![A sunrise view of a bustling cityscape featuring a mix of tall modern skyscrapers and older buildings. The sun's rays are peeking through the buildings, casting a warm glow on the high-rise structures and the streets below.](https://junehomes.com/blog/wp-content/uploads/2024/07/ben-o-bro-wpU4veNGnHg-unsplash-1024x683.jpg)
Estimated reading time: 7 minutes
Our 2024 renting statistics offer a comprehensive look into the renter income, demographics, behaviors, and preferences of renters, providing valuable insights for rental companies, stakeholders, renters and press.
Here’s an in-depth analysis of the key findings from the data, along with actionable takeaways to enhance customer engagement and satisfaction.
![2024 Renting Statistics Infographic](https://junehomes.com/blog/wp-content/uploads/2024/08/Infographic-recolor-1024x737.png)
Approach
The analysis is based on data extracted from June Homes’ systems, encompassing thousands of renters across 10 major US cities. The methodology involved:
- Data Collection: Aggregating 2024 data from our internal systems to capture a holistic view of renter demographics and behaviors.
- Data Cleaning: Ensuring the data was accurate and consistent by handling missing values and correcting any inconsistencies.
- Data Analysis: Employing statistical methods and visualization techniques to uncover patterns and insights across different renter attributes.
- Insight Extraction: Identifying key trends and correlations within the data to draw actionable insights.
TL;DR: 2024 Renters’ Statistics – Main Insights and Takeaways
Income Distribution Among Renters in 2024:
- Less than $25,000: 1,727 contacts
- $25,000 – $50,000: 1,073 contacts
- $50,000 – $75,000: 1,216 contacts
- $75,000 – $100,000: 757 contacts
- $100,000 – $125,000: 422 contacts
- $125,000 – $150,000: 262 contacts
- $150,000 – $175,000: 158 contacts
- More than $175,000: 248 contacts
Insights:
- Economic Diversity: The renter population is economically diverse, with a noticeable skew towards lower income brackets.
- Affordable Housing Demand: The high number of low-income renters emphasizes the need for affordable housing options.
- Potential for Market Segmentation: With significant numbers in both low and mid-income ranges, there may be opportunities for targeted rental offerings and financial assistance programs.
- Luxury Rental Market: While smaller, the high-income renter segment suggests a niche market for luxury rental properties and premium services.
Gender Distribution:
- Majority Gender: 58.4% male renters, 40.8% female.
- Inclusivity: Small percentage identified as other or did not disclose.
Stay Duration by Gender:
- Males tend to stay longer than females.
Number of Stays by Gender:
- Most renters have a single stay; fewer have multiple stays.
Marital Status:
- 57.7% did not disclose marital status; 98.5% of those who did are single.
Age Distribution:
- Majority of renters are aged 20-22.
Income Information:
- 70.2% disclosed income; higher incomes correlate with longer and slightly more repeat stays.
Renters Gender Distribution
![A donut chart displaying the distribution of contacts by gender. The chart includes four categories: male (57.6%), female (40.2%), null (2.0%), and other (0.2%).](https://junehomes.com/blog/wp-content/uploads/2024/07/image-8.png)
The data reveals that the majority of renters are male, comprising 58.4% of the contacts, while female renters make up 40.8%. Additionally, a small percentage identified as other or did not disclose their gender.
Insights:
- Majority Gender: Male renters are more prevalent.
- Inclusivity Needs: A small yet significant portion of renters identify as other genders or prefer not to disclose, highlighting the need for inclusive policies.
Stay Duration by Gender
![A stacked bar chart showing the gender distribution across different contact frequency ranges.](https://junehomes.com/blog/wp-content/uploads/2024/07/image-2.png)
Analyzing stay duration by gender shows that males have a higher tendency to stay longer than females. Specific dates also indicate peaks in rental activity.
Insights:
- Long-Term Stays: Males are more likely to have longer stays.
Number of Stays by Gender
![A stacked bar chart displaying the number of stays by gender for each stay count from 1 to 9.](https://junehomes.com/blog/wp-content/uploads/2024/07/image-4.png)
The majority of renters, regardless of gender, have a single stay. There is a significant drop in the number of contacts as the number of stays increases.
