Renting a single family home or an apartment may not be as random of a decision as thought. TenantCloud sums up America’s Single Family Rentals (SFR) and their Tenants for 2016. The findings which include both surveyed information and database analysis, reveals average rent for a two bedroom single family homes in all 50 states.
California was the highest fetching $1,642 per month while the same comparable two-bedroom in Kentucky went for $449 per month. In general, the highest states for renting a single family home are Hawaii, California and Massachusetts while the lowest states for renting a single family home are Idaho, Indiana, Tennessee and Kentucky. The average for all 50 states was $923 per month.
Based on a survey provided to TenantCloud tenants in December 2016 across all U.S. markets the following was obtained:
- 72% of renters of a single family rentals will select a single family rental again if they were renting a new home today (12% responded they will rent an apartment)
- Of those 72% only 12% are considering buying.
- 64% of renters of apartments will select an apartment again if they were renting a new home today (18% responded they will rent a single family home)
- Of those 64% only 15% are considering buying.
- 18% of all renters responded they plan to move in the next 12 months.
- Of the 18%, 35% said rent increases are a major factor in wanting to buy
The following information is collected from the TenantCloud database and provides information on tenants throughout the U.S. market that rent a two-bedroom single family home or apartment:
- Of renters managed within TenantCloud’s system 42% utilize technology for managing rental information, 38% pay rent online and 23% send maintenance requests via picture or videos to their landlord.
- 78% of tenants that pay rent online are under the age of 45.
- Of leases originated within TenantCloud 72% filled out an online application prior to committing to the lease.
The TenantCloud data sketch a picture that tenants of single family rentals tend to rent single family rentals. It also shows that tenants of apartments will most likely rent an apartment again. This separation of tenants renting apartments and single family home is the first time such data has been collected. This implies that there are possibly two separate markets of tenants. The survey and data focus on single family home and apartments of two-bedrooms.
The survey also found that only 6% renters are considering buying a home because of increasing rent. In the survey “buying” was not defined as a single family rental, condo, or otherwise. Tenants of the survey were selected based on their rental being a Two-bedroom single family home or apartment.
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