With all the questions and concerns about the U.S. housing market and homeownership lately, interior fashions professionals may be overlooking a potentially lucrative market: rental units.
According to the U.S. Census Bureau, during 2004 more than 285,000 new rental apartments in buildings of five units or more were completed that year. The largest portion of that total (43 percent) had rent rates of $1,050 and more per month. Of the total unfinished apartments built, 62 percent were rented within the first three months.
A recent survey reveals renter decorating plans and indicates they need help with their interiors. The survey, conducted by Apartments.com, indicates interior design and home decor is a hot topic for renters. According to the survey, 90 percent of renters will decorate when moving to a new apartment; of these renters, 81 percent will decorate within the first three months of their move.
The biggest decorating challenge facing 38 percent of survey respondents is staying within a budget. Other renter decorating challenges include: Not having enough space (23 percent), need help with organization (12 percent) and unsure of what colors to use (12 percent).
The Apartments.com survey found that 18 percent of respondents will spend between $500 and $1,000.
The survey was part of a monthly "What Renters Want" research series conducted by Apartments.com, a national apartment Internet listing subscription service with more than 50,000 unique addresses representing more than two million rental units.