You must first identify your local renter demographics in order to keep your rental property leased. The National Multifamily Housing Council projects that between 2018 and 2030, there will be an increase of about eight million single-family rental households. Property owners and managers need to know their target market and what they’re searching for in a rental home in order to keep up with this demand.
Most Likely to Rent – All Property Types
Young adults are the most likely demographic to rent a home. Almost every market across the country can attest to this. As stated 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 partially due to the fact that many young people are currently experiencing a stage of life that involves greater mobility, more flexible employment tenure, and shifting relationships. Renting usually makes more sense now because owning a property can be challenging and expensive.
Renters of all ages are present in significant numbers, despite the fact that young adults frequently dominate the rental market. The same survey states that, whereas one-third of persons over 40 and one-fifth of people over 55 do not rent their homes, two-thirds of people aged 25 to 30 do. Even though not everyone chooses to rent, a growing number of people have in recent years. Older people who do not want to deal with home maintenance hassles or the financial risks of a fluctuating housing market sometimes opt to rent.
Most Likely to Rent Single-Family Homes
It goes without saying that people of all ages rent homes, and depending on where you reside, the age range of the most prevalent renter demographic may change. It is also true that particular types of rental properties are in higher demand in some places compared to others. Single-family rental houses, for illustration, outweigh all other types of rental properties in the West and South, while multifamily rental properties predominate in the East and, to a lesser extent, the Midwest.
This entails that rental property owners need to be aware of the most in-demand types of rental property in their locality, as well as the age ranges of their target market. Numerous people who rent a single-family home do so out of needing extra space, a need for a yard for their animals, or a desire to bring up their children in a suburban neighborhood. However, in college towns, well-liked retirement communities, and similarly distinctive areas, your single-family rental property can still be a well-liked option for seniors or young single people. Therefore, it is essential to comprehend the requirements and preferences of your target demographic if you want to keep your rental property rented.
Even though it’s crucial, knowing your local renter demographic can sometimes take time, particularly if your rental property is located in a far-off or developing location. To successfully prepare and promote your rental property in such circumstances, it can be beneficial to enlist a local rental market expert to assist you. Real Property Management has the knowledge and skills required to assist you in identifying your target market and ensuring that your rental property is leased to qualified tenants. Contact your local Real Property Management office for additional 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.
