You need to first identify your local renter demographics in order to keep your rental property leased. The National Multifamily Housing Council forecast that between 2018 and 2030, there will be a surge of about 8,000,000 single-family rental households. To stay up with this demand, property owners and managers must understand who their target market is and what they’re searching for in a rental home.
Most Likely to Rent – All Property Types
The group most likely demographic to rent a home is young adults. Almost all markets in the country will testify to this. 78% of all households under the age of 25 rent their houses, as stated by recent research by Harvard University’s Joint Center for Housing Studies. This is largely due to the fact numerous young adults are now entering a stage of life that includes increased mobility, more flexible employment tenure, and fluctuating relationships. Renting usually makes more sense now since owning a property can be difficult and costly.
Renters of all ages show up in significant numbers, despite the fact that young adults usually control the rental market. The same survey finds that 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 prefers paying rent, a growing number of individuals have recently done so. Senior citizens who don’t want to be burdened with the home maintenance hassles or the financial hazards associated 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 differ according to where you live. It is also true that some areas have a larger market for particular types of rental properties compared to others. In the West and South, single-family rental homes dominate all other types of rental properties, whereas the East and, to a lesser extent, the Midwest are ruled by multifamily rental properties.
This means that rental property owners need to be aware of the most in-demand types of rental property in their locality, as well as the age ranges of their target market. Most people who rent a single-family home do so because they need more room, want a yard for their pets, or want to raise their children in a suburban setting. Your single-family rental property, however, may still be a popular alternative for seniors or young single individuals in college towns, popular retirement communities, and similarly unique regions. As a result, understanding the needs and desires of your target demographic is critical to keep your rental property rented.
Even though it’s essential, identifying your local renter demographic can occasionally be difficult, specifically if your rental property is in a remote or developing location. To effectively plan and advertise your rental property in these cases, it can be great to enlist a local rental market expert. Real Property Management has the understanding and abilities needed to assist you with determining your target market and guaranteeing that your rental property is leased to qualified tenants. Contact your local Real Property Management office for extra details.
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