Two Queens Neighborhoods Score High in Rentlogic Survey of Best Multi-Family Rental Buildings

The New York Post recently published an article on areas renters should avoid because of failing grades.  The Post used a survey by Rentlogic, a real estate data firm which hands out grades to New York City's multi-family rental buildings.  The company uses public information from the city on building violations and tenant complaints and then assigns properties a score of A (excellent), B (good), C (needs improvement) or F (unacceptable).   The survey gave high grades to two Queens neighborhoods of Floral Park and Elmhurst.  Areas in Manhattan and the Bronx scored at the bottom end of the grading.

According to the article, Rentlogic was able to review data on more than 1 million buildings from roughly 300 neighborhoods throughout New York City.  An analysis of the data, Rentlogic was able to determine what were the best and the worst neighborhoods throughout NYC.   The Post reports "The most surprising result: Prices aren’t always a proxy for quality. For instance, the city’s best-graded neighborhoods include workaday spots like Great Kills, Staten Island; Floral Park, Queens and City Island in the Bronx. (There, 99 percent or more of buildings received an A grade.) In the West Village, on the other hand, 76 percent of properties scored an A rating. In the East Village, only 52 percent of properties got an A."  Another area that was highlighted is Elmhurst which received a 92 percent (92%) score and an A.

The worst neighborhoods according to the data was Tremont (Bronx) and Inwood (Manhattan). Nine percent (9%) of buildings in these areas scored an F.  This was followed by West Harlem (Manhattan) with 7.6% of their buildings scoring an F grade.

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/two-queens-neighborhoods-score-high-in-rentlogic-survey-of-best-multi-family-rental-buildings/

Manhattan Buildings Are Now Being Graded With New Google Chrome Extension

Manhattan property managers and landlords should be put on notice that Manhattan buildings will be graded by using a new Google Chrome Extention by Rentlogic.   The four year old company's software will allow apartment hunters who are viewing an apartment on a broker's website or listing service to see the building's grade in a pop-up window.  The viewer will also be able to see violations, complaints as well as other issues which may affect quality of life (electrical issues, rodents, bedbugs, etc).

Initially, Rentlogic attempted to have brokerages send their listings in order for them to be evaluated and graded.  However, they found that most companies were only sending their best listing according to Yale Fox, their CEO.  As a result of this, Rentlogic decided to go with an algorithm which is similar to what he believes will be a Zagat for properties.

The data that Rentlogic uses derives from government reports but according to Bloomberg " the assumptions his algorithm makes are subject to scorn by the industry. One complaint is that he goes back seven years, meaning that the system can include violations incurred by previous owners.

Another is that it uses data on tenant complaints regardless of whether the landlord responded quickly or whether the complaint was verified by a city inspector. Fox said the algorithm doesn’t consider unverified complaints and, in general, is designed to give landlords the benefit of the doubt. He said he plans to introduce functions to help landlords improve building grades."
They are hoping that the software will provide a level playing field as they will not sway too close to landlords nor be overly critical as well.  Being able to prevent disasters such as tenants living in buildings such as the ones owned by Steve Croman would be a goal of the company.  Last summer, the Attorney General Eric Schneiderman brought 20 felony charges against Croman for harrassing rent regulated tenants.  He is facing up to 25 years in jail and up to 8 million dollars in fines.

The Rentlogic plug-in, which works on Chrome, Firefox, or Opera browsers with Internet Explorer and Safari on the way.

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/manhattan-buildings-are-now-being-graded-with-new-google-chrome-extension/