A new generation of renters is demanding luxury amenities that enhance the quality of their lives. It’s a trend called the amenity wars, where landlords are fighting to add value and attract renters to their units.
Luxurious upgrades catch renters’ attention and encourage them to sign lucrative rental contracts. As a result, some rental companies have started offering amenities like free gyms, outdoor kitchens, hot tubs, snack stations, and elaborate clubhouses complete with party games and big-screen TVs.
The younger your renters are, the more likely they are to desire high-end amenities. And while a hot tub would be nice, most renters just want sensible, functional features like closets, shelves, and pantries.
Closets are among the most-requested amenities for renters in Generation Z (ages 18-24) and Millennials (ages 25-40). Are you doing enough to woo these extremely selective renters?
How World Events Have Reshaped Renting
The COVID-19 pandemic increased the overall demand for rentals and storage space. Illness has caused people to suddenly change their living situations and need extra storage for their family’s belongings. The demand for closet storage has increased 300% since 2020.
Plus, more people are renting homes due to outrageous real estate prices, putting even more pressure on the rental market. Home buying costs have skyrocketed during the pandemic and home values have doubled or even tripled.
In addition to these trends, renters are also becoming pickier than ever before. Today, lifestyle improvement is the #1 concern among U.S. renters who are actively planning to move within the next 12 months. Simply put, they won’t sign a new rental contract unless they’re sure it will lead to a better life.
Adding Closets and Adding Value
When it comes to closets, any landlord has heard the same questions a million times. Renters want to know how many closets the unit has, whether it has big walk-in closets, and whether you’re offering them ample storage space.
How do you answer these questions? Do potential renters sound disappointed that you don’t offer better closets?
In the world of property investment, closets are a must. Renters desire them and lenders often require them. A bedroom just isn’t a bedroom without a closet and many real estate firms won’t call a room a bedroom unless it contains a standard-size closet.
The good news is that upgrading closets is one of the fastest and easiest ways to add value to a rental unit. Renter surveys have found that 42% of renters would pay higher monthly rent for better closets and 88% of renters would pay more for walk-in closets.
Why would they pay more? Because they have so much stuff to store!
Eight in 10 U.S. households have too much clutter for their existing closets and 10% of Americans are currently renting a self-storage unit just to have extra storage space. Closet space is a top priority.
This includes bedroom closets, plus many other types of closets. Renters want plenty of storage space in their apartment kitchen pantries, hall closets, laundry rooms, entryways, and more. Every bit of extra storage space adds value.
How to Upgrade Closets Easily and Affordably
When you’re a landlord or multifamily property owner, amenities are always part of a complex financial calculation. You can’t add new amenities unless they make economic sense and add value to your overall real estate investment.
Wholesale closet installation is an affordable option for upgrading your units on a budget. Get the most for your money and add an attractive new feature that captures renters’ interest.
When you work with ClosetParts.com, we’ll provide budget-conscious closets with a high level of quality and fast turnaround times. To learn more about installing custom wholesale closets for your renters, please visit ClosetParts.com and start your custom order online now.
Start Your Order Online or call 1-877-C-Parts1 (1-877-272-7871)