To keep your rental property leased, you must initially identify your local renter demographics. Based on the National Multifamily Housing Council, the number of households renting single-family homes is expected to rise by approximately 8,000,000 between 2018 and 2030. To meet this demand, property owners and managers should know who 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 almost every market across the country. Recent research by Harvard University’s Joint Center for Housing Studies shows that among households under the age of 25, seventy-eight percent are renters. This is partly because many young people are at a time of life marked by increased mobility, more flexible employment tenure, and shifting relationships. Homeownership is challenging and costly now, so renting is often a better option.
The rental market is dominated by young adults, but there are many renters of all ages. According to a comparable 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 don’t. While not all people opt to rent, an increasing proportion have done so in recent times. Renting is more common among the elderly since it eliminates the need for them to deal with the problem of home maintenance and the financial risks involved with a fluctuating housing market.
Most Likely to Rent Single-Family Homes
Obviously, people of all ages rent homes, and the age scope of the most prevalent renter demographic might change depending on where you dwell. It is also a fact that some regions have a higher demand for specific types of rental properties. Single-family rental homes, for example, dominate all other types of rental properties in the West and South, whereas multifamily rental properties prevail in the East and, certain extent, the Midwest.
As a result, rental property owners need to know 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 additional room, a yard for their pets, or a more rural setting in which to raise their children. Your single-family rental property, however, may still be an appealing option for seniors or young single individuals in college towns, well-known retirement groups, and similarly unique regions. As a result, knowing the necessities and wants of your target demographic is essential to keep your rental property rented.
Albeit significant, understanding your local renter demographic can sometimes be a test, particularly if your rental property is in a remote or undeveloped area. If that is the scenario, it can be advantageous to enlist a local rental market expert to help you strategize and advertise your rental property. If you need help determining your target market and ensuring that your rental property is leased to qualified tenants, turn to Real Property Management. Contact your local Real Property Management office for further 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.
