Manhattan, the situation was most curious: here 400 metres from the metro is 90% of homes, so the role of shorter distance. Housing in 2 minutes (100 metres) from metro is worth about $ 3.595 (4.2% more than the average). But it is necessary to move away from the subway only 250 m, and you will find an apartment for $3.450. Therefore, to pay little or no meaning.

The situation in Queens is even worse than in the Bronx. Here rental housing in a good area costs about 10% more average of $ 2,200, but it is in such places for rent most of the apartments. Distant from the metro areas the most desolate and least popular among tenants.