It wasn’t too long ago that renters were left to fend for themselves. They were often singles, just out of college and very flexible. Rentals were abundant at that time and if they couldn’t find something right away, a friend or relative’s sofa sufficed for their temporary housing needs until they identified a rental. In the past, including rental assistance in a relocation package was not viewed as an important or necessary component. Oh have things changed.
The demographics of renters have markedly evolved. Singles, couples, families with multiple children and many with pets all represent significant segments of the renting population. Many baby boomers are also choosing to rent, rather than remaining home owners with all of the associated responsibilities of home upkeep. Today’s renting population has very different and more complex needs than renters did in the past.
As a direct result of a paradigm shift in the demographics of renters, in conjunction with and as a derivative of the housing collapse of 2009, US rental availability has decreased exponentially. The availability rate for rentals which would meet the needs of today’s discerning renters, from both a quality and location perspective, is estimated to be at 4%.
As it pertains to renter demographics and the projected state of the US rental market at large, we have one more extremely important component to consider, the Millennials. The Millennial generation in and of itself, is immensely impacting the rental industry. For more details on this important demographic download the following results.
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