- Posted by: Lisa
- Category: Trends
Bike storage space and bike-sharing amenities are gaining traction with renters. But how much more will they pay for these amenities?
This year’s Concept Community survey gauged the apartment needs and wants of more than 84,000 renters nationwide, our highest total ever.
In an earlier article, we quantified the issue of package lockers, but here we turn to a different type of storage: making space for bicycles.
As you can see in the pie chart below, while more than half (55.89%) of renters don’t own a bike, nearly a third of them currently do, and another 11.8% plan to get one. So, more than 44% would potentially have a need for bike storage.
But will renters pay extra for such an amenity? A clear majority of more than 69% said they wouldn’t, but this logically includes the more than 55% of renters whot don’t own bicycles. When you account for that population, the majority of bike owners (or potential bike owners) seem open to the idea of an extra monthly charge.
Nearly 20% of all renters would kick in an extra $5 per month for bike storage space, while another 7.24% would go as high as $10. Further, nearly 4% of renters would stretch up to $15 or more per month. All told, more than 30% of all renters are explicitly willing to pay for bike storage.
One amenity that has gained some traction in recent years are bike share programs. According to the survey, more than 10% of all renters were extremely enthused by the idea, while another 22.29% ranked their interest at 5 or above on a scale of zero to 10.
But when asked how much more they’d be willing to pay to live in a community that offers a bike-share program, about 26% indicated they’d pay at least an extra $5 per month. So, a greater share of renters (30.87%) would pay for the option of bike storage than would pay for a bike-share program.
The full results of the groundbreaking survey, conducted from mid-May to mid-June by J Turner Research, will be unveiled at the Multifamily Executive Conference in September. And the data itself will be used as a basis for the creation of the Next-Gen Apartment Community in a series of renderings designed by Humphreys & Partners Architects.