New York City renters want to know more about a building before they sign a lease
Our research findings revealed by Radius Global, provided new insight about what New York renters value when searching for a place to call home.
Quick snapshot of our findings:
- 90% of renters would sign a longer lease with a responsive landlord.
- 88% of renters would sign a rental agreement quicker with a building that has been independently rated.
- 89% of renters think the renting process would be easier if they had comprehensive information about the landlord.
Frequently Asked Questions
Rentlogic is a standards organization that measures and rates the quality of multi-family residential buildings. Rentlogic Ratings recognize building owners that invest time and energy in to operating great buildings, and helps connect them with residents trying to navigate a difficult marketplace.
Rentlogic Ratings are A through F letter grades generated from objective datasets sourced from New York City government agencies and verified city-issued violations against buildings. The rating is a normalized measure of a building’s condition in terms of safety and level of maintenance, ranked in relation to all buildings in NYC. Rentlogic Ratings provide a fair comparison of buildings in terms of overall quality. Age, location and amenities are not factors. The presence or absence of dangerous or unsanitary conditions are.
Every week, roughly 4,000 complaints are initiated by renters about their landlords via calls to #311. These complaints can include mold, heat and hot water issues, infestations, structural problems and more. Within a week a building inspector from a city agency visits the building to determine the legitimacy of the complaint and will issue if violation if it is deemed valid.
No, only confirmed violations affect the rating.
Our ratings are similar to a credit score: unfavorable events and patterns drop a building’s rating, which recovers at a rate dependent on the severity of the issue. Each violation type has a different impact on the building letter grade and is ranked according to severity, proximity and persistence. For example, toxic mold has a greater effect than a broken doorknob. Roaches in one unit are not as severe as a building-wide infestation. A broken pipe that is never fixed will continuously drop the score. These all affect the overall rating differently.
Every building experiences wear and tear over time. We account for the normal amount of expected issues in our algorithms. Additionally, we adjust for the size of a building. A 10-unit building with 5 violations would be considered far worse than a 500-unit building with 8 violations, assuming that the violations were of comparable age and severity.
Our methodology was developed by a team of data scientists in collaboration with our steering board which consists of landlords, tenant representatives, public servants and other key stakeholders from the housing sector. It is designed to be accurate, consistent and unbiased.
The Rentlogic Rating system covers all 1.1 million multi-family residential properties across the five boroughs of New York City.
No. Rentlogic is a data-driven platform that uses objective information to generate ratings. We are unable to verify the validity of user generated reviews. To present them may suggest that we are biased towards residents.
No. After a building is purchased, its letter grade will improve more rapidly than usual provided that inherited violations are corrected in a timely manner. If there are no new violations, it will quickly move up to an “A”. If the same problems and violations still occur, then it will return to its initial grade. Fairness is our priority and we will work with new landlords to address any residual issues.
We are currently beta testing a service for landlords who wish to dispute their rating, or for landlords who have made improvements in buildings that are not yet reflected in the public records. If you would like to learn more, email [email protected].
Rentlogic celebrated its 250,000th building lookup on October 3rd 2017. During the second and third quarters of 2017, New Yorkers utilized our platform and browser extension to look up a Rentlogic Rating every 93 seconds. Users view between 4 and 25 building ratings per session. On average, approximately 27,000 buildings are looked up each month. To put this in perspective, an estimated 5,000 to 10,000 leases are signed every month in NYC.
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