Apartment buildings bearing President Donald J. Trump’s name are not as popular as they once were, according to a new study by the apartment-rental platform, Zumper.
The report says that compared to similar units, the “ultra-high-end apartments” in Trump-branded buildings are underperforming in New York City’s real estate market, taking longer to rent on average, and requiring price cuts, post-election.
“I think rentals are pretty uniquely tied to public perception in real time, versus a condo sale is more of a drawn-out process,” said Devin O’Brien, Zumper’s director of strategic marketing. “If someone were to have a negative perception toward Trump, that would show up much quicker in the rental market.”
CBS News reports that only apartments on the higher end of the price spectrum, above $4,000 per month, are performing poorly. Those at the lower end are rented as quickly as they were pre-election.
“For New York, it is still a competitive market, and even if there’s a potential stigma, good deals are going to be taken up quickly,” said O’Brien.
According to CBS: “The study looked at rental listings in seven Trump-branded buildings — Trump Palace, Trump Parc, Trump Parc East, Trump Park Avenue, Trump Place, Trump Tower, and the Trump World Tower — and compared them to listings in seven non-Trump buildings that are similar in age, location, price and amenities.
“Zumper reviewed 377 rental listings between December 2015 and October 2017, bookending the election and considering the average time on market of each listing and any price change over the course of the listing.”
The study found that in 5 out of 7 building pairs, the Trump properties struggled post-election more than the non-Trump buildings. The remaining two buildings were the Trump Parc, which performed better than its paired comparison, and the Trump Place, which performed about the same as the building with which it was paired.
— CBS News (@CBSNews) November 3, 2017
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