April 20, 2017 Comments Off on The Cost of Apartment Amenities Views: 2038 Connect Classroom, National News, Top National Stories

The Cost of Apartment Amenities

How much extra are you willing to pay to have a laundry machine in your apartment? How about a gym or doorman? Each of these luxuries will set you back a pretty penny, according to Renthop.com.

The rental listings site analyzed 450,000 records across various cities to answer how much monthly rent costs increase, based on the inclusion of various amenities. The survey investigated the following 10 features to assess their correlation to price by performing regression analysis:

  • furnished
  • pets allowed
  • laundry in unit
  • laundry room in building
  • common outdoor space
  • private outdoor space
  • doorman
  • elevator
  • gym
  • parking spot

While the correlation between each amenity and rent price fluctuated by city, the biggest drivers of increased rent, besides the number of bedrooms and bathrooms, proved to be (listed with approximate estimate of increased rent):

  1. Doorman – $260
  2. Elevator – $120
  3. Gym – $90
  4. Laundry in unit – $80
  5. Parking – $50
  6. Pets allowed – $35

Additionally, the survey outlined the median rental prices by city, with the following findings:

  1. New York – $3,200
  2. Boston – $2,675
  3. Los Angeles – $2,275
  4. Washington, DC – $2,000
  5. Miami – $1,950
  6. Chicago – $1,829
  7. Philadelphia – $1,400
  8. Dallas – $1,375
  9. Atlanta – $1,300
  10. Houston – $1,295

Since the number of bedrooms greatly impacts median price, the complete results break down median prices by city per number of bedrooms.

The findings also showcase, in a color coded chart, which amenities drive up the cost of rent in each city, respectively.

Read More at Renthop.com

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