For New Yorkers, finding an apartment is a rite of passage and going through the complex maze of apartment hunting requires a lot of time, energy, and sacrifice.
Rentlogic, an independent rating system of New York City residential buildings, in partnership with research firm Radius Global Market Research, released “Facts Matter,” a survey detailing NYC renter satisfaction and preferences.
The survey was conducted among 250 NYC renters in February. While the majority of renters reported being satisfied with their apartment, the results show 76 percent of renters have experienced an issue – including loss of heat, pest infestation, and more.
Additionally, 89 percent expressed renting would be easier if they had more comprehensive information about the landlord, while 90 percent said an independent building rating would give them more confidence in the building’s quality.
“Choosing where to live is one of the biggest decisions we make, and often renters have no idea what they’re getting into. At Rentlogic, we bring fairness to the real estate market by taking unwieldy public data and translating it into a user-friendly rating system for the public good, to help New Yorkers find the best places to live,” said Yale Fox, Founder and CEO of Rentlogic.
“These survey results outline the many challenges renters face and the qualities they weigh when looking for a new home.”
Renters say having comprehensive information about the landlord would make their renting decision-making easier, and that they are willing to pay higher rents and sign leases more quickly for a top-rated building.
Nearly one-quarter (24 percent) of the renters surveyed said they planned to leave their apartment when their lease was up and just 41 percent were planning to renew their leases.
Key Survey Highlights
- 76% of renters have faced an issue in their apartment, the top five include:
- 36% plumbing issues/leaks
- 29% pest infestation
- 28% structural damage
- 27% loss of heat
- 26% electrical issues
The top five priorities for renters searching for an apartment:
- Price (96%)
- Location (95%)
- Cleanliness (94%)
- Quality (93%)
- Transportation (92%)
Information is key when apartment hunting:
- 82% find it frustrating to find out how unresponsive their landlord is to fixing issues
- 82% say it is difficult to find all the information about the quality of an apartment building
- 90% would sign a longer lease with a responsive landlord
- 89% say renting would be easier if they had more comprehensive information about the landlord
For independently rated buildings:
- 90% of renters say they would have more confidence in the building’s quality
- 88% would sign a rental agreement quicker
- 81% would be willing to sign a longer lease
- 60% would be willing to pay more for an A rated building
The survey was conducted online by Radius Global Market Research on behalf of Rentlogic from February 1 – 5, 2018. The survey was conducted utilizing an online panel of 250 adults over the age of 18 who are living in one of the five boroughs of New York City.