Single Family & Condo Renters

        More Likely to Become Homeowners!

Marketing to RentersSource U.S. Census Bureau

Single family (condos included in study) renters have a higher and are nearly twice as likely to have children as apartment dwellers.

Median income for a single family renter is $75-100,000 (66%) versus $50,000-75000 (51%) for a apartment tenant.

Single family households are larger; some 65 % have three or more members compared to 32 % of apartment households.

Some 63 % of single family households include children; only 34 % of apartment renters have children living with them.

Most single family tenants are older, aged 35-44 (53 %) compared to 14-34 (46 %) and 65+ (61 %) for apartment dwellers.

Single family renters value neighborhood features  parks & playgrounds (71 %), good schools (82 %) & safe neighborhoods (98 %).

Approx. 80 % of tenants in single family rentals said their property management was good or excellent compared to only 63 % of apartment renters.

60 % of single family renters vs. 44 % of apartment dwellers, said they anticipate becoming homeowners in the next 5 years.

Families 3+members (64 %) & children under 13 (69 %) are most likely to become homeowners.

Despite reports that difficulties getting financing are keeping many U.S. renters from becoming homeowners, the survey found that the inability to get a mortgage ranks only third of among the reasons renters don’t plan to become homeowners.

Among those who do not anticipate becoming homeowners (43 % of all renters), 29 % say they can’t get a mortgage.

More renters report that they don’t want to buy a home because they enjoy being renters (40%) or they simply don’t want to be homeowners (39 %).

Apartments typically experience an annual 50 to 60 % tenant turnover vs. 35% for SFR renters.

Daniel Dobbs (.org)
Managing Broker
Mutual Home Mortgage
500 S. Kraemer #165
Brea, Ca. 92821
Cell: 949 250-3981

Dandobbs6@gmail.com
DRE # 00986886 …..NMLS# 307631

Copywrite © August, 2018 Daniel Dobbs

All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, write to the publisher, addressed “Attention: Permissions Coordinator.