Rents rise due to 2nd ave subway

- It's the price of progress. Rents are going up on the upper east side thanks to the second avenue subway.

“I think it’s outrageous. I mean rents are skyrocketing now. We can barely afford to live,” said Rhonda Gordon, a resident.

That’s why Rhonda Gordon said she can't afford to see her rent go up once the 2nd avenue subway is finished.

However, that’s where things are going according to real estate site StreetEasy.  

It predicted that tenants who live in the neighborhood of 1st, 2nd and 3rd avenues between 96th and 79th streets will see their rents go up between $330 a month to as much as $462 a month.

“It’s a big thing to think about when next year comes,” said another resident.

I think what’s going to happen is landlords will be able to ask more rent, and people will be willing to pay more because they’re going to have close proximity to transportation,” said real estate broker Beth Benalloul.

Benalloul said the rise in rent is based on convenience - for those who live closer to 96th street, the new subway line will likely shave 14 minutes off their commute to midtown Manhattan - IF residents decide they can still afford to live here.

“This is going to make a lot of people want to move. Rent is not going down. It keeps going up,” said a resident.

"I live on First Avenue, and walking to Lexington Avenue is not a big deal.  I mean Second Avenue is going to be great to have some of the pressure taken off the Lexington line, but the increase in rent, not so much.”

Up Next:

  • Popular

  • Recent

Stories you may be interested in - includes Advertiser Stories