To keep your rental property leased, you need to first identify your local renter demographics. Single-family rental houses are expected to increase by roughly eight million between 2018 and 2030, according to the National Multifamily Housing Council. To achieve this standard, property owners and managers must know 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 is particularly true in the majority of markets across the country. As attested by recent research by Harvard University’s Joint Center for Housing Studies, 78% 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, purchasing a house can be challenging and costly, so renting is usually a better choice.
Although young adults tend to control the rental market, renters of all ages are present in a significant quantity. According to 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 number of individuals who prefer to rent has grown, even though it is still not universal. Renting is a popular option for elderly individuals who want to prevent the hassle of home maintenance and the monetary risk connected with a fluctuating housing market.
Most Likely to Rent Single-Family Homes
Clearly, people of all ages rent homes, and the age range of the most prevalent renter demographic may differ depending on your location. It is also true that certain types of rental properties are in more need in some areas than others. Single-family rental homes, for illustration, outnumber all other types of rental properties in the West and South. In contrast, multifamily rental properties are predominant in the East and, to a lesser degree, the Midwest.
Therefore, rental property owners should be mindful of the most in-demand types of rental property in their area, along with the age ranges of their target market. Many people who rent a single-family home do so because they want extra space, an outdoor area for their animals, or want to raise their children in a suburban environment. Your single-family rental property, however, may still be a popular option for elderly or young singles in college towns, popular retirement communities, and similar unique areas. As a result, comprehending the needs and wants of your target demographic is critical to keep your rental property rented.
Although important, knowing your local renter demographic can sometimes be a challenge, mainly if your rental property is in a remote or growing area. In situations like this, it can be best to enlist a local rental market expert to assist you in preparing and promoting your rental property. Real Property Management has the understanding and skills required to help you classify your primary market and ensure that your rental property is leased to qualified tenants. Contact your local Real Property Management office to get 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.