As the housing market continues to change, owners of apartment buildings may need to adjust their advertising pitches to attract new tenants. A release by the Joint Center for Housing Studies at Harvard University indicates that housing foreclosures are forcing homeowners back into the rental market that is increasingly populated by immigrants. Here are a few statistics:
- 16% of renters are foreign-born and these individuals typically rent for up to 11 years before they purchase a home
- Foreign-born renters typically pay more rent because they look for housing in urban centers
- 43% of all rentals in 2005 was inhabited by minority groups
- Consumers who are moving from owned residences to rental residences are largely under age 30 and earn less than $21,000 a year
- The median income of renters in 2005 was $26,000
- The average monthly rent across the US in 2007 was $775
Bring these details to your client’s attention and discuss new ways to attract tenants and increase business.