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Uncovering Renters’ Profile: Who’s Inclined to Rent Homes?

Roommates moving into a new home. To keep your rental property leased, you must initially identify your local renter demographics. Between 2018 and 2030, the number of single-family rental households is expected to increase by nearly 8 million, as reported by the National Multifamily Housing Council. Property owners and managers can better achieve this standard by understanding 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 young adults. This is the norm in almost every market across the country. Recent research by Harvard University’s Joint Center for Housing Studies found that 78 percent of all households under the age of 25 are renting. This is partly because many young people are at a time of life marked by increased mobility, more flexible employment tenure, and shifting relationships. Buying a house now can be difficult and expensive, so many people today choose to rent instead.

There are many renters of all ages, but the rental market is dominated by young adults. Based on 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. A growing share of households are choosing to rent rather than buy in recent years. Renting is an attractive option among the elderly who prefer not to face the responsibility of home maintenance and the financial risks of a fluctuating housing market.

Most Likely to Rent Single-Family Homes

It’s clear that people of all ages rent homes, and the age range of the most prevalent renter demographic can change based on where you live. Some regions have a greater need for certain types of rental properties than others. For illustration, single-family rental homes predominate any other types of rental properties in the West and South, whereas multifamily rental properties are more common in the East and, to a lesser extent, the Midwest.

As a result, rental property owners need to be aware of the most in-demand types of rental property in their location, as well as the age ranges of their target market. Numerous people who rent a single-family home do so because they require more space, want a yard for their pets, or want to raise their kids in a more rural setting. However, in college towns, famous retirement communities, and other unique places, your single-family rental property may still be a viable option for retirees or young professionals. Knowing the demands and expectations of your target demographic is essential to keep your rental property rented.

 

Although necessary, knowing your local renter demographic can sometimes be challenging, especially if your rental property is in a distant or developing area. If this is the case, it can be helpful to enlist a local rental market expert to help you successfully prepare and market your rental property. At Real Property Management, we have the experience and expertise necessary to help you discover your target market and make sure your rental property is leased to qualified tenants. Contact your local Real Property Management office to learn 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.

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