Latest news with #RentHop
Time Out
2 days ago
- Business
- Time Out
A new map shows where New Yorkers' rent increased the most by subway stop
If you've felt like your rent is creeping up faster than the express train at Union Square, you're right. A new NYC Subway Median Rent Map from RentHop confirms what many already suspected: Rent prices increased near 87-percent of subway stations this year. That's 412 stops where your wallet might be gasping for air, up from 84-percent last year. The citywide median is now at a soul-crushing $4,700, the highest on record. RentHop's annual map breaks down median one-bedroom rents by subway station and this year's edition paints a clear picture: More New Yorkers are ditching lease renewals in pricey Manhattan and heading for the outer boroughs, only to find that rent hikes followed them there. Steinway Street in Queens tops the chart with a 14.29-percent jump, landing at $3,000. Over in the Bronx, 183rd Street saw a 14.19-percent spike to $2,278, while Ocean Parkway in Brooklyn swelled to $2,800, up 14.03-percent. Even sleepy stops like Bronx Park East (13.5-percent) and Kingsbridge Road (13.3-percent) weren't spared. Why the citywide spike? RentHop points to New York's new congestion pricing program, which has boosted subway ridership by 7-percent in the first half of 2025. As more commuters opt for OMNY cards over car keys, subway adjacency remains a hot (and costly) commodity. Developers are also part of the story. New construction in neighborhoods like Astoria, Fordham Heights and Brighton Beach brought fancy amenities—and higher rents—to outer-borough blocks. And while these buildings offer more inventory, they often lease well above the area's median. Still, there are a few pockets of relief. Only 40 stations—just 8-percent—saw rent drops, including parts of Williamsburg along the L and G lines and several 4 and 6 train stops in the Bronx. Ave N (F) takes the prize for biggest dip with a 5-ercent decrease. So, what's a renter to do? You're likely stuck choosing between a higher rent bill or a longer commute. Either way, may the odds—and your budget—be ever in your favor.
New York Times
13-02-2025
- Business
- New York Times
The Most Affordable Cities for Singles
Valentine's Day might be lonely for the singles out there, but here's an upside: In some cities, renting a studio by yourself might save you enough money to put toward finding 'the one.' A new report from RentHop ranks the most and least affordable locales for singles by comparing the median list price of a studio apartment against the median 'nonfamily' income in the 50 most populous U.S. cities to find the cost of rent in each as a percentage of income. (Data was taken from the RentHop platform and the U.S. Census Bureau. While many singles can afford a larger apartment, the cost of a studio was used as a benchmark.) Singles seeking the most affordable city need look no further than Wichita, Kan., where the median rent for a studio in 2024 was just $590. Wichita singles earn a median income of $39,336, meaning only 18 percent of their paycheck goes to rent. Up next was Columbus, Ohio, where the median studio rent of $878 amounted to around 21 percent of the median single's income, followed by Minneapolis, similarly priced. Seattle, coming in fourth, had a higher median studio rent, at $1,495. But singles there earn a medium income of $85,653, the fifth highest among residents in the 50 biggest U.S. cities, so singles there also pay about 21 percent of their income on rent. If you're single in a major metropolis, paying rent and enjoying the nightlife will be more challenging. New York City was the most expensive metro for singles in the study, which is bad news for anyone arriving alone to one of the city's tried-and-true hot spots. Singles shell out a median of $3,375 to rent a studio in New York, or nearly 67 percent of their median income of $59,947. Paying the Rent Alone The cities where singles pay the largest and smallest share of their earnings toward renting a studio. Least income toward rent Median single income Percent of income for rent City 18% 21% 21% 21% 22% 22% 22% 22% 22% 23% Wichita, Kan. Columbus, Ohio Minneapolis Seattle Colorado Springs Tulsa, Okla. Albuquerque Austin, Texas Oklahoma City Indianapolis $39,336 $50,721 $60,539 $85,653 $54,637 $41,022 $44,957 $68,630 $45,092 $43,983 Most income toward rent Median single income Percent of income for rent City 68% 54% 37% 36% 36% 33% 33% 32% 31% 31% New York Miami Detroit Boston Los Angeles Philadelphia Baltimore Virginia Beach Nashville Houston $59,947 $45,956 $28,196 $77,303 $59,406 $45,022 $46,020 $59,426 $57,683 $49,854 Least income toward rent Most income toward rent Median single income Percent of income for rent Median single income Percent of income for rent City 18% 21% 21% 21% 22% 22% 22% 22% 22% 23% 68% 54% 37% 36% 36% 33% 33% 32% 31% 31% Wichita, Kan. Columbus, Ohio Minneapolis Seattle Colorado Springs Tulsa, Okla. Albuquerque Austin, Texas Oklahoma City Indianapolis $39,336 $50,721 $60,539 $85,653 $54,637 $41,022 $44,957 $68,630 $45,092 $43,983 New York Miami Detroit Boston Los Angeles Philadelphia Baltimore Virginia Beach Nashville Houston $59,947 $45,956 $28,196 $77,303 $59,406 $45,022 $46,020 $59,426 $57,683 $49,854 Source: RentHop By The New York Times For weekly email updates on residential real estate news, sign up here.
