New York City apartments largely move on reputation

  • New York, while still supply-constrained and expensive for renters, has a special allure.
  • A new AppFolio national survey showed that technology helps move units, but word-of-mouth and old-fashioned cachet still helps.
  • In constrained markets, many renters are paying half of their income in monthly rent.

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Jose Antonio Sanchez / While the Big Apple’s lure is everlasting, the methods for finding and leasing an apartment there are ever-changing. The shifting landscape includes not only new technology to find units and rent them instantaneously, but also opinions about what makes for a good rental arrangement and how to afford it. AppFolio Property Management commissioned a survey in January to examine criteria that renters are looking for in the current multifamily space. It polled 1,500 renters across the country through Google Consumer Surveys to take the pulse of the rental market. The survey results are meant to be used as advice to professional property managers, and even though the survey didn't differentiate by metro, AppFolio was able to draw some conclusions about individual markets. Vice President of Product at AppFolio Nat Kunes said that a feature of AppFolio software that works extremely well in competitive markets like New York City or S...