National Survey Shows NYC Renters Have Increased Satisfaction And Are Pleased With Value

Kingsley Associates, a business intelligence firm headquartered in San Francisco and a leader in resident and tenant satisfaction surveys released a report for ending in the 2017 period.  The national survey which polls tenants from leading cities throughout the United States indicates that renter satisfaction remains steady throughout the nation, however we are seeing tremendous increases since the last report from 2016.  The survey, which you can read fully here also indicates that renters in New York City gave higher scores with respect to renter renewal intent and value for amount paid for 2017.

National renter satisfaction according to the survey indicated that the rate of satisfaction climbed .1% in 2017 for 76.9% in the fourth quarter 2017.  New York City saw the highest levels of tenant satisfaction as the rate increased 3.2%.  Other significant cities with increases included Atlanta at 1.6% increase and Denver with 1.8%.  An increase in renter renewal intent was also highest in New York City according to the report.  There was an increase of 5.4% of tenants likely to renew their leases.  Increases were also seen in Boston at 4% and Atlanta.

Nationwide renters who were satisfied with the value they receive from their apartment compared with the price they pay increased only .1% from the previous quarter to 54.5%.  New York saw tenants very happy with the value of their rentals.  According to the report:

"Despite being known as an expensive rental market, New York has consistently achieved higher scores than most of the largest U.S. markets in renter satisfaction, renter renewal intent, and value for amount paid throughout the past year. In New York, 81.0% of renters are satisfied overall, 58.0% intend to renew their leases, and 56.7% are satisfied with the value for amount paid. For renters who indicated that they intend to renew their leases, location, community management, and security were the top factors influencing their decision. For renters who expressed satisfaction with value for amount paid, location, apartment features, and rental rate greatly influenced their positive value perception.
Recent changes in the New York market have shifted the power from apartment owners and managers to renters. "

So what do tenants believes give value to their apartment?  The survey indicates that air-conditioning, dishwashers, washers and dryers, and garbage disposals are the biggest amenities tenants are looking for.  Overall 75% of the polled renters said they wouldn't lease a particular unit if these features weren't included.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/national-survey-shows-nyc-renters-increased-satisfaction-pleased-value/