Pub. 4 2019 Issue 2

20 www.ctaahq.org or top-tier suburban locations close to large career centers. These renters prefer metros with higher for-sale housing prices, where purchasing can be a challenge in preferred neighborhoods. Large metros examined with the most share of Moving-On-Up renters were San Francisco, Denver, Los Angeles and Austin. Among the smaller markets, Knoxville logged the largest portion of this renter base. Working Families “Working Families” account for just 6 percent of renter households, a number limited by the general preference of these families to opt for single-family rental homes rather than apartments. Working Families are comprised of one or more children, but not always two adults. In fact, a sizable portion of this group is made up of single-parent households. The average age of the adult members is early- to mid-30s. Working Families generally live in slow-growth suburbs, usually in the largest units in Class C properties. Interestingly, in big metros, the percentage of Working Families in the renter mix never reaches beyond the U.S. average. The top concentrations are only about 7 percent of the total in Orlando and Washington, D.C. Working Families comprise more of the renters in a few small markets, including Wichita, Palm Bay, Florida and Grand Rapids. Young Couples “Young Couples” comprise 5 percent of the renter base. Like the adult members of the Working Families segment, those in the Young Couples sector tend to be in their mid- to-late 30s and are more affluent than the younger renters in the Moving On Up category. Young Couples comprise two-adult households, and the members are nearly always married. These residents prefer new, upscale properties and focus on locations like San Francisco, Los Angeles, Denver, Boston, Chicago, Austin and Seattle – all higher barrier-to-entry markets. Like the Moving On Up renters, Young Couples gravitate toward markets with high for-sale housing prices. Thus, even with larger incomes, purchasing a home can be a challenge in these favored locations. Pet People The smallest group, amounting to 4 percent of renter households, is the “Pet People.” With two or more pets per household, these animal lovers are in their early 30s with annual incomes averaging in the middle of the pack at about $65,000. They are living in a mix of one- and two-adult households. Denver is a large metro where Pet People appear more frequently, while smaller markets with concentrations of these households are Knoxville, Sarasota and Colorado Springs. n Originally published in the December 2018 issue of units magazine for the National Apartment Association. Continued from page 19