To keep your rental property leased, you need to first identify your local renter demographics. Single-family rental households are expected to rise by roughly 8 million between 2018 and 2030, as per the National Multifamily Housing Council. To stay up with this demand, property owners and managers must comprehend 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 holds true in the majority of markets across the nation. As attested by recent research by Harvard University’s Joint Center for Housing Studies, 78 percent of all households under the age of 25 rent their homes. This is partly because lots of young people are in a stage of life marked by increased mobility, more flexible employment tenure, and unstable relationships. Currently, possessing a house can be challenging and pricey, so renting is usually a better choice.
Although young adults tend to lead the rental market, renters of all ages are present in substantial quantities. In line with a similar study, two-thirds of those aged 25 to 30 continue to rent their homes, while one-third of people over 40 and one-fifth of people over 55 do not. Recently, the proportion of individuals who choose to rent has grown, despite the fact that it is still not universal. Renting is a popular option for senior citizens who do not want the hassle of home maintenance or the financial hazards connected with a fluctuating housing market.
Most Likely to Rent Single-Family Homes
Clearly, individuals of all ages rent homes, and the age range of the most prevalent renter demographic may differ depending on where you reside. It is also correct that certain types of rental properties are in more need in some places than others. Single-family rental homes, for instance, outnumber all other types of rental properties in the West and South, whereas multifamily rental properties are predominant in the East and, to a lesser extent, the Midwest.
This implies that 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. Many people who rent a single-family home do so because they want additional room, an outdoor area for their pets, or want to raise their children in a suburban location. Your single-family rental property, however, may still be a popular choice for elderly or young singles in college towns, popular retirement communities, and similarly unique regions. Consequently, comprehending the needs and wants of your target demographic is crucial to keep your rental property rented.
Although vital, learning your local renter demographic can sometimes be a challenge, specifically if your rental property is in a remote or expanding area. In situations like this, it can be useful to enlist a local rental market expert to assist you in planning and promoting your rental property. Real Property Management has the experience and expertise required to assist you in comprehending your target market and making sure that your rental property is leased to qualified tenants. Contact your local Real Property Management office for 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.
