With many New Yorkers avoiding the subways this past year, rents for apartments above major train stations, including several in Queens, saw a severe drop in price during the first quarter of 2021, a new report found.
Rents decreased in the areas immediately surrounding 418 of the city’s 473 subway stops from January 2021 until the end of March 2021, according to the report from RentHop. In Queens, the biggest drop came around the M train’s Forest Avenue stop in Ridgewood, where the median rent for one-bedroom apartments dropped by over 21 percent year-over-year.
Renting for $1,800 on average, the one-bedroom apartments’ drop in price around the Forest Avenue stop was among the top five biggest declines in pricing across the city.
Just one little unsettling thing about this data. The median rent nearby Mott Ave. in Far Rockaway went up, which is where "affordable housing" apartment buildings just went up. And the other four areas in the Bronx that saw the rents rise follow recent rezonings approved by the Blaz.