To keep your rental property leased, you must first identify your local renter demographics. In accordance with the National Multifamily Housing Council, the number of single-family rental households is expected to increase by about eight million between 2018 and 2030. To meet this demand, property owners and managers must know what 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 evident in nearly every market throughout the country. As per recent research by Harvard University’s Joint Center for Housing Studies, 78 percent of all households under the age of 25 are renters. This is partly because several young individuals are in a stage of life defined by increased mobility, flexible employment tenure, and fluctuating relationships. Nowadays, purchasing a property can be complex and costly, so renting is typically more practical.
Despite the fact that young adults tend to control the rental market, renters of all ages are present in significant numbers. Based on a similar survey, 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. In recent years, a growing portion of individuals have opted to rent, despite the fact that this is not the case for everyone. Renting is usually preferred by older people who want to avoid the trouble of home maintenance or the financial risks connected with a fluctuating housing market.
Most Likely to Rent Single-Family Homes
Obviously, people of all ages rent homes, and the age range of the most prevalent renter demographic can vary depending on where you dwell. It is also true that certain types of rental properties are in greater demand in certain locations than others. Single-family rental homes, for example, outnumber all other types of rental properties in the West and South. On the other hand, multifamily rental properties prevail in the East and, to a lesser degree, the Midwest.
This signifies that rental property owners must be informed of the most in-demand types of rental property in their locale, along with the age ranges of their target market. The majority of people who rent a single-family home do so because they require more room, desire a yard for their pets, or wish to raise their children in a suburban environment. Your single-family rental property, however, may still be a popular option for elders or young single individuals in college towns, popular retirement groups, and other unique regions. Consequently, it is essential to comprehend the needs and desires of your target demographic in order to keep your rental property rented.
Although vital, determining your local renter demographic can sometimes be hard, primarily if your rental property is in an isolated or developing place. In these instances, it can be advantageous to enlist a local rental market expert to effectively prepare and market your rental property. Real Property Management has the necessary experience and knowledge to assist you in identifying your target market and making certain that 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.
