Identifying your local renter demographics is vital to keep your rental property leased. According to the National Multifamily Housing Council, the number of households renting single-family homes is projected to rise by about 8,000,000 between 2018 and 2030. Property owners and managers looking to keep up with rising demand will need to research to learn more about 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 particularly the case in almost all of the nation’s marketplaces. As mentioned by recent research by Harvard University’s Joint Center for Housing Studies, 78 percent of all households under the age of 25 are renters. One reason is that several young people are currently at a phase of life marked by increased mobility, more flexible employment tenure, and shifting relationships. Buying a home is too expensive and difficult, so most people are better off renting.
While young adults tend to dominate the rental market, renters of all ages are present in substantial numbers. According to the same report, 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 everyone opts to rent, an increasing proportion has done so recently. Renting is a popular option for seniors who would rather avoid the hassle of home maintenance or the financial risk connected with a fluctuating housing market.
Most Likely to Rent Single-Family Homes
Evidently, people of all ages rent homes, and the age range of the most prevalent renter demographic might change according to where you live. It is also true that specific types of rental properties are in higher demand in some areas than others. For instance, single-family rental homes outnumber all other types of rental properties in the West and South, whereas the East and, to a lesser extent, the Midwest are primarily made up of multifamily rental properties.
This means that rental property owners must be aware of the most in-demand types of rental property in their area, as well as the age ranges of their target market. Most people who rent a single-family home do so because they want more room and a yard for their pets or want to raise their kids in a suburban environment. Your single-family rental property, however, may still be in demand among seniors or young single professionals in college towns, popular retirement communities, and similarly unique areas. Because of that, knowing the preferences and needs of your target demographic is essential to keep your rental property rented.
Understanding your local renter demographic is vital, but it can be challenging if your rental property is in an isolated or developing area. If that’s the case, it could be recommended to enlist a local rental market expert to help you successfully plan and advertise your rental property. Real Property Management has the knowledge and skills needed to help you know the right demographic and guarantee your rental property is leased to qualified tenants. To learn more about our Real Property Management Legend in Homestead, FL, or our other locations, contact us online or call us at 786-744-57000.
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.