As the real estate market slows, it's more important than ever to target the right type of housing prospect. The following statistics will help you get a better idea of who's likely to be shopping for a house to rent, and not buying one in your neighborhood. According to The National Low Income Housing Coalition's Out of Reach 2003: America's Housing Wage Climbs, to afford the fair-market price of the average U.S. two-bedroom rental unit, renters working full-time need to earn at least $15.28 per hour. That's almost three times the current federal minimum wage.  Below are some more facts about the 14.8 million renters in the US.
Realtors: What interesting trends are YOU seeing in the rental market in your hometown?
- One-third of all apartments are rented by someone under the age of 30.
- Singles represent nearly half of all apartment households.
- Single women who live alone account for over half of this group and 26 percent of all apartment households, making them the single largest household type in apartment housing.
- Nearly one-quarter of all apartments are occupied by families with more than two members.
- Unrelated roommates account for another 14 percent of all occupied apartments.
- 30 percent of all apartment residents have incomes above the national median.
- Apartment households represent the largest share of all households in the Northeast and West and in central cities, although their share is increasing in suburbs and even outside
of metropolitan areas. - Apartment residents are found disproportionately in the largest metropolitan areas. The New York metro area ranks first by number of apartments, accounting for 10 percent Of the U.S. total; adding the next two metropolitan markets, Los Angeles and Chicago, brings the total to 20 percent.
- Who Lives in what?
2.6%: Multifamily Owner-Occupants
3.9%: Mobile Homes
7.3%: Renters in 2 to 4 unit buildings
12.2%: Single Family Renters
14.8%: Apartment Renters
60.3%: Single Family Owner/Occupants - Annual growth of apartment dwellers:
1995-2000: +.09%
2000-2005: +1.1%
2005-2010: +1.2%(est.)
|
As always, information in this article is not intended to be used, and should not be used, as legal, tax or accounting advice. Investors should seek advice from an independent financial advisor about their specific situation.
****************************************************
About Landlord2Landlord
Landlord2Landlord (http://www.landlord2landlord.com/) is a residential tenant screening company that partners with property management companies and homeowner associations to help communities reduce neighborhood crime, and to protect homeowners from renters with criminal backgrounds or a history of evictions and poor credit.
Our website is easy to use, available 24 hours per day, and delivers instant, inexpensive results that comply with FCRA and Fair Housing Act requirements. See our Success Stories at http://www.landlord2landlord.com/SuccessStories2.aspx.
We also have a free monthly e-newsletter that contains information to help homeowners maintain and lease their residential properties more effectively. To receive the e-newsletter, please visit http://www.landlord2landlord.com/ezinesignup.aspx.
;)
;)
