Knowing what renters are looking for when moving to your area is important in renovating and marketing your property. Recent Apartments.com data reveals how renters search for rentals in New York, New York.
What Renters Search For
If you’re looking to invest in a new property, here are some search statistics to help you decide what kind of property to invest in and how to craft the perfect property description.
Rental size
One- and two-bedrooms dominate 66% of searches on Apartments.com, but searches for studio apartments are higher in New York than the national average. This means that a portion of NYC renters are looking to live alone or with one other person. If you’re thinking about investing in a new property, a smaller rental may be your best option.
Price range
Renters are aware of the costs associated with living in New York, and they’re willing to pay more for a prime location. An even spread across price ranges shows that renters are prepared to pay more according to the type of rental they want and the amenities they prioritize.
This shows that property managers should work to price rentals fairly according to the rental’s size, amenities, and value relative to similar rentals nearby. View your rent comp report to see what rentals like yours charge.
Keywords
CoStar data reveals that renters searching for a rental in New York City are most likely to search for keywords like “No Fees,” “Character,” “Views,” “Transit,” and “Waterfront.” Including keywords like these in your property listing can help increase your exposure to renters searching by keyword.
If your rental is near a subway station, highlight the proximity to public transit. If your rental overlooks the Hudson River, talk about the waterfront views in your property description. Market your property as a rental with character and highlight the specific architectural style. Running no-fee deals can also help attract renters who are searching by keyword.
Amenities
If you’re looking for ways to elevate your property or specific amenities to highlight in your property listing, look no further. Apartments.com data reveals the top amenities that renters search for when looking for a rental in the Big Apple.
The five most popular amenities in New York City in 2024 are:
In-unit washer and dryer
Dragging laundry to the laundromat gets old, so many renters prioritize in-unit washers and dryers in their rental search.
While installing a washer and dryer comes with up-front costs, the long-term payoff makes it worthwhile. In-unit washers and dryers are a highly sought-after amenity in New York City, so providing a washer and dryer can lead to tenant satisfaction and retention.
To save energy and water, install a washer and dryer set with ENERGY STAR labels. The U.S. Department of Energy says ENERGY STAR-certified washers use 35% less water than standard washers, and ENERGY STAR-certified dryers use 20% less energy than standard dryers. If you include utilities in the rent, energy-efficient washers and dryers like these can help lower utility bills and increase your profit from a tenant’s rent.
Make sure you look into the rules around installing a washer and dryer in your rental. Plumbing systems in older buildings may not be able to handle in-unit washers and dryers, and many multifamily buildings also have wet-over-dry rules that regulate where a laundry room can be placed.
Air conditioning
With summer temperatures in New York averaging 75.4 degrees Fahrenheit since 2000, many renters see air conditioning as a dealbreaker. Unlike heating, landlords are not legally required to provide A/C, according to the City of New York, but providing an A/C unit can enhance your property’s appeal.
It’s important to note that you’re legally required to provide maintenance for any appliances and utilities you include in your rental, including those you’re not required to provide, like A/C. This means that if you choose to install A/C, you’re responsible for keeping it in good condition and fixing it if it breaks.
Parking
Parking spots are hot commodities in NYC, with limited parking and a high population density. If you have a space for your tenants to park, highlight it as an amenity to enhance your property’s appeal to renters who wish to keep their cars when they move to the city.
Parking can also increase your profit since monthly parking fees are standard for New York rentals. Look into what properties near yours charge for parking to determine a fair yet competitive rate.
Dishwasher
Like in-unit washers and dryers, dishwashers are not common in New York, and therefore are highly coveted. Installing a dishwasher can be a major selling point for renters, which translates into tenant retention and decreased turnover costs.
The upfront costs of buying and installing a dishwasher can be daunting, but it can increase your profit over time. Not only can a dishwasher contribute to tenant satisfaction, but dishwashers use less water than hand-washing dishes, especially those with an ENERGY STAR label. If you include utilities in rent, you can increase your profit by lowering your tenant’s water bill with an energy-efficient dishwasher.
Utilities included
Renters in New York City like properties with utilities included in the rent, so they’re not blindsided by monthly utility costs. This helps them budget more effectively and reduces the stress of monitoring their energy and water usage.
Including utilities in rent can be a win-win situation for you and your tenant. If you install energy-efficient appliances, your tenant’s energy usage may not require the entire portion of the rent you’ve set aside for utilities, increasing your profit.
Understanding how renters search for a place to live in New York City is essential for maximizing your listing. By catering to the high demand for smaller rentals and ensuring competitive yet fair pricing, you can make your listing stand out in the competitive New York rental market by speaking directly to what renters prioritize. Emphasizing the top amenities enhances your property’s appeal by meeting the needs of potential tenants. Incorporating these elements into your property management strategy can help attract a broader range of renters and increase tenant satisfaction, ultimately reducing vacancy rates and increasing long-term stability.
Data provided by CoStar Group’s September 2024 reports.
