Rental Study: The Impact of Upgraded Closets
ClosetMaid wanted to see what renters really care about when considering an apartment or home, so they worked with Hanover Research to conduct a survey.
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.
Here’s what the survey revealed.
Renters Value Upgraded Features – Including Upgraded Closets
It’s not surprising that monthly rent is the most important factor when a renter considers a home or apartment.
But beyond price, renters prefer properties with enhanced features, including upgraded closets, especially when paired with other above standard finishes and appliances.
Upgraded flooring, kitchen countertops, smart lighting or smart thermostats, along with upgraded closets as an “included add-on” can influence potential renters in their decision-making process.
Renters Want Organization Solutions
Renters identify a need to better organize kitchens, living rooms, and closets and are most interested in purchasing home organization items for bedrooms. This demonstrates the opportunity for landlords to fill the need for organization solutions in rentals. Solving the consumer need will make the rental even more appealing to potential tenants.
Renters are Willing to Pay More for Upgraded Storage
Many renters currently pay or say they would consider paying an additional fee for storage spaces.
About one-third (30%) are willing to pay more for better utilized storage spaces, and one-quarter (27%) would pay more for upgraded storage spaces in general.
Renters between the ages of 18 and 34 are more likely to pay higher rent for upgraded storage spaces.
About the Survey
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.
In highly-competitive rental markets, gaining insights like these on an important segment of the market can help inform decisions that lead to more successful outcomes. The results of this survey help ClosetMaid Professional Services Representatives and the individuals and organizations they serve, including property management companies, owners and developers.