Renter's Statistics 2005
Part of properly operating your rental business is obtaining a clear understanding of your markets. The following are some interesting statistics of the rental market.
- 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.
- 15 million households that reside in rental apartment homes
- Who Lives in what?
7.3%-Renters in 2 to 4 unit buildings
- 12.2%-12.2% Single Family Renters
60.3%-Single Family Owner/Occupants
14.8 Million people live in apartments
Annual growth of apartment dwellers: