Marketing to RentersDaniel Dobbs2022-12-17T07:32:25-08:00
Single Family & Condo Renters
More Likely to Become Homeowners!
Source 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.
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