To keep your rental property leased, you must first identify your local renter demographics. Single-family rental households are predicted to increase by approximately eight million between 2018 and 2030, according to the National Multifamily Housing Council. To stay up with this demand, property owners and managers must understand 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 accurate in practically every market around the country. As stated by recent research by Harvard University’s Joint Center for Housing Studies, 78% of all households under the age of 25 rent their houses. This is partly because most young individuals deal with increasing mobility, more flexible employment tenure, and fluctuating relationships. At this point, having a home can be difficult and costly, so renting generally makes more sense.
Although young adults are prevalent in the rental market, renters of all ages are present in significant numbers. As said by the same survey, two-thirds of people aged 25 to 30 still rent their homes, while one-third of those over 40 and one-fifth of people over 55 do not. While only people opt for rent, an increasing quantity of people have been doing so in recent years. Renting is often chosen by older individuals who desire to avoid the difficulty of home maintenance or the financial risks involved with a fluctuating housing market.
Most Likely to Rent Single-Family Homes
People of all ages rent homes, and the age range of the most prevalent renter demographic varies based on where you stay. It is also evident that certain types of rental properties are more demanded in certain areas than others. Single-family rental homes, for instance, outnumber all other types of rental properties in the West and South, but multifamily rental properties predominate in the East and, to a lesser extent, the Midwest.
This implies that rental property owners need to be conscious of the most in-demand types of rental property in their location and the age ranges of their target market. Most people who rent a single-family home do so since they need more space, desire a yard for their pets, or want to educate their kids in a suburban setting. Your single-family rental property, on the other hand, may still be a popular option for seniors or young single people in college towns, common retirement communities, and similarly unique places. Therefore, addressing the wants and needs of your target demographic is imperative to keep your rental property rented.
Even though important, knowing your local renter demographic can sometimes be challenging, particularly if your rental property is in a secluded or developing location. In cases like this, it can be beneficial to enlist a local rental market expert to assist you in adequately preparing and marketing your rental property. At Real Property Management, we have the knowledge and expertise to assist you in knowing your target market and guaranteeing that your rental property is leased to qualified tenants. Contact your local Real Property Management office to find out 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.