Finding that perfect apartment takes a lot of steps before becoming a reality and one recent survey examines what exactly goes through New Yorkers’ minds when searching for a place to call home.
AppFolio, a property management software company, has released the results of a survey conducted last month on residential renting trends in New York City and San Francisco.
The New York City survey, which included responses from 2,552 individuals, found that one in three prospective renters — with 38.8 percent of millennials agreeing — said the worst part of the rental process was narrowed down to dealing with broker fees — which got 31.4 percent of the votes; then came low-quality landlords; and filing out paperwork.
Surprisingly when it came to the older demographic, over 65 years old, just one in four thought low-quality landlords were the worst part of the rental process, with 8.3 percent saying broker fees was the worst.
“With New York City representing one of the largest housing markets both nationally and globally, we set out to gain a better understanding of the renters living in this major metropolitan area,” said Nat Kunes, vice president of product management at AppFolio.
The survey also took a look at how many locations New York renters tend to look at before making their final decision. A total of 42.3 percent of the renters said they typically view between three and six sites; while 34.5 percent said they’d look at between one and three locations.
When it came to millennials — between 18 and 24 years old — 45.8 percent say they tend to look at between three and six locations before making their decision.
Participants were also asked how much more they would be willing to pay — measured in percentage of their current rent — to stay in their apartments. More than half of the renters, 51.9 percent, said they would pay between 1 and 5 percent. Only 3.3 percent of New Yorkers said they would give up more than 11 percent.
When the same question was examined in regards to renters’ incomes, 40.8 percent making less than $25,000 said they would pay between 1 and 5 percent to stay at their current home, while 64 percent making between $25,000 and $49,999 said they would pay between 1 and 5 percent.
The survey also asked renters what they saw as the most acceptable reason for an increase in rent and what would cause them to consider moving.
For acceptable reasons for rent increase, 30.2 percent of participants said they think better maintenance is a good reason — with 47.6 percent of millennials agreeing —and 22.9 percent said new amenities would be acceptable for increasing rent.
However, 40.6 percent of renters said that the top reason to consider moving would be rent going up.
Participants lastly said that when it came to dealing with a property manager during the rental process 37.6 percent — with 46.5 percent of millennials — expect communication either online or by text, not just online rent collection, online applications and virtual tours.
“This data provides a clearer view of the preferences and frustrations within the NYC renter community and their current living situations, which in turn educates property managers about their customers so they can more effectively market, manage and grow their businesses,” Kunes said.