News & Resources

Tech sector floods New York rental pool

Jul 28, 2011 Matt Roesly

New York apartments are being overrun by bloggers and tech workers, according to the Wall Street Journal. Residential development consultant Nancy Packes recently released a report which revealed a marked trend in tech workers who are applying for apartments in Brooklyn and Manhattan. The report also showed that typical dwellers of these areas - finance workers - are in the decline. Packes' report - which uses trend data from Manhattan rental transactions processed since 2005 - found that tech sector workers account for 28.6 percent of the market, compared to 15.8 percent in 2005. Packes receives her information from software that provides electronic tenant background screening and lease processing services for landlords. Members of this new demographic are looking for distinct amenities in their new abodes, such as wireless internet access, movie screening rooms and areas to play Nintendo Wii. Crain's New York Business notes that one tenant is reported to have asked for a fire pit and a plunge pool with a waterfall. WSJ adds that the rise in tech-renters likely correlates with the expanding offices of some of the more popular technologically-driven companies in the area, such as Google, Twitter and Facebook.