Identifying your local renter demographics is vital to keep your rental property leased. From 2018 to 2030, the National Multifamily Housing Council estimates a doubling, to almost 8,000,000, of households renting single-family rental homes. To meet this demand, property owners and managers need to be aware of 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 holds true in almost every market in the country. Based on recent research by Harvard University’s Joint Center for Housing Studies, 78% of all households under the age of 25 rent their homes. One reason is that many people in their twenties and thirties go through a period of increasing mobility, flexible employment tenure, and changing relationships. Given the time and money commitment required to maintain a property, most people would be better off renting than buying a house.
Although young adults make up a sizable portion of the rental market, renters of all ages are present in substantial numbers. The same survey found that a majority of individuals aged 25 to 30 continue to rent their homes, whereas most people over 40 and one-fifth of people over 55 do not. Although not usually chosen, there has been a growing trend toward renting in recent years. Older people usually prefer renting due to the avoidance of home maintenance and financial risk connected with a fluctuating housing market.
Most Likely to Rent Single-Family Homes
It is obvious that individuals of all ages rent homes, and the age range of the most prevalent renter demographic may vary depending on your area. Certain types of rental properties may have higher demand in some areas. For example, single-family rental homes are more popular than other types of rental properties in the West and South, whereas multifamily rental properties are more common in the East and Midwest.
This indicates that rental property owners should be aware of the most in-demand types of rental property in their area, as well as the age ranges of their target market. People who rent a single-family home typically do so to accommodate their need for more room, want a yard for their pets, or preference for a suburban setting to raise their kids. Single-family rental property remains a popular option for seniors or young single individuals in college towns, popular retirement communities, and other unique areas. Knowing the requirements and preferences of your target demographic is crucial to keep your rental property rented.
For rental properties in outlying or developing regions, understanding the local renter demographic might be difficult. In situations like this, it can be best to enlist a local rental market expert to aid in efficiently preparing and marketing your rental property. Real Property Management has the understanding and connections to help you reach your target demographic and ensure your rental property is leased to qualified tenants. Contact your local Real Property Management office to find out more.
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.
