Photo: Anthony Quintano/Flickr
It should go without saying that more living space will cost you, well, more in rent per month in New York City (and indeed the rest of the country as well), but what about those special features — like in-unit washers and dryers or a doorman? But while those features are certainly nice to have, how much could end up increasing your rent — and is it worth it?
According to a new report by the listing site Renthop, the median overall rent in New York City is currently $3,200 per month. However it can vary greatly depending on a unit’s size — for example, median rental prices run from $2,500 for a studio to $3,000 and $3,500 per month for one and two-bedroom units respectively in New York City.
New York City had the highest overall median rent, as well as the highest median rent across all unit sizes of the 10 cities Renthop analyzed for comparative median rental prices.
Beyond size, Renthop set out to determine what other factors could have an impact on price, looking at features like if the unit was furnished, allowed pets, had laundry facilities either in the unit or in the building, offered private or common outdoor space, among others. The listing site’s team then determined exactly how much these features could add to the overall rental price.
Renthop calculated the correlation between each feature and higher monthly rent, with a strong positive relationship suggesting that a specific feature was likely to increase total rent. It then calculated the correlation between feature and rental price in 10 of the most and least expensive neighborhoods in New York City.
Among the city’s most expensive neighborhoods, the features most likely to have the largest impact on rent were whether or not the building had a doorman, the units had their own laundry facilities, and the availability of an elevator. Parking and furnished units had no effect on prices, according to Renthop.
A doorman was also the feature most likely to impact rent in the least expensive neighborhoods, followed by an on-site fitness center, and in-unit laundry facilities. Similarly, parking and furnished units had the least impact on rent in the city’s least expensive neighborhoods.
Having a doorman could add as much as $260 to your rent, says Renthop. Meanwhile an elevator could add as much as $120 to your rent, a fitness center could add $90, and in-unit laundry facilities could tack on about $80.
While $260 may seem like a lot for a doorman, Renthop says a doorman is a good indicator that the building will be a nicer building, and is likely located in a more expensive neighborhood. It quipped that if you think you’ll spend more than $80 at the laundromat per month, finding an apartment with a washer dryer may be cost effective for you.
Click here to read the entire report.