A great article by on-line industry publication Furniture
Today as they analyzed Census numbers and their own market research targeting specifically
the ever-booming rental marketplace. The
North Carolina-based web source's Consumer Buying Trends Survey found that in
2012, 12% of furniture and bedding buyers lived in an apartment.
What was number one on the must have list for this sector of the retail marketplace?
Small sofas.
For the first six
months of 2013, the average sofa width was 78.1", compared with a desired
width of 85.6" for the same time period in 2010.
Consumers in the survey reported also wanting smaller recliners. During the first six months of 2010 consumers were seeking recliners with a 38.8" width, 41.2" height and a 39.2" depth. For the first six months of 2013 consumers wanted recliners that were 35.3" in width, 37.9" in height and 36.2" in depth.
This news comes as there was a reported 39.3% increase in the number of unfurnished apartments constructed in 2012, compared with the prior year, according to the U.S. Census Bureau.
In the Northeast, 90% of apartments built in 2012 were rented within three months; compared with 64% in the South, 61% in the West and 60% in the Midwest. Newly constructed, two-bedroom apartments were the most popular in 2012, accounting for 45.4% of all apartments rented; coming in a close second were one-bedrooms with 37.9% of the market share. By rental rate in 2012, 32.3% of new apartments were rented for $1,350 or more a month; while 31.5% of apartments rented for $950 or less.
Couple all this with news that the percentage of apartment renters with household incomes of $75,000 or more has jumped to 41.2%, up 15 percentage points from two years ago and you have a recipe for robust business for furniture manufacturers over the next year and beyond.GET, LLC is a partner with Pennsylvania-based Savoy Furniture. We thank them for what they do and it is the quality and stability of their business that continues to make them a top choice for their respective case good needs.
What was number one on the must have list for this sector of the retail marketplace?
Small sofas.
For the first six
months of 2013, the average sofa width was 78.1", compared with a desired
width of 85.6" for the same time period in 2010.Consumers in the survey reported also wanting smaller recliners. During the first six months of 2010 consumers were seeking recliners with a 38.8" width, 41.2" height and a 39.2" depth. For the first six months of 2013 consumers wanted recliners that were 35.3" in width, 37.9" in height and 36.2" in depth.
This news comes as there was a reported 39.3% increase in the number of unfurnished apartments constructed in 2012, compared with the prior year, according to the U.S. Census Bureau.
In the Northeast, 90% of apartments built in 2012 were rented within three months; compared with 64% in the South, 61% in the West and 60% in the Midwest. Newly constructed, two-bedroom apartments were the most popular in 2012, accounting for 45.4% of all apartments rented; coming in a close second were one-bedrooms with 37.9% of the market share. By rental rate in 2012, 32.3% of new apartments were rented for $1,350 or more a month; while 31.5% of apartments rented for $950 or less.
Couple all this with news that the percentage of apartment renters with household incomes of $75,000 or more has jumped to 41.2%, up 15 percentage points from two years ago and you have a recipe for robust business for furniture manufacturers over the next year and beyond.GET, LLC is a partner with Pennsylvania-based Savoy Furniture. We thank them for what they do and it is the quality and stability of their business that continues to make them a top choice for their respective case good needs.