Rent too damn high? New Yorkers don’t care
A surprising new survey has revealed that New Yorkers are unfazed by the city’s sky-high rents.
While the rest of the country’s apartment dwellers cite rent is the number one factor in deciding what and where to rent, residents of the Big Apple rank it just seventh in the survey by Rose Associates, the New York-based real estate firm.
Throughout the year, Rose works with research group Kingsley Associates to track the satisfaction of residents living in their buildings and to track a number of performance metrics. Rose then compares the findings to the Kingsley Index, which is based on surveys at over a million apartment units in the U.S.
“While we do this survey to ensure we’re providing the best service possible to our residents, it’s sometimes fun to look at the secondary data that’s gathered,” said J. Brian Peters, chief operating officer of Rose.
“In a city where the average one bedroom apartment rents for north of $3400 a month, it is interesting to learn that rental rate is not the renter’s chief concern.”
Other findings uncovered by the survey:
• New Yorkers are three times more concerned with an apartment’s floorplan than their national counterparts.
• The quality of property management is more than twice as important to New Yorkers as it is to renters outside of New York.
• When asked for the strongest factor when deciding to renew or not renew a lease, 67% of New Yorkers cited location of a building and just 26% cited the cost of renting in a building.
• New York renters especially value apartment features and finishes — these attributes are 10% more important to New Yorkers than their national counterparts.
• New Yorkers don’t like to move; the bother is more of an issue than the rent they pay.
Rose has been conducting its surveys since 2007. So far this year, 8,000 have been given to residents in Rose-managed properties.
For the first time, Rose is also surveying tenants in buildings it manages in Brooklyn and Westchester County, areas where the company is increasing its activities.
Source: Real Estate Weekly