You have to first identify your local renter demographics in order to keep your rental property leased. The National Multifamily Housing Council estimates that between 2018 and 2030, there will be a surge of about eight million single-family rental houses. To stay up with this demand, property owners and managers should determine 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 all markets in the country will attest to this. 78% of all households under the age of 25 rent their houses, as reported by recent research by Harvard University’s Joint Center for Housing Studies. This is partly because many young people are at a time of life marked by increased mobility, more flexible employment tenure, and shifting relationships. At this stage, owning a home can be complicated and expensive, so renting typically makes more sense.
Renters of all ages show up in significant numbers, even though that young adults usually dominate the rental market. The same research finds that two-thirds of those aged 25 to 30 still rent their homes, whereas one-third of people over 40 and one-fifth of people over 55 do not. Although not everyone prefers paying rent, many people have recently done so. Older folks who don’t want to be loaded with the home maintenance hassles or the financial threats connected with a fluctuating housing market often choose to rent.
Most Likely to Rent Single-Family Homes
It is clear that people of all ages rent homes, and the age spectrum for the most prevalent renter demographic may change contingent on where you live. It is also correct that some areas have a larger market for specific types of rental properties than others. For example, in the West and South, single-family rental homes dominate all other types of rental properties, whereas multifamily rental properties dominate the East and, to a lesser extent, the Midwest.
This implies that rental property owners need to be aware of 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 room, want a yard for their four-legged friend, or want to develop their children in a suburban situation. Your single-family rental property, however, may still be a popular choice for seniors or young single individuals in college towns, common retirement communities, and similarly unique regions. Consequently, determining the needs and desires of your target demographic is important to keep your rental property rented.
Although essential, identifying your local renter demographic can sometimes be difficult, mainly if your rental property is in a far-off or developing area. To effectively prepare and promote your rental property in these circumstances, it can be beneficial to enlist a local rental market expert. Real Property Management has the experience and abilities needed to assist you with deciding your target market and ensuring that your rental property is leased to qualified tenants. Contact your local Real Property Management office for more information.
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