Closet space is a precious commodity for any renter. In fact, we found that in-unit storage space is such a desired design feature that nearly half of all renters (49%) are willing to pay at least $75 more per month for larger closets (10 feet by 6 feet) rather than try to squeeze their belongings into standard-sized closets (4 feet by 6 feet) for lower monthly rent.
Curious as to how the desire for closet space breaks down across demographics? We were too. The chart below shows that Gen X is slightly more willing to pay than other generations – but Millennials are close behind them. The survey shows that the older the renter, the more cost conscious they are. This may be a reflection of living on fixed income and/or the effort to downsize as they get older.
We increased the price of the larger closet space from $75 to $100 and were surprised to see that the inclination does not change significantly overall. Even at the higher price point, 45% of renters are willing to pay more for the larger closet space.
The demographic breakdown of who is willing to pay more also remains in the same ranking order, with Gen X being the most willing to pay more for the extra space. When the price is increased to $100 Millennials fall a little farther behind Gen X. And the Silent Generation remains the cost conscious bunch unwilling to pay more for a bigger closet.
We thought we would see that renters would want more space – that wasn’t necessarily surprising. But what we did find surprising was how many were willing to actually pay for it. For 6 extra feet, apartment complexes may be able to charge $75 to a $100 more for monthly rent. Though, it is important to note, that communities that cater to the older generation should shy away from making changes to their property to add space to the closets and increase rent. If you are renting to Gen X and Millennials, consider the change!