A recent study showed that more U.S households are renting than at any point in 50 years. Between 2006 and 2016, the share of households renting their home rose from 31.2% to 36.6%. As of 2016, the number of renters in the U.S. was at 43.3 million — and continues to grow.
Demographic trends follow this information. The Pew Research Center study found that adults younger than age 35 were known to be the most likely to rent — in 2016, 65% of households were headed by people under the age of 35. Rental rates have also risen to 41% for the group who has traditionally been less likely to rent — this includes people from ages 35 to 44.
The shift toward renting has also occurred across all levels of education. In 2016, 52% of people who had less than a high school education were renting their homes. On the opposite spectrum were people with bachelor’s degrees — only 29% of them were renters.
So, as a property manager, it is beneficial to know the demographics behind the increasing number of renters today. This allows for an opportunity to grow your business by providing support to the groups searching for a rental home that fits their needs.
Given that, we checked in with today’s renters for feedback about their renting experiences!
How has your renting experience improved or declined from previous years?
My renting experience improved after moving out of my college apartment and into a different company. My last apartment complex did not have a place to track your rent payments and it was all done via checks. Setting up autopay through RentTrack has drastically improved my peace of mind at the first of every month.
- Stephanie from Minnesota
What is your favorite part about renting?
My favorite thing about renting is the flexibility it gives me knowing that I’m not in a settled, established time in my life quite yet. I have more financial freedom to take opportunities as they come because I’m not limited to the place I purchased a home in. When opportunities like moving for a new position, traveling abroad, etc. come to play, I can confidently take them and know that my living situation is versatile.
- Stephanie from Minnesota
My favorite thing about renting is the ease of having a landlord to handle the mishaps for us. If a drain is clogged, we can submit a maintenance request and it will be fixed quickly (at no extra cost, too). I also love the amenities that come with renting. Often, homeowners would have to pay for a pool, gym membership, snow removal, etc. With renting (at least where I rent), these amenities are included in the rent, enhancing my overall quality of life by not having to stress about these extra costs and also promoting my well being.
- Hannah from Minnesota
What do you wish your property manager knew?
I wish our property managers organized more events for our complex. My apartment building seems to pride itself in the community aspect it provides through its amenities, but it would be great if they hosted BBQs or movie nights by the pool for their residents to try to promote a more neighborly environment since it can be difficult to meet neighbors in an apartment building.
- Hannah from Minnesota
They should maintain the property yearly. This saves on wear and tear and encourages your renter that you care about their comfort and safety.
- Carmen from Florida
While renting has evolved for residents over the years, so has the renting demographic. Interested in learning more? Check out our FREE on-demand webinar about how to connect with today’s generation of renters!
