Report: Rents spiked around subway stations in Harlem, Brooklyn and Queens since last year
It also shows that property around Brooklyn and Queens subway stops also saw major rent hikes, which they say are due to high rents in Manhattan.
Rents spiked around the B and D subway stop at 155th Street in Harlem by more than 19% since last year - the highest increase in the city - according to a new report by RentHop.
The report says that a close second was the A and C 155th Street station, where rents in that area rose almost 18% in that same time frame.
It also shows that property around Brooklyn and Queens subway stops also saw major rent hikes, which they say are due to high rents in Manhattan.
The median rent for a New York City apartment is $4,400, according to the report.
Compass real estate agent Nigel Pearce says due to increasing rents in Harlem, more people are going north.
“Even a studio which usually was in the $1,800 to $2,000 range is upwards of $2,200, $2,300, $2,500. I would say for pricing reasons, folks have moved further north as well,” Pearce told News 12 New York.
The report also shows that rental prices remained the same at only 3% of stations, including Times Square and Grand Central, some of the busiest in the city.
