To keep your rental property leased, you must primarily identify your local renter demographics. The National Multifamily Housing Council estimates that between 2018 and 2030, the number of single-family rental households will rise by around eight million. Property owners and managers must have a thorough knowledge of their target market and their needs when searching for a rental home.
Most Likely to Rent – All Property Types
Young adults are the most likely demographic to rent a home. Across the country, this is true in markets large and small. A recent research by Harvard University’s Joint Center for Housing Studies revealed that 78% of all households under the age of 25 are renting. This can be because many young individuals are in a period of transition, marked by increased mobility, greater employment flexibility, and changing relationships. Since acquiring a home now can be time-consuming and expensive, renting is often a more practical option.
Even though the rental market is typically dominated by young adults, renters of all ages are present in substantial numbers. According to the same survey, a majority of individuals aged 25 to 30 continue to rent their homes, whereas a significant portion of individuals over 40 and one-fifth of people over 55 do not. While some still choose not to rent, an increasing number of people have been making that choice in recent years. Renting is an increasingly common option among older people since it allows them to avoid the responsibilities of home maintenance or the financial threat connected to 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 according to your area. It can be proven that some locations have a higher demand for specific types of rental properties than others. For instance, the popularity of single-family rental homes surpasses that of other types of rental properties in the West and South, whereas multifamily rental properties are more common in the East and, to a lesser extent, the Midwest.
That’s why rental property owners need to be familiar with the most in-demand types of rental property in their location, along with the age ranges of their target market. The primary reasons for most people who rent a single-family home are the need for more room, a yard to accommodate their animals, or want to raise their children in a suburban setting. It’s possible, though, that retirees and young single individuals in college towns and other unique areas would be interested in your single-family rental property. Consequently, understanding the requirements and preferences of your target demographic is vital to keep your rental property rented.
In remote or developing areas where your rental property is located, it might be especially difficult to get to know the local renter demographic. If this is your case, it may be advisable to enlist a local rental market expert to help you successfully prepare and market your rental property. At Real Property Management, we have the experience and expertise needed to assist you with comprehending your target market and guaranteeing that your rental property is leased to qualified tenants. Contact your local Real Property Management office to get more information.
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