The average apartment renter in the U.S. might not be who you think.
America’s renter base is made up of different segments based on factors such as economic and demographic characteristics, income level, marital status and age. RealPage collected demographic data on more than 11 million individual apartment leases to analyze and explain renter segmentation in the U.S. and how those factors can drive market trends.
Demographics varied by location, obviously, but overall, the average American renter was 32 years old and made roughly $60,000 per year.
This average renter spent roughly $1,250 on their monthly rent, which represents about 22.6% of their income. This is one factor, however, that varied greatly depending on location. A renter living in an urban New York City apartment, for instance, is generally going to pay much more in rent than a renter living in the St. Louis suburbs.
The average renter occupies a 900-square-foot unit with 1.5 bedrooms. And the lease term for that unit is 12 to 13 months.
Outside of these standard market trends, the renter cohort analysis also compiled data on factors such as the number of pets reported on the lease, the number of vehicles associated with the household, the number of children living in the home, and the number of roommates within that household. The average renter in the U.S., for example, enjoys the company of 0.2 pets per unit.
For more information on the demographics and behavior of the average renter, including metro-specific breakdowns, watch the webcast Market Intelligence: Renter Segmentation and Cohort Cluster Analysis.