Closet & Storage Insights
Understanding the impact of upgraded closets on apartment rental prices; how upgraded closets and other upgraded features increase willingness to spend; and how these findings differ across demographic groups, can help builders and landlords provide the upgrades their clients are looking for with the best return on the investment for their property.
The annual International Builders’ Show took place from January 21 – 23 in Las Vegas, a trade show which ClosetMaid has participated in for over 50 years.
There are dozens, if not hundreds, of home renovation TV shows out there. And when it comes to style, viewers have their pick. Each show is packed with unique personalities, drama and, of course, a jaw-dropping final walkthrough that makes viewers want to pick up the phone and call a contractor.
Brian Dougherty, ClosetMaid’s Vice President of Building and Strategic Sales for the brand’s Building Division, sees a rapid shift in homebuyer tastes as we enter a new decade.
ClosetMaid will celebrate its 55th anniversary at the 2020 NAHB International Builders’ Show in Las Vegas, January 21-23, 2020. Celebrity guest Anthony Carrino will make an appearance at the ClosetMaid booth (C6737) on January 21 from 2-4 pm EST to launch the anniversary celebrations.
Home and apartment rentals for 2017 are on an upward trajectory. And renters have numerous options when it comes to what type of space they decide to live in. Whether it is an apartment, single-family, or multifamily home, location, amenities, and size are just a few of the standard factors that come into play. But if there is one thing that each and every renter has in common, it’s that they all need functional spaces to store their belongings.
“Demand for home organization products in the US is forecast to increase 3.5% per year through 2019 to $10.5 billion,” according to The Freedonia Group. The reason being is families have accumulated more stuff than ever before. The result is filled cabinets, closets, and shelves–leaving little room for anything else. These cluttered spaces can add unwanted stress into the lives of residents. Successful builders profit from these home buyer demands by offering a modern take on functional storage solutions.
Home and apartment rental continues to be a popular trend and is on the rise again in 2017. Of course, renters have numerous options when it comes to what type of living space they ultimately decide on. Individual demographic groups are going to have different demands when it comes to the real estate search. Whether it’s an apartment, single-family, or multi-family home – location, amenities, size, and security are just a few of the factors that will come into play.
Each spring for the last 46 years, architects, designers and future homebuyers have flocked to Florida’s Marion County Parade of Homes — where dozens of newly constructed model houses await — to get a glimpse of what’s new and trending in residential design. This year, two homes in particular attracted buzz not only for their finishes and fixtures, but also for their innovative storage solutions made possible by ClosetMaid, the worldwide leader in home organization.
“The $8 billion home organization industry has more than doubled in size since the early 2000’s—growing at a staggering rate of 10% each year,” according to Becoming Minimalist. This means that storage products are not only in demand, but a wide variety of them are needed to meet our demanding lifestyles and to keep up with trends in home design.
A brand promises your customers a specific experience. “Without brand consistency, customers will lose sight of the message you are trying to portray and vital trust in your business,” according to an article by Rand Group.
Home builders are gearing up for a busy year; news outlets reported that in October 2016, new housing starts hit a nine-year high, soaring up to 1.34 million. This marked a 17% increase from December 2015. And this growth shows no signs of stopping.
Today’s home design trends are becoming more fragmented and variable than ever. Options have exploded, and buyer expectations are high. Younger buyers are demanding a look that is unique from their neighbors (or unique to them) – even in suburbia – while older Americans want homes that are accessible, but also modern, open and spacious. Across the board, residential architects and production builders are designing new homes that reflect these new trends, plus many others.
From new luxury high-rises where space is at a premium to large single-family homes, clients and residents expect to find smarter storage solutions to keep their home — and the possessions they keep in it — looking great. The small details like shelves and cabinets can become big burdens for architects and builders when it comes to sourcing materials, designing closets and installing them. That’s why industry leader ClosetMaid now offers Professional Services, which helps organize and simplify your project as well as your client’s closet.
News outlets reported that in October 2016, new housing starts hit a nine-year high, soaring up to 1.34 million. Additionally, the Department of Commerce revealed that the year closed out with privately-owned housing starts reaching a seasonally adjusted annual rate of 1,226,000. This marked an 11.3% increase from November 2016, and a further 5.7% increase from December 2015. It is projected that housing demand will remain strong into 2017 due to several factors outlined by the National Association of Realtors.
There are approximately 200,000 unfilled construction jobs in the U.S. – 81% more than the last two years.*
If you ask homebuilders today how business is, most of them will tell you that it should be very good – if they could support it. Eight years after the housing bust forced an estimated 30 percent of construction workers to find work in new fields, homebuilders are now fighting against a significantly reduced workforce, resulting in higher wages for skilled laborers and ultimately higher costs for builders, slowing down construction in a hot market.
When it comes to designing storage space for multifamily residential projects, architects today must take a number of variables into consideration. First, is the project being designed for a developer or a realtor? When it’s completed, will it be turned over quickly for an immediate profit or held onto for long-term gain? And is it for a condominium complex or a series of apartments?
One burgeoning trend in upscale multifamily residential architecture today is the growing demand for more — and better quality — storage space. At the same time, demand for smaller living spaces is high – there’s less upkeep, lower energy costs, and typically less stress overall. To address both of these demands in small, amenity-filled spaces, architects design not just for looks, but for organization. This approach is paramount to an attractive and usable home.
Today’s homeowners, on average, can be expected to stay in the same house for 10-13 years – a significant increase compared to the period prior to the housing downturn in 2008 when the average stay was 6-9 years. As a result, our homes reflect our personalities more than ever. In fact, storage trends are falling right in line with lifestyle trends and preferences.
While often overlooked, storage can be one of the most crucial elements to a happy, healthy, and organized living or work space. But all too often, storage is used in homes and offices to conceal the piles of clutter that don’t have a designated “place”. However, many homeowners and homebuyers are starting to catch on to the closet and storage trends that have been sweeping the market within the past three years. A study conducted by real estate website Zillow.com says closets have been the number two most-requested amenity since 2013.
In today’s increasingly complex architectural landscape – one with many different project delivery methods and new standards for project performance – architects must manage risk and uncertainty, in many different forms, every day.
ClosetMaid® conducted a survey titled “Upgraded Closet Rental Impact Survey Analysis,” to examine whether or not upgraded closets drive rental interest and higher rental prices. The survey tested different apartment features to understand whether upgraded features are preferred, how different features interact, and how combinations of these features influence rental prices.