Apart from the major metropolitan areas, the number of renters in the US is decreasing for the first time since 2014. Millennials that rent property have dropped to 0.8 percent, according to the Harvard State of the Nations Housing study. There are a number of reasons for this. Rising costs of rent and stale income growth are a few examples. With nearly a third of renters earning less than $60,000, a trend towards doubling-up in rooms with relatives or friends to keep down expenses is growing.
Demand is still growing high in areas like Silicon Valley, with rent prices there being the highest in the world (a one-bedroom apartment outside the city center starts at $1,800). Surprisingly, 59% of employees in the Bay Area cannot afford to buy a house there, and 49% consider leaving California because of the extreme prices.
At the same time, there has been an increase in renter household earnings, from $50,000 - $100,000 and up. They comprise segments that will be sought after in upcoming years, and it will be increasingly important to know exactly what their needs and expectations are.