Many details about an apartment can impact monthly rent, other than the amount of space and location. For example, units that seem similar could be priced differently if one has a balcony. This price differential could be even greater in newer luxury apartments which offer things like concierge service, furnished rooftops, and fitness centers.
So what kinds of features could increase your rent? And by how much? Using thousands of apartment listings across major US cities with details including, monthly rent, number of bedrooms and bathrooms, and the presence of different amenities, we attempt to find out using data from Priceonomics customer RentHop, an apartment listing site.
We identified 10 features across the 10 largest metropolitan areas to investigate. These included:
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