Renting real estate property, rather than buying it, has always been an option for those who need it: those who move often, lower income bracket members, and especially students and young adults in general. Buying a house is a massive responsibility, from maintenance to mortgages. But when a student or 20-something looks for space for lease, there is business to be had for everyone, and this sort of housing, especially student housing and campus housing, can be an attractive option and not cause a headache for anyone involved.
Today’s Young Renters by the Numbers
Searching for a space for lease is often on the mind of college students and anyone of the Millenial generation, those born between 1982 and 1995. This demographic is hunting non-stop for housing options, and often making the most of it. In 2014, some 71.6% of Millenials rented property, and many of them may be students every year, seeing as 87% percent of students have off-campus, rather than on-campus, housing situations. And student or not, it is believed that in 2016, those aged under 35 who headed a household lived in rental property rather than private property. Space for lease must be found for them all.
Americans in general like to rent, and not just the young adults. In 2017, U.S. renters occupied around 43 million housing units, and 111 million people lived in rented apartment space in the same year. Commercial real estate is clearly a big business, and it has its hands full all the time: it is believed that roughly 2,654 people enter the housing market every year, looking for space for lease, and every 80 seconds, a new space is rented out. Once every 30 seconds, someone moves their possessions into an apartment.
Student Rental Units
As mentioned earlier, college students are a particularly large and hungry market for housing, and campuses have to keep up. Since so many students live off campus, apartment landlords and landladies face a tidal wave of new students looking for space for lease, and there are benefits and risks alike to this business.
According to Appfolio, there are several benefits for a landlord/lady to rent out to this rush of college students for off campus housing. For one thing, it is common for a student’s parents to cover the costs of his/her rent, and these older adults are more trustworthy and capable sources of rent payment. What is more, the landlords/ladies can even post advertising for their apartments and similar housing on the university’s website, where many new students are bound to find it and check the place out. Finally, student renters are not typically choosy about their space for lease, and will take up residence in any decent student housing.
Being young adults unfamiliar with newfound freedom, these students can also sometimes be a hassle. They can party and night and prank each other, or for any other reason damage property, such as breaking windows, spilling liquid on carpets, or denting or scratching walls and floors. Some students might lack inhibitions because they know that this housing is temporary, and may not care as much about maintaining the premises.
Whether role model renters or bulls in a china shop, young adults and students have a never-ending supply of prospective renters, and property owners, if they can keep pace with this tide, and make good business with the younger generations.
