This week, real estate appraiser, Curbed graph guru, blogger, and podcaster Jonathan Miller looks at the cost of doormen in rental buildings.
Having that doorman just got more expensive. The difference between the average rental of a building with and without a doorman was at its widest point since we began to track this metric in 2007. The average rental price in a doorman building was $4,915, up 17.8 percent over the past 7 years and the highest recorded over this period. The average rental price in a non-doorman building was $3,461, up a more modest 5.8 percent over the same period. The difference between the two rental types resulted in an eight-year high of $1,645 per month.
Of course this doesn't mean that the doorman you see every day is actually costing you an extra $55 per day (in condos, the cost is 65% more per square foot). The apartment mix in buildings with attended lobbies tends to be larger. The key takeaway here is that the cost of larger apartments is rising faster than their smaller counterparts.
· Miller Samuel [official]
· Three Cents Worth archives [Curbed]