This year's MFE Concept Community survey gauged the housing wants and needs of more than 84,000 renters nationwide, our largest total ever.
This week, we'll take a look at the age-old question of hardwood floors versus carpeting. While owners certainly have their preferences, the survey shows that not all renters are created equal when it comes to the kind of flooring they like. The younger the tenant, the more inclined they are toward hardwood.
When asked whether they'd pay $75 more per month in rent to have hardwood floors throughout all their living spaces, millennials and Gen Xers gave the most positive affirmation, as you can see in the chart below, with more than half of each of the two generations expressing a willingness to open the purse strings.
What's striking is the discrepancy between the older and younger generations, as baby boomers, and particularly members of the Silent Generation, were much less willing to tack on that extra $75. Perhaps this is a reflection of older generations living on a fixed income—though there may be safety issues at play here too, as hardwood floors can be slippery. Still, another issue may be well-worn conventional wisdom that millennials and Gen Xers prefer authentic materials.
This discrepancy doesn't change too much when we ratchet up the cost of hardwood floors to $100 a month. The younger generations again were much more willing to pay for the more-genuine look of hardwood floors.
The full results of our groundbreaking survey, The Next-Gen Apartment: What Renters Want, done in conjunction with J Turner Research, will be unveiled at the Multifamily Executive Conference in September.
In the meantime, check out our previous 2016 MFE Concept Community Stats of the Week: