Does a Building’s Age Affect It’s Rent?

Just as a spate of new housing units comes to market in New York City — the newborn sheen and amenities accompanied by premium rents — a study by the website RentHop offers a look at the relationship between a building’s age and the rents charged.

Among newer buildings, it found, rents decreased as a building’s age increased. The drop was particularly obvious in Battery Park City, where the median-age building was constructed in 1998.

Citywide, however, the median age of buildings is about 90 years, and in most older neighborhoods there was a more complicated relationship between the age of a building and the rent.

Location, not surprisingly, often mattered more. And buildings with historic merit were also sometimes more expensive than newer buildings nearby, as were older buildings with elevators.

Focusing on one-bedroom apartments in Manhattan, in buildings with elevators, RentHop produced a list of neighborhoods in which the greatest age-related discounts can be found.

Posted on August 23, 2017 at 5:14 pm
MJ Steen | Category: Uncategorized | Tagged , , , , , , , , , ,

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