When you complete a showing, are people saying that the units are simply too small or cramped? This may not necessarily mean your units need more square feet to draw in tenants. Multifamily data suggests optimized spaces that use efficient space and look large and homey are attractive to many renters.
Does Square Footage Matter to Renters? Here’s some Multifamily Data
Does size really matter? Well, yes and no. Multifamily data shows that renters do care about how big the space is, but square footage may not be the most important thing on their list. More than simply knowing the number of square feet in the apartment, most tenants care about the layout of the space. For example, how many bedrooms and bathrooms does it have? Is there enough usable space to put their furniture? Most people will compromise their square footage goals for the right unit.
The simple fact of the matter is it’s highly unlikely someone is going to come in during a showing, look at the space, and say, “sorry, this one’s about 15 square feet too small for me.” For the most part, it’s all about how the space feels.
Now, square footage still makes it on the top five list of important factors for properties people rent. However, it’s number five and behind factors like price and neighborhood. In fact, the average apartment size decreased from 1117 ft2 in 2011 to 1015 ft2 in 2020, which suggests square footage might not be as important as it used to be.
So, property management data suggests that it’s potentially more important for renters to see the property available for rent. This way they can imagine living there and consider whether it suits their needs and desires.
Efficient Space and Staging Can Help Entice Leads
Multifamily data suggests efficient spaces are more desirable than inefficiently used square feet. Dead space is a nightmare for tenants living in your units, especially if they’re on the smaller side. Things like extra wide hallways take up a lot of space that is simply unusable. No one’s going to stick their couch in the hallway!
When each square foot is used efficiently and your unit minimizes dead space, it can help your units look larger and more home-like. A bunch of nooks and crannies that don’t seem to fit anything can quickly make your units look cramped. Consider unit layout and how you can maximize the space offered to help rent more units.
The appearance of a bigger apartment can also help entice your leads to become tenants. Of course you should tell them the square footage of the unit, but there are a few things you can do to help apartments look bigger and feel more homey, which might convince the right person to rent it.
For example, using the same flooring for every room helps you get an uninterrupted flow in the unit that helps it feel larger and less segmented. In addition, painting the walls a lighter color helps bring in more light and help the space look more open. These simple changes can make a big difference during showings.
Accurate, Updated Multifamily Data Solutions for your Property’s Success
When you need accurate, up-to-date, detailed apartment market data, choose Apartment Data for your needs. We survey all the properties in our database once a month to provide you with quality information on market prices, common amenities, and many other metrics and data that help you make effective decisions. Whether you need help pricing units or sourcing leads, our team is here to help! Call us now at (800) 595-8730 to request a demonstration of our market reports and multifamily data tools!