Insights:
- Single Stays Dominance: Most renters have only one rental period.
- Repeat Stay Potential: Understanding the factors influencing repeat stays can improve customer retention.
Marital Status
![A donut chart displaying the distribution of contacts by marital status.](https://junehomes.com/blog/wp-content/uploads/2024/07/image-7.png)
A significant portion of renters (57.7%) did not provide their marital status. Among those who did, single renters constitute the majority (98.5%).
Insights:
- Data Gaps: The lack of marital status information may affect the accuracy of insights.
- Single Demographic: Single individuals form the bulk of the disclosed demographic.
Age Distribution
![A bar chart displaying the age distribution of contacts.](https://junehomes.com/blog/wp-content/uploads/2024/07/image-9.png)
The age histogram shows a significant number of young renters, particularly between the ages of 20 to 22.
Insights:
- Young Renters: There is a higher number of renters in their early twenties.
- Potential Peak Ages: Ages 20 to 22 are common for renting.
Income Distribution Among Renters in 2024
![A bar chart displaying the distribution of contacts by income bracket.](https://junehomes.com/blog/wp-content/uploads/2024/07/image-5.png)
The analysis of renters’ income data for 2024 reveals a diverse range of income brackets among the contacts:
- Less than $25,000: 1,727 contacts
- $25,000 – $50,000: 1,073 contacts
- $50,000 – $75,000: 1,216 contacts
- $75,000 – $100,000: 757 contacts
- $100,000 – $125,000: 422 contacts
- $125,000 – $150,000: 262 contacts
- $150,000 – $175,000: 158 contacts
- More than $175,000: 248 contacts
Key Insights:
- Dominance of Lower Income Brackets:
- The largest proportion of renters, with 1,727 contacts, fall into the “Less than $25,000” income category, indicating a significant presence of low-income renters.
- Mid-Range Income Distribution:
- The income brackets between $25,000 and $75,000 contain a considerable number of renters, with a combined total of 2,289 contacts. This suggests a substantial middle-income renting population.
- High-Income Renters:
- The number of renters decreases significantly as income increases beyond $75,000. Renters with incomes above $75,000 total 1,847 contacts, which is smaller than the combined total of the lower brackets.
- Proportional Representation:
- Renters earning less than $25,000 represent a significant 33% of the total contacts, indicating economic challenges or a preference for renting among lower-income individuals.
- Conversely, renters with incomes above $150,000 constitute a smaller segment (7%), showing that high-income individuals are less likely to rent.
This distribution indicates a significant presence of lower-income renters, with the largest group earning less than $25,000. There is also a substantial segment of renters with mid to high incomes, particularly those earning between $50,000 and $75,000. The number of renters decreases as income levels rise, but a notable portion of renters still falls into higher income brackets. This highlights the need for rental companies to offer a range of services and pricing options to cater to this economically diverse renter population.
![A donut chart displaying the distribution of contacts based on a true/false status.](https://junehomes.com/blog/wp-content/uploads/2024/07/image-6.png)
A majority of renters (70.2%) provided their income information, offering reliable data for income-related analyses.
Insights:
- Income Disclosure: The high rate of income disclosure suggests reliable income data.
- Income Influence: Renters with higher incomes are more likely to stay longer.
Income by Stay Duration and Number of Stays
![A stacked bar chart showing the distribution of income by stay duration and number of stays.](https://junehomes.com/blog/wp-content/uploads/2024/07/image-3.png)
Higher-income renters tend to have longer stays and slightly more repeat stays compared to lower-income groups.
Insights:
- Longer Stays for Higher Income: Higher-income renters are more likely to stay longer.
- Repeat Stays for Higher Income: Higher-income groups show a slightly higher number of repeat stays.
Explore More About Rental Market
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- Boston’s Cheapest and Most Expensive Neighborhoods to Rent in 2024
- NYC Most Expensive Neighborhoods to Rent in 2024: Rental Market Report
- Cheapest Neighborhoods for Renting in NYC in 2024: Data-Based Insights