Design Expectations of an Affluent Audience Seeking Luxury Leasing

DESIGN CONSULTING

March 15, 2022

If you are a developer of Luxury Lease apartments and desire to attract an exclusive market of affluent people, this blog takes a deeper dive into what this market desires in housing, and how this could optimize project profitability. The blog posted in February 2022, “An Affluent Audience Seeking Luxury Leasing – They just don’t know it, identified this market and research led to data-driven solutions to attract this lucrative audience.

A Summary of the Market Research:

It is important to remember the audience surveyed were considering “rightsizing” from a large home, which included a garage, lots of storage, and space for entertaining. They simply have more stuff vs Millennials who have never owned a home. The survey was intended to receive input on what they desired in housing; there was no reference at all to “leasing” a home or condo.

Survey Responders  

Age 50 – 64 Household income $150K +

Home Ownership vs Leasing

Living Environment Preferences

  • Close access to parks, trails, and walkable retail (Fifteen Minute City Developments)
  • Individual garages vs a common parking garage
  • Desire for maintenance of exterior and interior to be included in price (std amenity for leasing)

Living Space Preferences

  • Abundant light and views
  • Ample storage space
  • Open concept for kitchen, living, dining with ample space for entertaining
  • Balconies large enough to accommodate seating and dining space
  • Privacy (acoustics between walls and floors and odors from kitchen must be addressed)

Data-driven solutions for this market can be summarized as follows:

Storage Space 

Rated very high on the market survey, therefore, there must be spaces provided for areas such as: 

  • Utility area to accommodate standard household cleaning items 
  • Laundry should never be placed in a kitchen area 
  • Kitchen pantry needs at least 20 lineal feet of 12” depth storage space, NOT 24” depth storage space (which is a waste of space and very inefficient)
  • Entry closet for coats 
  • Linen closets and medicine cabinets in bath areas 
  • Storage space for miscellaneous items such as household stock; luggage, toolbox, ice chests, holiday and other décor, etc. (some, but not all items can be stored in a storage unit)

Open Concept for Kitchen / Living / Dining 

Open Concept Kitchen Design for Affluent Audience Seeking Luxury Leasing

Rated very high on the market survey and a very common design concept in newer apartments. However, most apartments are never large enough to accommodate a dining table and space for entertaining guests. Affluent people prefer a dining table vs Millennials don’t mind eating at the kitchen counter. To accommodate these living preferences, floor plans would naturally be larger in square footage (1500-1800 SF). This results in a higher rent; but, this market can afford it and will pay for it.

One-Level Home 

This rated very high on the market research survey as well. As we age, it is much easier to navigate a one-level home vs a three-story brownstone. We see numerous floor/three level floor plans in both condos and apartments; however, these are not ideal for this market of people. Sometimes their dogs cannot get up and down the stairs. “Living in Place” features can be incorporated to create spaces that are safe, comfortable and healthy for all ages and abilities of people – no barriers to entry. More about this in a future blog – “Ways to Inspire and Engage an affluent Audience Seeking Luxury Leasing.”

In conclusion, if you desire to attract affluent Empty Nesters and Corporate Leasing C-Suite, you must design spaces that meet the needs and desires of this market. Generational Designs can work with your design team to refine your existing floor plans to incorporate the features this market desires. This will differentiate your project, attract this market, and lead to optimizing project profitability.

Visit our website today and book a complimentary initial consultation to learn more about how to capture this audience.

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