Rose Associates Survey Reveals Characteristics Unique to New York Renters
Posted On September 26, 2012
New Yorkers cite monthly rent as the seventh most important factor when choosing a new rental. For the rest of the country’s apartment dwellers, however, rent is the number one factor in the decision-making process. This is just one of the interesting facts uncovered by Rose Associates, the New York-based full-service real estate firm, in a recent tenant survey.
Throughout the year, Rose works with San Francisco-based research group Kingsley Associates to track the satisfaction of residents living in Rose-managed buildings and to track a number of performance metrics. Rose then compares the findings to the Kingsley IndexSM, which is based on surveys at more than 1 million apartment units in the U.S. each year.
“While we do this survey to ensure we’re providing the best service possible to our residents, it’s sometimes fun to look at the secondary data that’s gathered,” said J. Brian Peters, chief operating officer of Rose. “In a city where the average one bedroom apartment rents for north of $3400 a month, it is interesting to learn that rental rate is not the renter’s chief concern.”
Other findings uncovered by Rose’s recent survey:
- New Yorkers are three times more concerned with an apartment’s floorplan than their national counterparts.
- The quality of property management is more than twice as important to New Yorkers as it is to renters outside of New York.
- When asked for the strongest factor when deciding to renew or not renew a lease, 67% of New Yorkers cited location of a building and just 26% cited the cost of renting in a building.
- New York renters especially value apartment features and finishes—these attributes are 10% more important to New Yorkers than their national counterparts.
- New Yorkers don’t like to move, they cite the trouble associated with moving as more of an issue than the rent they pay.
Rose Associates has been conducting its comprehensive tenant surveys since 2007. So far this year, surveys have been issued to more than 8,000 residents in properties that are managed and leased by Rose. For the first time, Rose is surveying tenants in buildings it manages in Brooklyn and Westchester County, areas where the company is increasing its activities.
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine Street, which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.