Apartment Feature Priorities
Apartment renters in the United States seem to be interested in a wide variety of apartment information based on their relative markets. Throughout the national market, however, demand exists for information regarding cheaper rent, adequate cell phone service, caring and responsive management. Additionally, renters are interested in a variety of updated features both in the rental property itself and the larger rental community.
In the New York market specifically, cost of rent remains a primary focus with potential renters showing a great deal of interest in potential price increases. Additionally, New York renters show a high level of interest pertaining to an apartment's security, proximity to places of work, and specific updated amenities. The remainder of this report seeks to provide a deeper breakdown of the information that renters are seeking in both the national and New York metropolitan market.
According to 2017 data, 48% of renters in the nation would leave their current accommodations for a location with cheaper rent. In New York city specifically 40% of renters are not making sufficient income to rent an apartment alone. Instead, these renters are seeking roommates to offset rental costs that consume 41.2% of their income. In addition, New York renters seek information regarding potential price increases for rental properties. Most renters in New York and San Francisco report being willing to pay a 1-5% increase in rent but only if upgrades are made to their properties.
CELLULAR PHONE SERVICE
Renters nationwide are concerned with reliable cellular phone service in the properties they rent. A survey of 269,000 renters in 2017 found that 5% of the respondents were moving to get access to better cellular reception.
QUALITY COMMUNITY MANAGEMENT
The quality and responsiveness of rental community management is of interest to many apartment seekers. 43% of survey respondents believe that community managers should be responsive enough to respond to all reviews related to the rental community. 34% of respondents were moving to find accommodations with better property management. In the New York market, this desire takes on different form with renters seeking rental communities that provide opportunities for in-community socialization.
Renters seek a wide variety of information regarding available amenities and features at rental properties throughout the United States. In terms of physical aspects of the accommodations, features frequently sought include air conditioning, high-speed internet, soundproof walls, in-unit washer/dryer setups and dishwashers. Large spaces and ample closet space also factors into an individual's decision to rent a given property. 51% of renters would settle for a "regular" size closet while 49% of renters seek "large" closets. Further, renters, particularly millennials, seek security via amenities such as keyless entry and other "high tech" offerings.
Renters have also shown particular interest regarding an apartment's proximity to their workplace. 64% of millenial renters believe that finding an apartment close to their location of work is more important than finding an apartment that is near family or friends. In New York city, the desire for closeness extends to access to public transportation as well.
Rental community features that renters seek include access to fitness and health centers. In the New York city market, one in four renters is interested in bocce ball and raquet ball courts. Renters are also concerned with access to off-street parking (aside from 44% of millenials reporting that they would surrender parking spaces for access to "high tech" apartments). Renters also seek apartments that are close to restaurant and nightlife options.
In New York, additional community features of interest to renters include valet trash and recycling services and front desk receptionists.
Renters nationwide are seeking information regarding affordable rent, adequate cell phone service, quality community management, and a variety of apartment amenities when searching for living accommodations. While New York remains a unique market, renters in the metropolitan area show similar desires for cheap rent with limited price increases, and modern amenities. New York City renters also show particular interest in proximity of rental communities to their workplaces and public transportation as well as the security features and fitness amenities available at the location.