The cost of replacing an employee is higher than ever — up to 33% of a person’s salary! At the same time, 1 in 4 people have left a job because of the terrible commute. Because of these trends, companies are trying to make the commute more flexible to attract higher talent. College graduates and young professionals are taking advantage of this when it comes to where they live, with the ability to find a place farther from the office and seek out alternatives to a traditional commute.
Millennials and the newer generation of college grads want alternative transportation choices that allow them to live car-free, especially in a city. This is why it’s important to know how accessible certain areas are not only for where people are looking to live, but also for employees to easily get to and from your office.
We’ve used our MobilityScore to help analyze these NYC neighborhoods to see which your employees are most likely to be interested in living or working. (MobilityScore takes into account all your options, from traditional public transit to newer options like carsharing, bikesharing, and hailed ridesharing services, to give you a number from 0-100 that will tell you how easy it is to get around a given location.)
Where it’s happening
Harlem has been making its claim to fame with the under-30 crowd as old buildings are becoming newly renovated spots within walking distance of major subway stations. This is why both Harlem and East Harlem received MobilityScores of 98, with one-bedroom rents averaging around $2,100 a month. Major companies like WeWork are actually trying to rebrand Harlem as a new tech hub in the big city.
Look out for Brooklyn, because even with the L Train shutdown, it’s still taking the stage as the hipster capital of New York. That means three things: breweries, beards, and young professionals. Flatbush and Ocean Hill both have rents around $1,800 and MobilityScores of 90, providing great accessibility for businesses moving into Downtown Brooklyn and Williamsburg… and businesses are movin’ in to Brooklyn.
Sunnyside in Queens offers a MobilityScore of 79, rent prices averaging around $2,000, and the 7 train running right down the middle. Queens is known for having an understated cool vibe that attracts a multitude of people, contributing to the immense diversity that New York provides. The other important piece that you might’ve heard about is Amazon closing its brand new doors in Queens.
This big decision may leave Queens open for the taking by another big corporation, or leave room for multiple businesses to move in and take over talent.
Other honorable mentions include Tremont with a MobilityScore of 97 and rents under $1,800 a month; Manhattanville with a MobilityScore of 98 and rent around $2,150 a month; and Longwood with a MobilityScore of 92 and an average rent of $1,550 a month.
What you can do
Are you doing enough for your employees? It’s an important question to pose if you’re looking to remain competitive in a larger city like New York. Consider these areas that are more affordable for younger talent and think about their commutes in regards to your office. Giving employees the option of working remotely or setting up in a local WeWork space could help your workers relax instead of being stressed about their commute.
Maybe it’s even time to move! We’ve mentioned a few big businesses like Google, Apple, and Néstle who have made the move from West Coast to East Coast to be closer to talent, but New York isn’t just a playground for these names. Brooklyn and Queens are sharing the spotlight as startup centers and have been doing so for some time now.
Thousands of companies and hundreds of industries mean a world of possibilities for millennials and college grads, which is why it’s important to keep an eye on which neighborhoods are taking precedent in the eyes of your future employees. Most employees think their companies aren’t doing enough to help with their commute — stay competitive in the fight for good talent by showing that you understand the city’s landscape!
Rent information can be found from these sources:
* https://www.zumper.com/blog/2018/10/new-york-city-neighborhood-rent-prices-mapped-fall-2018/
* https://www.rentjungle.com/average-rent-in-new-york-rent-trends/
* https://www.cityrealty.com/nyc/market-insight/features/get-to-know/nyc-average-neighborhood-rents-march-2018/16202
* https://www.renthop.com/average-rent-in/nyc
* https://www.rentcafe.com/average-rent-market-trends/us/ny/queens/
* https://www.trulia.com/for_rent/5260_nh/1_beds/APARTMENT,APARTMENT_COMMUNITY,APARTMENT%7CCONDO%7CTOWNHOUSE,CONDO,COOP,LOFT,TIC_type/
