With leasing season fast approaching, get to know your current pool of potential tenants with this Infographic about American Renters.
This infographic gives you a view at what current renters looks like for landlords and property managers who want to develop a customized marketing plan to improve vacancy rates. Based on 2014 data from ForRent.com and Homes.com aimed at revealing search behavior and renter preferences, you will discover insight on technology use, property visits, preferred amenities and much more.
Renter Demographic Profile
Renter-occupied homes account for 35% of American households, a number that has been growing in the past decade according to the U.S. Census Bureau. The Renter Profile Insights Survey reveals that 80% of renters are female. Millennials are the largest age demographic of renters accounting for 34% of the renting population, followed by Babyboomers, who make up 29% of renters.
- Takeaway: Considering a majority of renters are female and almost half of current renters live alone, focusing on safety, convenience and community can help you market your rental property.
Rental Property Preferences
Survey results reveal that 53% of renters prefer traditional apartments, followed by townhouse and single-family homes. Renters value proximity to work or school and 1 in 4 respondents claim they would pay more for a covered parking space.
- Takeaway: Focus on highlighting your property’s proximity to areas in the neighborhood that will make your tenants lives easier and more fun. You should also highlight parking options in marketing materials and vacancy ads, whether it includes street parking, a driveway, garage or even “easy street parking”. Don’t forget to mention local transportation options or how close your property is to major expressways or employment hubs.
Social Media Habits
80% of respondents reported using Facebook for social networking.
- Takeaway: With so many renters actively using social networking sites, it is smart for property managers and landlords to have an active presence on social sites, especially Facebook. Facebook provides a great way to connect and engage with current and potential tenants. Learn more about why Property Managers and Landlords Should Use Facebook.
Technology Use
Over 80% of renters said they used their desktop or laptop to search for a new rental property. Smartphones are also used during the rental property search phase and learning more about a management company.
- Takeaway: With so many tech savvy renters, make sure your vacancy advertisements are posted online to popular listing sites to get the best exposure. The easiest way to make sure you are getting the most exposure is to take advantage of the expansive rental listing syndication network through your property management software.
Search Behavior
The majority of renters reported spending between 2-5 months looking for a new rental property, while 30% spent only 1 month looking for a new apartment. Almost have a respondents visited 1-3 properties before signing a lease, while another 33% looked at 4-6 properties. Another 12% saw over 10 properties before moving to a new rental home.
- Takeaway: Choosing a new place to live is an important decision for most renters and they will spend time and energy researching and visiting rental properties before choosing. Make sure to offer great customer service and follow up with potential tenants so they remember you during their search.
Understanding renter demographics, property preferences, technology habits and search behavior helps property managers and landlords develop a marketing plan to find the most qualified tenants for their rental properties.