When looking for where to add value to your multifamily property, have you ever considered the closets? Our guest today has built a business around the concept of renovating closets to increase the unit’s desirability and rent! 

The multifamily closet space has not changed for the last 50 years. Take a look at most multifamily properties and you’ll find the same bland, uninspired, standard wire racks in the closets. Most of these closets offer less than 42% of their potential storage capacity. 

Over the past two decades, consumer demographics have shifted dramatically. Millennial & baby boomer renters today are not satisfied with a place to live; they want a unique residential experience enhanced by resort-style amenities. They seek a supportive community offering attention to detail that promotes an exceptional quality of life. They want to know they’ll have enough space for their stuff without renting storage or living in a cluttered, claustrophobic environment.

Our guest Jim Monk is president of Clozzits.  Clozzits promises to revolutionize this massive opportunity of renovating closet space to increase the NOI. Clozzits will help design and install affordable closet space for multifamily properties anywhere in the country. Jim comes on the show to explain how their system works, how much it can increase your NOI, and some success stories from their clients. 

Don’t miss this episode for a super unique way to add value to your multifamily community.