They aren't luxury, they are market rate and the people renting them are often definitionally rent burdened.
> marginally more expensive to put in "premium" appliances
Induction cook tops cost nearly $4k. A whole electric stove and oven for about $600.
> since the land/structure is expensive anyway
In NYC you need an expected profit margin of 5% to get a development loan, and that quite high for large real estate projects. Slapping and extra $3-$4k onto each unit just isn't going to work for most projects.
> Of course new apartments are going to be built with induction cooktops when gas isn't an option.
As of today, there are fewer than 20 apartments for rent in NYC that list induction cooktops in their listings. I've checked every major rental site, and some didn't seem to actually have them based on photos. Plenty of building have electric, but I've never seen a rental with induction or heard of anyone who has one at any price of unit.
You are comparing a Tesla Model S to a Toyota Civic.
Here is a $500 36-inch induction cooktop
https://www.homedepot.com/p/Empava-36-in-Built-In-Electric-S...?
> Induction cook tops cost nearly $4k. A whole electric stove and oven for about $600. In NYC you need an expected profit margin of 5% to get a development loan, and that quite high for large real estate projects. Slapping and extra $3-$4k onto each unit just isn't going to work for most projects.
the cost of the cooktop and oven is not increasing by $3600. It's actually only increasing by $500.
Also 5% of a 800k condo unit is 40k.
Also your 5% profit margin is a bare minimum. In reality, I doubt any developer would do start any project unless they expected at minimum 15% margin.
I can buy 5 Miele induction cooktops for $4k, what planet are you living on?
Why not? Most new construction is "luxury" priced, as since the land/structure is expensive anyway, and it's only marginally more expensive to put in "premium" appliances that allow you to charge a significant rent premium, everyone does that.
Of course new apartments are going to be built with induction cooktops when gas isn't an option. Induction isn't even that much more expensive.