Renters Market Is A Goldmine
- RENTERS REPRESENT A HUGE MARKET
There are about 40,000,000 renter households … representing about 100,000,000 people … that’s right … 100,000,000 people. Not finding some way to effectively reach renters will mean huge loss sales opportunities.
- GROWING MARKET
Last year … and for years to come … analysts expect more people will become renters … rather than homeowners. The US Census estimates 1 million to 1.5 million “additional” renters per year. Apartment developers see this trend and maybe that’s why the Bloomberg REIT Apartment Index is outpacing the Office & Retail REIT Index and the S&P Index.
- RENTERS HAVE MONEY TO SPEND
Sure many renters have little discretionary income, but there are some renter households that have a good income. In fact out of the 39,000,000 renters – there are about 4,000,000 renter households with an income of $75,000/year.
And let’s note that there are some very affluent renters too … about 145,000 renter households with an income of $250,000+. At first glance this quantity may seem high, but note that this quantity represents less than 1% of the 39,000,000 renter households. Why would a $250,000 earner rent? To mention just a few reasons: less maintenance, fewer expenses, cheaper to rent than to buy one.
- DESIRES & NEEDS
Renters have money … and a need and desire to spend money … on your products and services. Furniture, health club memberships, renter’s insurance, home decoration, restaurants, cable movies channels, life insurance, auto insurance, cell phones, school supplies … and the list goes on and on. And many renters are couples without children or singles … groups who want to use their extra discretionary income for entertainment, travel, and expensive toys.
- RENTERS HAVE WIDE AGE DISTRIBUTION
Renters are distributed among all ages, so there’s a renter’s market for any age specific product. And note that our renter’s mailing list offers exact age, so you can easily OMIT renter households that don’t meet the age requirement.
Over 70% of renters are age 30+.
Under Age 30: 31%
30 to 44: 28%
45 to 64: 25%
- CHANGING PSYCHOLOGY
With the recent real estate collapse Americans are less driven to buy … more inclined to rent … as they feel rapid home appreciation is a thing of the past. Many young professionals no longer see ownership as financial security, and instead they are renting for more lifestyle options. And Generation-X and future generations are waiting longer to get married, and this translates into more professional income earning singles choosing to rent. These changes will increase the number of renters with discretionary income.