Single-family home renters earn more money, have more kids, and are more likely to be married than multifamily renters.
Comparing the 16 million single-family renter households to the 28 million multifamily rental households:
Higher income. At $42,600, they earn 31% more per year than the $32,400 multifamily renters earn.
More families. 52% have kids, compared to only 30% of multifamily renters, who are far more likely to be under 35 or over 65. 58% of single-family rental households are headed by 35–64-year-olds, compared to only 46% of multifamily rental households.
More likely to be married. 38% are married, compared to only 21% of multifamily renters.
We have been fortunate enough to work with all five of the largest single-family rental landlords in the country, who have helped us understand this important component of the housing population — now reaching almost 13% of all households.
Lifestyle drives much of the preference between renting a single-family home or an apartment. Single-family renters tend to prefer a yard for kids and pets, and good school districts. They also prefer more privacy from their neighbors.
Many single-family renters would like to own some day but have not yet saved the down payment, have poor credit, or want more flexibility to move in the future.