Furnished Apartments in NY & LA
While there is no pre-existing information to fully answer your question, we've used the available data to pull together key findings.
Millennials are still the largest rental demographic in the US, and in their search care about high-speed Wi-Fi, online portals for rent payment, and pet-friendly apartments. Other amenities prized by Millennials, especially in New York City, are having a doorman or a lobby (for packages to be delivered) and an in-building washer and dryer.
Although New York is still an attractive city for Millennial renters, they are increasingly looking towards other cities in the US, including LA (but away from San Francisco, a classic Millennial hub); and they are also getting ready to buy, making up 34% of buyers and 66% of first-time buyers in 2017.
Please see below for more information on our findings and methodology.
In order to answer your query, we looked for data on searches by Millennials for furnished apartments in New York City and Los Angeles and whether it is growing or decreasing. However, after looking for figures in reports by the US Census Bureau, Realtor, Zillow, Data.gov, Pulsenomics and Redfin, we determined that data to that level of granularity is not publicly available.
After this, we looked for qualitative evidence in real estate and business publications such as Brick Underground, Realtor, Crain's, Medium, MarketWatch, Business Insider, Curbed, Renters Warehouse and The Real Deal, but our search was equally unsuccessful.
This lack of information could point to a lack of demand, or otherwise a lack of registering of said demand, but there is not sufficient evidence to confirm either.
Below we offer some insight on renting and real estate trends by Millennials in the US and New York City, including what they look for. Data on renting trends by Millennials in Los Angeles was largely unavailable.
According to Renters Warehouse, Millennials represent the largest percentage of renters in the US — 18.4 million of them rented in 2016 out of a total 45.9 million renters, making them 40.08% of total renters in the country.
Millennials are demanding renters who have specific ideas about what they want in an apartment. Their list includes high-speed Wi-Fi, easy ways to pay rent (such as online portals) and pet-friendly apartments. Furnished places are not among the top priorities, at least according to Renters Warehouse.
New York City (and specifically the borough of Brooklyn) has traditionally been and continues to be one of Millennials' favorite cities to rent in. Despite this trend, it is losing ground to other metropolitan areas in the country. Cities like Miami, Orlando, Salt Lake City, and Los Angeles are growing in popularity in page views by Millennials, found a report by real estate site Realtor. Reasons for the rise in popularity of these cities can be found in opportunities in the job market and affordability of cost of living.
In terms of what Millennials want out of real estate in New York City specifically, Brick Underground found that convenience and safety are two of the most priced elements. Amenities such as having a doorman to receive deliveries, elevators or in-building washer and dryers are often mentioned as non-negotiable by Millennial apartment-seekers in New York.
Despite Millennials still being a driving force in the rental market in the US, they are also slowly looking to buy. They make up 34% of the total buyer market, as well as 66% of the first-time buyer market in the US, and 33.2% of them expect to buy within the next 3 to 5 years.
To wrap up, despite the lack of available data to fully answer your question, we were able to find that Millennials are still the largest driving force of the rental market in the US, focusing on apartments with high-speed Wi-Fi, convenient ways to pay rent and that are pet-friendly. Despite New York still being a key market for rentals, LA is growing considerably as a destination for Millennial renters.