To keep your rental property leased, you must first identify your local renter demographics. National Multifamily Housing Council has projected 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 possess a comprehensive understanding of their target market and their preferences when searching for 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 almost every market throughout the nation. A recent research by Harvard University’s Joint Center for Housing Studies revealed that 78% of all households under the age of 25 rent their homes. This can be attributed to the transitional phase of life that many young individuals experience, characterized by heightened mobility, greater employment flexibility, and shifting relationships. At present, acquiring a home can be intricate and costly, so renting is a more rational choice.
Even though the rental market is typically dominated by young adults, renters of all ages are present in substantial numbers. As per the report mentioned above, a majority of individuals aged 25 to 30 continue to rent their homes, whereas a significant portion of individuals over 40 and one-fifth of people over 55 do not. Although not all individuals choose to rent, a growing percentage of people have opted for this housing option in recent times. The decision to rent is frequently made by elderly individuals who seek to avoid the challenges of home maintenance or the economic risks linked to a fluctuating housing market.
Most Likely to Rent Single-Family Homes
It is evident that individuals of all ages rent homes, and the age range of the most prevalent renter demographic may vary depending on the geographical location. It is verifiable that certain types of rental properties experience greater demand in specific locations relative to others. The prevalence of single-family rental homes surpasses that of other types of rental properties in the West and South, while multifamily rental properties are more prevalent in the East and, to a lesser extent, the Midwest.
This means that rental property owners should know the most in-demand types of rental property in their area, along with the age ranges of their target market. The primary reasons for most people who rent a single-family home are the need for additional space, a yard to accommodate their pets, or the aspiration to raise their children in a suburban environment. Notwithstanding, your single-family rental property may still be a popular alternative for elders or young single individuals in college towns, popular retirement communities, and other comparable distinctive localities. Consequently, comprehending the requirements and preferences of your target demographic is critical to keep your rental property rented.
Comprehending your local renter demographic is a crucial task, albeit a challenging one, particularly when the rental property is situated in a remote or developing area. In such circumstances, it can be helpful to enlist a local rental market expert to help you successfully prepare and market your rental property. Real Property Management possesses the requisite experience and expertise to facilitate comprehension of the target market and ensure your rental property is leased to qualified tenants. Contact your local Real Property Management office to get more 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.
