Fast Facts about Today’s Renter Demographic
According to a study by the Joint Center for Housing Studies at Harvard University
· In 2016, 37% of all U.S. households (representing an estimated 110 million people) were renters.
· The number of renter households soared by nearly 9 million from 2005 to 2015, the largest increase over any 10-year period on record.
· Renters have accounted for all net growth in households since 2005.
· The bulk of rental growth can be attributed to Baby Boomers—the generation added 4.3 million net new renters over the past decade. In comparison, Gen X added 3 million net new renters, and Millennials added just 1 million.
· More than half of city dwellers rent their housing, compared to 28% in suburban communities.
· One-third of renter households earn less than $25,000.
· Only 11% of renter households earn $100,000 or more.
· Families with children make up 31% of renters, compared to 27% of homeowners.
· Minorities and foreign-born households account for half of renter households, compared to just 25% of homeowners. The differences are particularly striking among black and Hispanic households, with each group making up 20% of renters but less than 10% of owners.
Another reason why you need a to hire The Rent Experts
This is your bread and butter as a landlord. This payment from the tenant goes directly into the fund that helps pay for your kids’ education. As a country, the renter, has grown at a record pace. Therefore, landlords need to be more cautious than ever when it comes to who they give the keys to.
This is one aspect of property management that we pride ourselves on at The Rent Experts. We know that not only do we have to find the right tenant to pay their bills on time, but also one that will treat your home with respect. The credit check, prior history in the rental market, and references all play key roles in finding a great tenant. We have developed a very meticulous process that has proven to be very successful.
After seeing thousands of applications come through this office over the last four to five years we have done very well at picking that correct tenant for the correct property. Unfortunately, in this business we have learned that perfection is unobtainable due to life circumstances. While we have placed countless tenants in properties evictions without any problems, occasionally a bad apple does slip by. Using credit, criminal and eviction history reports coupled with income verification and references we work hard to find the right tenant.
For more information on us, The Rent Experts, please view our website threntexperts.com, follow us on Facebook, or just give us a call at 251-299-2100.