To keep your rental property leased, you should first identify your local renter demographics. Single-family rental homes are predicted to rise by approximately eight million between 2018 and 2030, as said by 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 particularly the case in almost every market around the country. Based on 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 many young people are at a time of life marked by increased mobility, more flexible employment tenure, and changing relationships. At this moment, having a home can be complex and expensive, so renting typically makes more sense.
While young adults tend to control the rental market, renters of all ages are present in substantial numbers. Based on the same report, two-thirds of those aged 25 to 30 still rent their homes, while one-third of individuals over 40 and one-fifth of people over 55 do not. While not all individuals choose to rent, an increasing proportion have done so in the past few years. Renting is commonly preferred by older folks who want to avoid the inconvenience of home maintenance or the financial hazards associated with a fluctuating housing market.
Most Likely to Rent Single-Family Homes
It is obvious that individuals of all ages rent homes, and the age range of the most prevalent renter demographic may fluctuate according to where you live. It is also true that particular types of rental properties are in higher demand in some places than others. For illustration, single-family rental homes outweigh all other types of rental properties in the West and South. In contrast, multifamily rental properties predominate in the East and, to a lesser extent, the Midwest.
Therefore, rental property owners must know the most in-demand types of rental property in their area, as well as the age ranges of their target market. Most people who rent a single-family home do so because they want more space, want a yard for their pets, or want to raise their children in a suburban location. However, your single-family rental property may still be a popular choice for seniors or young single individuals in college towns, popular retirement communities, and similarly unique areas. Consequently, knowing the needs and desires of your target demographic is critical to keep your rental property rented.
Although significant, determining your local renter demographic can sometimes be a challenge, mostly if your rental property is in a distant or developing area. In such situations, it can be beneficial to enlist a local rental market expert to help you successfully prepare and market your rental property. At Real Property Management, we have the skills and knowledge necessary to help you understand your target market and make sure 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.
