Rental Study: The Impact of Upgraded Closets
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.
The survey found that closets are the second most important upgraded feature for potential customers when choosing a rental apartment or home. In fact, 42% of respondents were willing to pay additional monthly rent fees for better utilized storage and upgraded closet spaces.
To qualify for the survey, respondents had to be US residents, 18 years or older, not employed by market research or advertising companies, currently renting their home for $800 or more, and have some decision-making authority over household purchases.
Additional findings were that the majority of potential customers interested in home improvements in general are also looking to better organize their closet spaces. 37% are currently interested in improving their homes – of this group, 63% are interested in purchasing home organization products, while 56% are interested in organizing their closet spaces specifically.
The survey’s results are useful for ClosetMaid, property management companies and developers, and the industry as a whole, to gain insight into a very important segment of the market. In highly-competitive rental markets where builders are looking for an edge, it can help them make informed decisions to more quickly lease units.