As a Middleborough rental property owner, you will need to understand your local renter demographic to keep your property leased. As per the National Multifamily Housing Council, single-family rental households are expected to grow by nearly eight million from 2018 to 2030. In order to keep up with this demand, property owners and managers need to know who their target market is and what they’re searching for in a rental property.
Most Likely to Rent – All Property Types
The demographic more likely to rent a property is young adults. More often than not, this is the same 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 primarily because a lot of young people are in a transitional stage of life, categorized by higher levels of mobility, more flexible job tenure, and ever-changing relationships. Owning a home at this point can be difficult and costly, and that’s why renting often makes more sense.
At the same time as young adults tend to lead the rental market, there are substantial numbers of renters in almost all other age ranges as well. On a national level, the same study found that two-thirds of people 25–30 years old still rent their homes, but one-third of people over 40 and one-fifth of people over age 55 do so. Even though not all adults choose to rent, an increasing number are doing so in recent years. Older adults who choose to rent often do so because they don’t want the hassle of home maintenance or the financial risks linked 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 likewise true that different rental property types are more in-demand in some areas than in others. In the single-family rental market, single-family rental homes tend to outnumber all other types of rental properties in the West and the South, while multifamily rental properties dominate in the East and, to a lesser extent, 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 who choose to rent a single-family property are doing so because they need more space, want a yard for their pets, or are looking to raise children in a suburban environment. Other than in college towns, popular retirement communities, and similarly unique areas, your single-family rental property could still be a preferred route for seniors or young single adults. And so, it’s essential to understand the needs and wants of your target demographic to maintain your rental property leased.
Although important, understanding your local renter demographic can sometimes be a challenge, especially when your rental property is located in a distant or developing area. In such conditions, it may be helpful to enlist a Middleborough property management expert to help you successfully prepare and market your rental property. At Real Property Management Associates, we have the experience and expertise necessary to help you understand your target market and ensure that your rental property is leased to qualified tenants. Contact us online to learn 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.