As Colorado continues to grow, it’s important to examine the different types of renters that are looking for attainable housing to determine the new housing needed.
Young Singles: 29%
- The largest group of renters in Colorado is the Young Singles group. This group is also the youngest in terms of age, with an average age of 26 years old. Young Singles tend to have limited incomes and have high rent-to-income ratios…
Young Adult Roommates: 21%
- These renters are around age 28 and live in households with two or more adults. Although their income level is similar to Young Singles, these renters take advantage of combined incomes and opt for slightly higher-priced rent. They tend to live in higher-end suburbs or the urban core.
- These residents are typically in their early 40s, single, and have moderate annual incomes. Despite making up 16% of the rental population, these renters are typically overlooked in discussions about housing and rental properties. They are much more likely to renew their leases at least once, staying in the same apartment for longer than Young Singles.
Middle-Class Boomers: 11%
- Eleven percent of all renter households are middle-class boomers. Relying on a more modest income from their retirement savings, Middle-Class Boomers tend to live in smaller units in the suburbs. They are typically single-person households and are the most likely to renew an expiring lease.
Older Millennials: 8%
- These residents, in their early 30s, are responsible for much of the demand for newer, high-end rental properties. Almost always single or living alone, they are drawn towards urban areas or suburban locations near large career centers.
Working Families: 6%
- At 6% of the rental population, Working Families largely opt for single-family rental homes rather than apartment complexes. Working Families have one or more children, but not always two adults living the in space. A significant portion of this group is single-parent households.
Young Couples: 5%
- Like Working Families, the Young Couples tend to be in their mid-to-late 30s and more affluent than younger millennials. These residents prefer new, upscale properties in economic boomtowns. Even with larger incomes, they can find purchasing a home in their desired market to be challenging.
Animal Lovers: 4%
- At 4% of the renter population, Animal Lovers have two or more pets in their household. These renters tend to be in their early 30s with annual incomes averaging $65,000.