Most Likely to Rent – All Property Types
The demographic likely to rent a property is young adults. This applies in every market across the country. A recent study by the Joint Center for Housing Studies of Harvard University found that 78 percent of all householders under 25 rent their homes. This is large because many young people are in a transitional stage of life, characterized by higher levels of mobility, more flexible job tenure, and changing relationships. Owning a home at this point can be difficult and costly, so renting often makes more sense.
While young adults tend to dominate the rental market, there are significant numbers of renters in almost all other age ranges. On a national level, the same study found that two-thirds of people 25–30 years old still rent their homes, while one-third of people over 40 and one-fifth of people over age 55 do so. While not all adults choose to rent, an increasing number have been doing so in recent years. Older adults who wish to rent often do so because they don’t want the inconvenience of home maintenance or the financial risks associated with a volatile housing market.
Most Likely to Rent Single-Family Homes
It is clear that people of all ages rent their homes, and depending on your location, the age range of the most populous renter demographic may be different. It is also true that different rental property types are more in demand in some areas than others. Single-family rental homes tend to outnumber all other West and South properties in the single-family rental market single-family rental market; single-family rental homes tend to outnumber all other West and South properties. In contrast, multifamily rental properties dominate in the East and, to a less significant scope, the Midwest.
This means that rental property owners need to be aware of the type of rental property that is most in demand in their area and the age ranges of their target market. Most people rent a single-family property because they need more space, want a yard for their pets, or want to raise children in a suburban environment. But in college towns, popular retirement communities, and similarly unique areas, your single-family rental property may still be a favorite option for seniors or young single adults. For this reason, it’s essential to understand your target demographic’s needs and wants to keep your rental property leased.
Even though significant, understanding your local renter demographic can be challenging, mainly if your rental property is in a distant or developing area. In such circumstances, enlisting a Goodlettsville property management expert can Goodlettsville property management expert to help you successfully prepare and market your rental property. At Real Property Management Key Response, we have the experience and expertise to help you understand your target market and ensure your rental property is leased to qualified tenants. Contact us online to learn more.