United States snapshot

United States property types

Houses for Rent

The US rental housing market and the new rentership society has dramatically increased the amount of rental properties and in particular houses for rent on the market. According to recent census data, there are roughly 43 million rental units within the US. Of which 3.5 million are vacant at any given time. This relatively low vacancy rate has given landlords and owners an edge up when it comes to finding the perfect renter but the market will inevitably start to slow down which will allow renters to gain more concessions and better deals when looking for their ideal house for rent.

Although the homeownership rates have increased YoY overall within the United States, the rate is still down from a high of 69.2% in Q2 of 2004. This decrease in homeownership is more of a cultural mindset for the younger generation where they are no longer feeling pressured to own a home as soon as possible.

Over the last 9 years, the rental vacancy rate has dropped from 10.5% in Dec 2009 to 7% in Q1 of 2018. As the below graph illustrates, real estate is cyclical and we will start to see the rental vacancy rates rise again in the coming years.

The houses for rent market is still strong but slow down is inevitable as more supply begins to enter the market. In Denver for example, the housing cost have increased overtime much faster than the rest of the US. This has caused more houses to enter the rental market since some owners have elected to rent for a while instead of selling. The new construction of apartments in the area has also added much more supply than maybe demand can keep up with.

Below are some national renter facts from NMHC :

Resident Demographics

Renter Occupied - 108,846,495
Owner Occupied - 208,785,446
Total - 317,631,941

People in Rental Housing

Under 30 years of age - 55,518,756 or 50% of renter occupied
30 to 44 years of age - 25,341,534 or 23% of renter occupied
45 to 64 years of age - 20,670,939 or 19% of renter occupied
65 and older - 9,154,032 or 8% of renter occupied. 

Type of Renter Structure Residents Live In

Single-Family - 46,285,43 or 43%
2 to 4 Units - 18,432,991 or 17%
5 or More Units - 38,673,309 or 36%
Mobile Homes - 5,369,694 or 5%
Other - 85,067 or 0%

Renter Annual Household Income

Less than $20,000 - 5,763,827. Income was down 1.56% from previous year
$20,000 to $49,999 - 6,449,342, Income was down 1.11% from previous year
Greater than $50,000 - 6,647,693. Income was up 5.4% from previous year

All in all, go ahead and search for your perfect house for rent. At the end of the day, rentbits can help you find a rental from over the 150,000 apartments and 10,000 houses for rent.

Why use Rentbits?

Use Rentbits to find your next rental in United States. You can find all sorts of property types for rent such as apartments, houses, condos, townhouses and duplexes.

You can filter United States rentals by price, bedroom size, square footage, property type, restriction and mode. You will never again miss this perfect apartment or a house for rent in United States.