The Apartment & Home Rental Landscape – What Do Renters Want?
Everyday the world of renting a home or an apartment changes with the wants and needs of the renters. ~The questions are, “What do renters truly want from their homes?” and “What is the current status of the rental market?
Vacancy and Rental:
The increase in renters from 2000 shows that people are renting more frequently, though there are still states with a great number of vacant apartments.
- 34.9% of housing units in the U.S. are rented. [2]
- The average person in a one bedroom rental pays $900 a month at the center of a city. [3]
- That same person outside of the city pays $697 on average a month.
The Top 5 States For Vacancies and the Percentage Increase In Number of Renters since 2000:
[1]
|
Vacancies |
Renters |
| South Carolina |
14.3% |
29.6% |
| Florida |
13.2% |
27.7% |
| Nevada |
13.0% |
41.1% |
| Arizona |
12.9% |
33.2% |
| Georgia |
12.3% |
26.0% |
– Vacancy rates and %age increase in renters information indicates that the areas have plenty of both vacancies and renters.*% Increase in number of renters since 2000
Average Cost of Renter in Popular Cities:
Americans pay a pretty penny for their lifestyle in the country’s largest cities. – On average, those renting a home or an apartment use over 20% of their income to pay for their living space.[3]
Cost of Rent For an Apartment Per Month
[4, 5, 6, 7, 8, 9]
|
1 Bed(CC)* |
1 Bed (OCC)* |
3 Bed(CC)* |
3 Bed (OCC)* |
| Minneapolis, MN |
$945 |
$575 |
$900 |
$875 |
| Chicago, IL |
$1,358 |
$881 |
$2,662 |
$1,397 |
| Orlando, FL |
$809 |
$725 |
$1,409 |
$1,067 |
| Dallas, TX |
$914 |
$674 |
$1,600 |
$1,316 |
| Atlanta, GA |
$972 |
$703 |
$1,750 |
$1,237 |
| Memphis, TN |
$795 |
$762 |
$1,625 |
$1,170 |
*CC: City Center, OCC: Outside City Center
Why Do Americans Move to New Neighborhoods:
Of well over 12 million renters polled in a 2009 American Housing Survey:
[10]
- Over 20% relocated for their job.
- Around 25% or respondents relocated to be closer to good schools, leisure activities, public services and transportation or a friend or relatives location.
- Close to 21% relocated because they liked the layout of the living space or design of the new neighborhoos.
- 34% cited “other”, “all reasons”, or did not respond.
Reasons for Moving into a New Rental Home or Apartment Rental:[10]
1,448,000 of respondents cited their reason for moving as a combination of all factors listed.
| Reason for Moving |
Number of Individuals Who Moved |
| Financial Reason |
3,846 |
| Room Layout/Design |
1,743 |
| Quality of Housing Structure |
231 |
| Kitchen |
65 |
| The View |
412 |
| Only Unit Available |
608 |
| Size |
1,398 |
| Exterior Construction |
350 |
| Other |
2,198 |
| Combination of All Factors |
1,448 |
Cheap Apertments – Cheapest and Most Expensive Cities to Live In:[11,12]
– Total Respondents: 12,300,000: The US Census Bureau polled a total of 12,840,000 renters, of that 5400,000 did not respond.
| Cheapest Cities |
Cost of Living Index |
Most Expensive Cities |
Cost of Living Index |
Difference in Rent Cost |
| Brownsville, TX |
80 |
New York City, NY |
218 |
+$2,744 |
| Pueblo, CO |
84.1 |
Honolulu, HI |
171 |
+$1,866 |
| Ft. Hood, TX |
84.8 |
San Francisco, CA |
164 |
+$2,189 |
| Springfield, IL |
86 |
Washington, DC |
141 |
+$1,343 |
| Waco, TX |
86 |
Fairbanks, AK |
138 |
+$1,009 |
Conclusion:
While most people choose to move based upon their financial situation, it certainly doesn’t mean amenities aren’t a concern. It’s hard to know exactly what every renter wants every time. However, growth of available housing units throughout the United States over the past twelve-year period has created more choices and better quality which in turn has led to a change in how people perceive renting.[13]
Sources:
[1]
http://www.census.gov/prod/cen2010/briefs/c2010br-07.pdf
[2] http://2010.census.gov/news/pdf/20111006_housing_slides.pdf
[3]
http://www.numbeo.com/cost-of-living/country_result.jsp?country=United+States
[4]
http://www.numbeo.com/cost-of-living/city_result.jsp?country=United+States&city=Minneapolis%2C+MN
[5]
http://www.numbeo.com/cost-of-living/city_result.jsp?country=United+States&city=Chicago%2C+IL
[6]
http://www.numbeo.com/cost-of-living/city_result.jsp?country=United+States&city=Dallas%2C+TX
[7]
http://www.numbeo.com/cost-of-living/city_result.jsp?country=United+States&city=Orlando%2C+FL
[8]
http://www.numbeo.com/cost-of-living/city_result.jsp?country=United+States&city=Atlanta%2C+GA
[9]
http://www.numbeo.com/cost-of-living/city_result.jsp?country=United+States&city=Memphis%2C+TN
[10]
http://www.census.gov/prod/2011pubs/h150-09.pdf
[11]
http://www.kiplinger.com/slideshow/cities-with-least-expensive-cost-of-living-2011/5.html#top
[12]
http://www.bankrate.com/calculators/savings/moving-cost-of-living-calculator.aspx
[13]
http://www.nytimes.com/2012/05/20/realestate/getting-started-the-income-restricted-apartment.html
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