Tuesday, September 23, 2014
The Face of an Apartment Resident
The face of an apartment resident cannot be pinned to any certain statistic. Apartment renters range in age, income, and household size. When renting, you can choose from apartment complexes with multiple units, duplexes, and single-family houses. Of course, each of these options has its benefits and drawbacks. At Jason Cohen Pittsburgh, we try to diversify our investments to accommodate the preferences of a variety of tenants.
Most apartment residents will stick to one type of units throughout their rental experiences. Those who find convenience in an apartment complex will generally stay with that type of accommodation. The upkeep in apartments in complexes tends to be minimal, thus ideal for those with little time to spare. While a duplex or single-family household may require the residents to clear the sidewalks in the winter and mow the lawn in the summer, apartment complexes have dedicated employees for these tasks. These factors may contribute to why 43% of rental households are in apartment complexes.
Out of the 122,500,000 households in the United States, 35% (or 43,018,000) are rental units. The rest of the households are considered owner-occupied. The vast number of renters in this country adds to the convenience of many options associated with renting.
The majority of apartment residents are under the age of 35. This is not to say that other age groups do not rent. In fact, more than 7 million people renters are over the age of 60. Renters under the age of 30 are more likely to move from year to year while older renters are more likely to stay in one place. This trend is most likely because younger renters tend to graduate from school, and get job or change jobs that may require them to move. The changing priorities demand that the younger renter move more often.
The largest demographic of apartment residents are those who live with unrelated people. Close to 50% of rental households are made up of nonfamily members living together. This figure combined with the 26% of renters that live alone, make single people the largest group of renters.
The income of renters can be broken in to three categories — Affordable Housing renters, Middle-Income Renters, and Lifestyle Renters. Those in the Affordable Housing category make less than $20,000 a year and may or may not receive some sort of housing assistance. The Middle-Income Renters make between $20,000 and $49,999. Many of these apartment residents cannot quite afford to buy a house without saving and may choose not to buy now, if ever. A new and growing demographic, the lifestyle renters make $50,000 or more a year. These apartment residents have made the choice to rent and not buy. Many in this group may have owned a house at one point in their lives but have downsized due to an empty-nest. The three groups each comprise almost equal portions of the rental market.
Renting is a way of life for many. Young and old choose to live in a rental unit free of the stresses of home-ownership. The face of an apartment resident is the face of everyone you see. For more information on renting apartments, visit the Jason Cohen Pittsburgh site.