How much do amenities impact rent prices in NYC?
When looking for that perfect city abode, apartment hunters often create a list of must-have amenities that also fit within a budget. Now, thanks to Priceonomics and Renthop, you can determine which apartment features have the greatest impact on the overall rent. While the number of bedrooms and bathrooms drive up rent prices the most, the research found that having a doorman, an elevator, available parking and/or laundry-in-building most likely would increase the total rent. In a closer look at NYC, the data shows having a doorman creates the biggest increase of rent in the city, adding about $260 each month.
Priceonomics used thousands of apartment listings across major U.S. cities and looked at monthly rent, the number of bedrooms and bathrooms, and the access of different amenities. It’s no surprise New York tops the list with the most expensive median rent out of all other major cities listed. Amenities examined included: a furnished apartment, pets allowed, a washer/dryer, laundry-in-building, private outdoor space, shared outdoor space, a doorman, an elevator, designated parking and a fitness center.
Since each part of New York is distinct, the data focused on 50 different neighborhoods and then plotted the ten most expensive and the ten least expensive areas to find what is deemed most important for each. For more expensive apartments, there is a strong correlation between laundry in the unit and the presence of a doorman. Other important factors in these homes include allowing pets and access to a fitness center. In the least expensive neighborhoods, the same features remain important, but the degree of correlation differs.
Overall, if disregarding the number of bedrooms and bathrooms, having a doorman has the greatest impact on price. While impacting monthly rent by $260 seems hefty, this feature usually indicates a nicer building in general. Having an elevator adds roughly $120, a fitness center adds nearly $90 and laundry-in-unit contributes about $80 more in rent each month.
[Via Priceonmics]
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All charts via Priceonomics
