The past year has seen a rapid decline of the U.S. economy, taking home ownership with it. With foreclosures on the rise, the multi-family housing industry is getting a great boost. Apartment living appeals to people for its convenience and affordability-it lacks the need to maintain your own home and outdoor space, it is easier to relocate yourself and your family should the need arise, and rental homes are generally located in areas that have suitable access to transportation as well as shopping, schools, restaurants, etc. It’s no wonder that the tenant trends in renting span across many demographic profiles. In terms of income, a diverse group of people tend to rent-there are those who can afford to purchase a home and instead rent pricey apartments and lofts with upscale amenities in high-end neighborhoods, and there are those renters who do so out of financial necessity. Many young professionals rent near employment centers and metro/subways in order to improve their commutes. Empty nesters often rent in the suburbs to free themselves from the burdens of home ownership, as well as to be able to travel and explore the world following their children’s departure.

In general, immigrants tend to rent more often (and longer) than those people born and raised in the United States. Young adults from the ages of 18-30 also tend to rent more often due to their newly found freedom from the homes of their childhood, their lack of funds due to student loans, and their general inexperience when it comes to home ownership and all the bureaucratic paperwork that comes with it-renting is a much simpler option, and often much less of an investment for young adults just starting out in the “real world” not knowing where their lives will take them. The “echo boomer” generation (the children of the “baby boomer” generation) at 75 million strong, is one of the largest populations of renters in the United States.

It is safe to say that there is not one specific type of renter out there. Though immigrants and young adults tend to rent more often, all people in all stages of their lives can be influenced to do so through a specifically tailored marketing approach. Renting is an experience that everyone can enjoy!

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