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.
