The Anatomy of a Renter
With the increase in home prices in the area and the continued tight lending restrictions, it’s no wonder that the demand for rental homes is one the rise. With renting becoming more appealing to a wider population, it’s important that Realtor’s and Property Managers understand who these people are and what they want in order to capture more opportunities to serve both the renter’s and the investor purchasers.
A recent survey conducted by Homes.com and ForRent.com found that the majority of renters were single, young women. The survey response indicated about 88% were women, 33% were 18-33 and almost half live alone. Also 30% of the respondents were baby boomers and 44% shared their space with a spouse, significant other, roommates or children.
Realtors should be mindful of this information and focus their marketing to identify property amenities that appeal to a particular age group and lifestyle. For example, young women living alone might place more value on safety or their homes proximity to schools or entertainment; while a married couple with children might be more interested in square footage, privacy and conveniences like washer and dryer. So, be sure to make these features more pronounced when marketing these homes.
According to the survey over half of the people responding said that being close to school or work were the most important thing they looked for in location and access to public transit, family and entertainment were also important. So, you’ll want to be sure you mention neighborhood features in your marketing materials.
Renters are looking for some creature comforts too, like parking, washer/dryer, air conditioning, and sometimes more specific features like hardwood floors, dishwasher and walk in closets.
When it comes to looking for their next home more than three quarters used desktop computers during their rental search. More than half also used their smartphones and less than a quarter percent used a tablet device to find a place. Given this information, it would be smart to be sure that marketing be optimized for the way renters search.
The report also indicated that most people are still using Facebook as their social media network of choice followed by Google+. In order to capture potential clients it would be wise for Realtor’s and Property Managers to have an active profile on the most popular venues.
Renters can make a great pipeline of future homeowners and some can even be present homeowners they just don’t know it yet!! Sometimes the only thing holding a future homeowner back is down payment funds and with all the great down payment assistance programs in Baltimore City it is possible for renters to become homeowners for as little as $1000.
Comments(8)