To keep your rental property leased, you must initially identify your local renter demographics. According to the National Multifamily Housing Council, there will be about 8 million more single-family rental households between 2018 and 2030. To meet this requirement, property owners and managers need to know who their target market is and what they’re searching for in a rental home.
Most Likely to Rent – All Property Types
The most likely demographic to rent a home is young adults. Almost every market in the country is like this. A recent research by Harvard University’s Joint Center for Housing Studies found that 78 percent of all households under the age of 25 rent their homes. This is because several young people are at a time when they are more mobile, have more open jobs, and have changing relationships. At this point, it can be hard and expensive to own a home, so it’s usually better to rent.
The rental market is mainly made up of young adults, but there are a lot of renters of all ages. According to the same 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 do not. Even though not everyone opts to rent, more and more people have done so in recent years. Older people often choose to rent because they don’t want the hassle of home maintenance or the financial risks that come with a fluctuating housing market.
Most Likely to Rent Single-Family Homes
It’s clear that people of all ages rent homes, and the age range of the most prevalent renter demographic can change based on 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 are more common than any other types of rental properties in the West and South, whereas multifamily rental properties predominate in the East and, to a lesser extent, the Midwest.
This suggests that rental property owners need to know the most in-demand types of rental property in their vicinity, as well as the age ranges of their target market. Numerous people who rent a single-family home do so because they want additional space, want a yard for their pets, or want to raise their kids in a suburban area. Your single-family rental property, on the other hand, may still be a good option for seniors or young single people in college towns, popular retirement communities, and similarly unique places. So, if you want to keep your rental property rented, you need to know what your target demographic needs and wants.
Even though it’s important, it can take a lot of work to figure out who your local renter demographic is, especially if your rental property is in a remote or growing area. When this happens, it can be helpful to enlist a local rental market expert to help you successfully prepare and market your rental property. At Real Property Management, we have the knowledge and skills to help you comprehend your target market and make sure your rental property is leased to qualified tenants. Contact your local Real Property Management office to find out 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.