A recent study revealed a surprising location factor that boosts the value of rental homes—proximity to the hottest restaurants in town.
Rental units within a quarter-mile of trendy restaurants are 16% more expensive than the average price of similar units in the same city, according to data analysts at 2nd Address, an online marketplace of furnished rentals.
The study looked at thousands of rental units in seven major U.S. cities, including New York, Los Angeles, San Francisco, Chicago, Washington DC, Boston, and Seattle. To identify the most popular eateries, data analysts compiled a list of each city’s 15 most reviewed restaurants on Yelp that has a rating of four stars and more.
On average, rental homes near the hottest restaurants cost $150 per night, which varies from city to city.
In New York, the country’s culinary mecca, foodie renters shell out $181 per night to live near iconic restaurants like Lombardi's Pizza and Katz's Deli. While renters in Los Angeles pay an average of $125 a night to live close to local hits like Bestia and République.
