To keep your rental property leased, it is essential to first identify your local renter demographics. The National Multifamily Housing Council projects that there will be an increase of eight million single-family rental households from 2018 to 2030. To stay up with this demand, property owners and managers need to clearly understand their target market and what they’re searching for in a rental home.
Most Likely to Rent – All Property Types
Young adults are the most likely demographic to rent a home. This is accurate in practically every market around the country. In the most recent research by Harvard University’s Joint Center for Housing Studies, the majority of households under the age of 25, specifically 78%, choose to rent. This is due to the fact that many young people experience greater mobility, more flexible job durations, and fluctuating relationships. Currently, the acquisition and maintenance of a home can present challenges and financial burdens, making renting a more logical choice.
While young adults are commonly found in the rental market, renters of all ages are present in significant numbers. According to the previously mentioned survey, two-thirds of people aged 25 to 30 still rent their homes, while one-third of those over 40 and one-fifth of people over 55 do not. In recent years, there has been a growing trend of individuals choosing to rent rather than own property. Renting is a popular choice among older individuals who want to avoid the challenges of home maintenance and the financial uncertainties involved with a fluctuating housing market.
Most Likely to Rent Single-Family Homes
Obviously, people of all ages rent homes, and the age range of the most prevalent renter demographic varies contingent on where you live. Certain types of rental properties are in demand in specific areas. For illustration, single-family rental homes are more prevalent than other types of rental properties in the West and South, while multifamily rental properties are more common in the East and, to a lesser extent, the Midwest.
This means that rental property owners should be familiar with the most in-demand types of rental property in their area and the age ranges of their target market. Most people who rent a single-family home do so because they need additional space, desire a yard for their pets, or want to educate their kids in a suburban situation. The single-family rental property continues to be a desirable choice for seniors and young individuals in college towns, retirement communities, and other distinctive locations. As a result, knowing the wants and needs of your target demographic is imperative to keep your rental property rented.
Even though vital, understanding your local renter demographic can sometimes be difficult, particularly if your rental property is in a remote or developing location. In such scenarios, it can be worthwhile to enlist a local rental market expert to help you efficiently prepare and advertise your rental property. Real Property Management possesses the skills and expertise needed to assist you in understanding your intended demographic and ensuring that your rental property is leased to qualified tenants. Contact your local Real Property Management office for further information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.