In order to keep your rental property leased, it is imperative to identify your local renter demographics first. The National Multifamily Housing Council forecasts that there will be an approximate increase of eight million single-family rental households between 2018 and 2030. In order to meet this demand, it is imperative for property owners and managers to acquire an in-depth awareness of their target market and what they’re searching for in a rental home.
Most Likely to Rent – All Property Types
The most likely demographic to rent a home is the group of young adults. This is true in almost every market throughout the nation. As per recent research by Harvard University’s Joint Center for Housing Studies, 78 percent of all households under the age of 25 opt for rental accommodations. This is partly because many young people are at a time of life marked by increased mobility, greater employment flexibility, and evolving social connections. Right now, purchasing a property can be complex and pricey, thereby rendering renting a more viable option.
Although the rental market is predominantly occupied by young adults, there exists a significant presence of renters of all ages. As per the earlier study, two-thirds of those aged 25 to 30 still rent their homes, while one-third of people over 40 and one-fifth of people over 55 do not. While not all people opt to rent, an increasing proportion have done so in recent years. Renting is commonly chosen by older folks who do not want the inconvenience of home maintenance or the financial hazards associated 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 fluctuate depending on where you live. It is also true that particular types of rental properties are in higher demand in some places than others. Single-family rental homes, for example, outweigh all other types of rental properties in the West and South, whereas multifamily rental properties predominate in the East and, to a lesser extent, the Midwest.
It is imperative for rental property owners to possess knowledge regarding the most in-demand types of rental property in their area, as well as the age ranges of their target market. The primary reasons for people who rent a single-family home are the need for additional space, a yard suitable for their animals, or the aspiration to raise their children in suburban surroundings. Notwithstanding, your single-family rental property may remain a sought-after option among elderly or young single individuals in college towns, popular retirement communities, and other comparable distinctive regions. Consequently, figuring out the demands and needs of your target demographic is imperative to keep your rental property rented.
Comprehending your local renter demographic in your vicinity is a crucial aspect, albeit it can prove daunting, especially if your rental property is in a distant or developing area. In such instances, it can be advantageous to enlist a local rental market expert to help you successfully prepare and promote your rental property. Real Property Management possesses the necessary knowledge and expertise to help you understand your target market and ensure your rental property is leased to qualified tenants. Contact your local Real Property Management office to obtain 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.