Whether you’re on the manufacturing or retail side of the home furnishings industry, a growing rental market means rich opportunities to grow your business. According to research around the Census Bureau’s report, 36.6% of the population is renting. That’s the highest U.S. percentage since 1965, when the number was 37%.
Even though real estate once again shows great promise, people just aren’t quite ready to buy . . . for several reasons.
Millennials aren’t in a hurry to put down roots and can face challenges getting a loan since they’re harder to get – especially when saddled with crippling student debt.
Older generations aren’t willing to gamble with their emotions and investments again – plus, the maintenance-free lifestyle does offer a greater level of satisfaction for renters 55 and over.
Single-person households are on the rise and much more conducive to renting.
Grab the brass ring for your business, by making sure your products and services stand out to those living in transitional and temporary housing situations.
Of course, apartments and smaller bungalows and cottages come with non-traditional room dimensions. So, this is a great chance for your business to embrace the Las Vegas Market trend, “Micro.” Appeal to those seeking high-style on a small scale with appropriately sized pieces that do more.
Modular furniture, transformers, and flexible storage units are big in the rental market. Put yourself in the shoes of someone living in a chic loft – you want to make every inch of space count!
Additionally, you may want to expand your online product inventory to include more affordable pieces to your line. Renters who opt out of renewing their year’s lease may want to re-up their style at their new apartment or house. This means they don’t want to spend a tremendous amount of money on a sofa they may only keep for a year or two.
When you’re marketing these new, renter-friendly pieces, be sure that your product data accurately reflects what shoppers are searching. “Small spaces furniture” and “furniture for small spaces” are top in search terms. And, since size does matter for this demographic, it’s essential that you include exact specifications in your product descriptions.
Earn extra credit points with your product data in this segment to include the dimensions of the shipping box. This helps customers understand if they’re able to get their new furnishings up the stairs and inside their room of choice, or if they need to plan for unpacking on the stoop or landing.
Finally, make sure your inventory includes plenty of home décor items that help renters get their deposit back. Think freestanding mirrors, temporary wallpaper and displays for bright pops of color without putting too many holes in the wall. After all, when you give your customers what they want and need in the moment they’re in, they’ll return to you when their situation changes and they require new furnishings again!