Just Who Is Renting Instead of Buying?

Knowing as much as possible about your target audience can be very helpful when weighing a real estate transaction opportunity. Knowing who would buy or rent "there" is important. An obvious example is needing to plan for specific amenities for senior housing. Additional plans include proximity to at least one pharmacy, medical center, and fitness center. These elements are important because you know what your audience of potential buyers or tenants expects while considering your property.

 

Similar thought goes into student housing and "first-time" buyers or tenants while considering the wants and needs of the target audience. What about the age groups in between? What are their needs?

 

 

I'm often amazed at how little consideration some of the developers, investors, and brokers I perform research and marketing services for overlook this. Elements like proximity to the commuter train station, the school district, and recreational amenities are applied in some cases, but not as many as they should.

 

Some valuable research data continues to be ignored when considering a build, acquisition, or sale of single-family or multi-family. The more I think about it, the more that could be extended to office and warehouse space when landlords need to attract "the right" employees.

 

Real estate investors and professionals need to face the fact that renters of single-family and multi-family are no longer who you think they are. There are millions more people that can no longer afford a down payment or are now in a situation where they are afraid to commit to long-term mortgage payments. The 'typical' renter has changed in recent years, although not all of the marketing strategy has. 

It's a fact that the median age of renters has increased by 9 years since the pandemic. Even my best clients were surprised to learn that the median renters age is now 42. You aren't just renting to students and blue collar workers anymore. Let my team and me help you with your marketing, and perhaps your buying/selling, strategies. Don't wait until you get older. :)

 

 

https://fortune.com/article/rent-prices-increasing-for-single-family-homes-zillow-report/