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Investors: Who are Your Renters? [Zillow Report]

December 19, 2016

 

 

Who are todays’ homebuyers, sellers, and renters in the United States? How do homeowners buy, how do they finance? What resources do seller use in selling their homes? Why do renters rent? What is the right role of property managers?

 

The Zillow Group Consumer Housing Report 2016 answered the questions above, and more – it’s more than 160 pages – download here and see summary below for the section on renters:

  • 84% are less than 50 years old

  • 58% considered buying a home instead

  • 57% are female

  • 48% considered renting a single-family house, but only 28% leased one

  • 35% who have not moved within the last year have no plans to move

  • 25% chose to live in single-family homes
     

  •  

    Top priorities were:
     

  • Budget

  • Living in a safe neighborhood

  • Finding a place that accepts pets

The median monthly rent in the US was $872 a month, but it varies by region.

  • $1,100 in the West

  • $1,000 in the Northeast

  • $875 in the Southwest

  • $800 in the Southeast

  • $715 in the Midwest

 

Renters spent more than 10.4 weeks on average looking for a rental, and they typically contact five landlords or property managers and submit three applications.

 

The typical single-family home rental was 1,400 square feet, had 2.9 rooms, and 1.7 bathrooms.

 

For the full report, please see here.

 

For more information on why you should consider investing in a professionally managed portfolio of single-family homes, please contact Harold Willig at 917-209-4452 or harold.willig@springviewinvestments.com

 

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience. Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

 

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