Currently Reading

Who is Today's Average Renter?

Advertisement
Demographics

Who is Today's Average Renter?


November 17, 2020
Girl moving into apartment
Photo: zinkevych

The suburban apartment market has seen booming activity while the urban market dips. The pandemic pushed many to look for homes with more space at more affordable prices, which attracted renters to the suburbs. According to John Burns Real Estate Consulting, Class A suburban apartments are holding up well as renters upgrade for better deals. Even affordable apartment owners are holding up as tenants cannot afford to move and are helped by eviction moratoriums. But the research firm suggests now is the time to analyze who your renters are now and in the future to identify upcoming amenity trends, rent levels, and unit sizes. 

Here are some insights about the renters in the US today:

They are young, but not that young. While 26% of renter households in the US are between the ages of 25 and 34 today, the next largest segment of the market is between the ages of 35 and 44 (families), and beyond that, between the ages of 45 and 54 (empty nesters). These older renters will continue to seek more space in a suburban environment with good work-from-home amenities.

More than half of renters in the US can only afford rents less than $1,200. John Burns Real Estate Consulting’s national apartment demand model is based on income levels across the US and indicates about 60% of renter households earn less than $50,000 per year, which translates to a maximum rent of about $1,200 per month. 

Read More

Related Stories

Market Data + Trends

Is Urban Flight to the Burbs Golden?

The future of urban and suburban housing post-COVID-19

Demographics

Millennials Lead in Home Service Projects and Spending

Being cooped up at home pushed Americans to spend more on home improvement projects this year instead of entertainment or travel. The National…

Demographics

Win Over Active Seniors With Hospitality-Inspired Entertainment

A focus on entertainment and educational amenities will be the winning combination for selling to active seniors post-pandemic. Forbes says many…

Advertisement

More in Category




Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.