Photo: Robert Clark
Rents in most NYC neighborhoods with high crime rates tend to be less expensive than in more desirable “safer” ‘hoods. However, certain types of crimes more severely impact rent than others, according to a new report by listing site RentHop.
New York City has the country’s highest overall crime rate, which shouldn’t be surprising since it is the most populous city in the US. Some 83,000 incidents are reported annually in NYC, according to FBI statistics. But when crime rates are adjusted to reflect population size, New York City is actually considerably safer than the initial numbers would make it appear with fewer than 1,000 incidents per 100,000 residents.
Even with a lower overall number of incidents, crime still has a direct effect on rent. Burglary and robbery impact rent the most in NYC, according to RentHop’s analysis of the correlation between rent and crime. This means that areas with high rates of burglaries and robberies will tend to have lower average rents than those with high rates of assaults or rapes.
Neighborhoods with high robbery and burglary rates can be $1,000 cheaper or more per month than “safer” areas in New York City, says RentHop’s data.
Compared to eight other large US cities, New York’s median rent was the highest. But given that once the crime rate was adjusted to reflect population size, NYC became the safest city of the eight studied, this is not surprising. The median New York City apartment costs $3,200 per month.
This was compared to Atlanta, GA, which had the highest adjusted crime rate and a median rent of about $1,300 per month. Atlanta’s median rent ranked among the lowest of all the cities in study.
On the borough level, Brooklyn had the highest overall crime rate, while Staten Island had the lowest. However, once adjusted for population size, the Bronx ranked first with the highest crime rate while Queens had the lowest overall crime rate.
The Bronx had the lowest median rent of the five boroughs. Manhattan, which ranked second in terms of overall crime per 100,000 residents, had the most expensive median rent. Boroughwide, the type of crime that impacted rent the most was murder, while the effect of robbery and drug crime was moderate.
The difference in rent between the most and least safe neighborhoods is staggering. Central Harlem in Manhattan has one of the highest adjusted crime rates, and the median rent is $2,400. This is compared to Manhattan’s NoLita neighborhood, which has a very low overall adjusted crime rate, where the median rent is $3,695.
Queens is not only the safest borough, but also one of the most affordable, says RentHop. Renters can get a lot of bang for their buck, but some city dwellers may be turned off by the borough’s more “suburban” vibe.
Renters looking to save money might still consider living in a so-so area.
“As the crime rates in NYC are now at the lowest recorded level, it is reasonable to say that public safety in New York will continue to improve. Though the public perceptions of crimes in certain neighborhoods are still high, renters might in fact be safe and save a lot getting a place in a so-so area,” Shane Lee, a Statistical Data Analyst at RentHop, tells BuzzBuzzNews.
And, as the city’s overall crime rate continues to improve, it is reasonable to assume that the crime rate will have less of an impact on rent. Even so, a neighborhood’s crime rate is only part of the overall picture.
“But keep in mind that there is a lot more for renters to consider when it comes to renting in New York City. Renters should also consider commute, new developments (as new buildings often drive up the median rent in a neighborhood), amenities, and gentrification,” Lee adds.
Click here to read the entire report.