To keep your rental property leased, you should initially identify your local renter demographics. Single-family rental households are anticipated to increment by around 8,000,000 between 2018 and 2030, as per the National Multifamily Housing Council. To stay up with this demand, property owners and managers should comprehend 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 valid in almost every market across the nation. As indicated 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 numerous youngsters are at a time of life marked by increased mobility, more flexible employment tenure, and shifting relationships. At this stage, possessing a home can be difficult and expensive, so renting typically is a better option.
While young adults tend to control the rental market, renters of all ages are present in significant numbers. As indicated by a similar report, 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 don’t. While not all individuals pick to rent, a rising extent has done so in recent years. Renting is generally preferred by older folks who don’t like the problem of home maintenance or the monetary risks involved with a fluctuating housing market.
Most Likely to Rent Single-Family Homes
Obviously, people of all ages rent homes, and the age scope of the most prevalent renter demographic might change according to where you dwell. It is likewise a fact that specific types of rental properties are more popular in certain areas than others. Single-family rental homes, for example, outweigh all other types of rental properties in the West and South, whereas multifamily rental properties prevail in the East and, less significantly, the Midwest.
This implies that rental property owners should 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 on the grounds that they need more space, a yard for their pets, or need to bring up their children in a rural environment. Your single-family rental property, however, may still be a popular choice for seniors or young single individuals in college towns, well-known retirement communities, and similarly unique regions. Thus, understanding the necessities and wants of your target demographic is essential to keep your rental property rented.
Albeit significant, understanding your local renter demographic can sometimes be a test, particularly if your rental property is in a distant or developing location. If that is the case, it can be beneficial to enlist a local rental market expert to assist you with effectively planning and marketing your rental property. At Real Property Management, we have the experience and expertise important to assist you with understanding your objective market and ensure 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.