To keep your rental property leased, you must first identify your local renter demographics. Based on the National Multifamily Housing Council, the number of single-family rental households is expected to rise by approximately eight million between 2018 and 2030. To meet this demand, property owners and managers must know what their target market is 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 true in nearly every market throughout the country. As per recent research by Harvard University’s Joint Center for Housing Studies, 78 percent of all households under the age of 25 are renters. This is partly because numerous young individuals are in a stage of life defined by increased mobility, flexible employment tenure, and changing relationships. These days, acquiring a property can be complex and costly, so renting usually is more practical.
Despite the fact that young adults tend to dominate the rental market, renters of all ages are present in significant numbers. According to the same survey, it was found that approximately two-thirds of those aged 25 to 30 continue to rent their homes. In contrast, one-third of people over 40 and one-fifth over 55 do not. In recent years, a growing portion of people have opted to rent, even though this is not the case for everyone. Renting is commonly favored by older people seeking to avoid the burdens of home maintenance or the financial challenges connected 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 can vary depending on your location. Certain types of rental properties may be more sought after in specific locations than others. Single-family rental homes, for illustration, outnumber all other types of rental properties in the West and South. Alternatively, multifamily rental properties are more prevalent in the East and, to a lesser degree, the Midwest.
This indicates that rental property owners must be aware of the most in-demand types of rental property in their area, along with the age ranges of their target market. The majority of people who rent a single-family home typically do so due to their need for additional space, preference for a yard suitable for pets, or desire to raise their children in a suburban setting. Single-family rental property can still be attractive to elderly individuals, young single individuals in college towns, popular retirement groups, and regions with unique characteristics. Consequently, it is essential to identify the needs and desires of your target demographic in order to keep your rental property rented.
Identifying your local renter demographic can be challenging, especially in isolated or developing areas, despite its significance. In such cases, it can be advantageous to enlist a local rental market expert to effectively organize and promote your rental property. Real Property Management possesses enough knowledge and understanding to aid in identifying your target market and ensuring that your rental property is leased to qualified tenants. Contact your local Real Property Management office for extra details.
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.
