Have you noticed a rising interest for rental properties in your market? As conditions in the real estate industry continue to be on the up-and-up, people across the country are starting to realize the benefits that come along with renting.
Did you know that convenience, location and safety topped the list of priorities over amenities among home and apartment shoppers? This is the type of information that can be found in the Homes.com and ForRent.com Renter Profile Insights Infographic. To help paint a better picture of who you should be gearing your marketing efforts toward and to shed some light on what property features potential clients are looking for most, here are 6 key facts that you need to know about today’s renter!
1. Target Young Females
Eighty percent of survey respondents were females. Now that millennials (ages 18-33) make up the largest portion of consumers in today’s market, it comes as no surprise that they also made up the majority (34 percent) of the total number of renters who participated in the survey. Baby Boomers (50 years and older) came in a close second with 29 percent, while smaller percentages were shared among other age groups.
2. The Majority of Renters Are Single
When it comes to living situations, 45 percent of participants stated that they were single, 22 percent were married, 15 percent had a roommate or one to two children, and seven percent were found to be in a domestic partnership. In case you are curious about how many renters own a furry friend, 28 percent of participants say that they own a dog and only 18 percent say that they own a cat.
3. College-Educated Renters
From an educational standpoint, 35 percent had a high school diploma, 55 percent had at least an Associates’ degree or better and seven percent had some sort of certification. In terms of how these renters are make a living, 24 percent have a corporate position, 19 percent work in retail and 17 percent consider themselves caregivers.
4. Facebook Is the Social Platform of Choice
Facebook, as you would expect, was the most widely used social platform among renters, with 80 percent stating that it was useful during their rental search. Google+ came in a close second with 31 percent, and Pinterest, Instagram, and LinkedIn were all used by 28 percent of participants. Twitter was only used by 22 percent of renters, while 11 percent said they didn’t rely on social media at all. Once these renters have come across a property that they like, forty-seven percent say that it usually takes one to three visits to decide whether it is the right property for them.
5. Location, Location, Location
If you’re interested in what renters are looking for in a neighborhood, 57 percent say it’s important for a property to be within proximity of school and work. Access to public transportation was important to thirteen percent of participants and twenty-five percent say that things like being near family and safety were very important.
6. Parking Is of Utmost Importance
Commonly desired amenities like a washer/dryer unit, air conditioning and furnished options are important for renters when deciding on the best place to live. With that said, they are also looking for certain community features like a garage, pool and a fitness center. Lastly, a quarter of renters agree that assigned parking was one of their biggest demands. Be sure that you are highlighting these types of perks when you are advertising your rental properties.
Looking for ways to connect with the growing rental market? Download the Homes.com and For Rent Media Solutions’ “Rise to the Top: Be the Local Expert” guide for ideas to put your business in front of these potential clients. Check out the full report to get all of the details from the Renter Insights Survey.
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