Yesterday, real estate market analyst Jay Parsons challenged a common myth about American renters in a LinkedIn post that drew on fresh data from some of the nation’s largest publicly traded apartment REITs, breaking renter stereotypes.
After analyzing the latest renter demographics from institutional-grade, professionally managed multifamily properties, Parsons highlighted a stark disconnect between public perception and reality. Contrary to the image of renters barely scraping by, data show that tenants in Class A and B apartment communities are often high-income, single, and increasingly older.
Across major REITs, renter incomes are strikingly high. Equity Residential reports a typical tenant income of $169,000, followed by Essex Property Trust ($131,000), Camden Property Trust ($120,000), MAA Communities ($91,000), and Independence Realty Trust (IRT) ($86,000). These figures translate into rent-to-income ratios ranging from just 19 percent to 22 percent—well below the conventional 30 percent affordability threshold.
In expensive coastal markets, incomes climb even higher. For example, Essex reports that renters in Santa Clara County (Silicon Valley) earn an average of $168,000. MAA shows average incomes above $100,000 in Orlando, Tampa, Dallas, and Atlanta.
Renter demographics also challenge outdated assumptions. Both Camden and Equity Residential report that nearly half of their units are occupied by single individuals. Camden notes that 50 percent of its residents live alone and are under age 35. Equity shows a median renter age of just 33, while UDR reports an even younger median age of 32.
IRT adds that 80 percent of its renters are single, 52 percent are women, and the average age is 36. Twenty-two percent of new renters are relocating from out of state—suggesting a mobile, professional renter base.
Interestingly, the expected surge of thirty-something renters—often blamed on the homeownership affordability crisis—doesn’t fully materialize in the data. UDR notes that the biggest growth in renters is coming from individuals aged 45 and older. This trend suggests more Baby Boomers and Gen Xers are returning to—or choosing to stay in—the rental market, possibly due to lifestyle changes or downsizing from homeownership.
Rent-to-income ratios also vary by metro. IRT reports lows of 18 percent in Oklahoma City and Memphis, with only Denver and Tampa approaching 24 percent. Dallas, IRT’s top income market, shows typical renter earnings of $93,000.
Although single-family rental (SFR) REITs didn’t release updated demographic data at this year’s NAREIT conference, Class A/B multifamily remains a reliable proxy for understanding broader institutional rental trends.
These data points collectively push back against prevailing narratives. Contrary to renter stereotypes, today’s renters in institutional-grade apartments are not primarily low-income or financially distressed. They are increasingly affluent, single, mobile professionals—and a growing share are older adults returning to renting by choice or necessity. In short, the American renter profile is evolving dramatically, diverging from stereotypes that continue to inform housing policy and investment decisions.
For instance, one reader speculated that the rising cohort of renters aged 45+ may be homeowners who sold at a high and are now sitting out of the market—either because there’s little to trade into due to high interest rates, or because they prefer the flexibility and disposable income that renting allows. A number of developers breaking ground this year are targeting exactly this demographic: affluent Baby Boomers opting for rentals over the upkeep of single-family homes.
Sharon Wilson Géno, president of the National Multifamily Housing Council, weighed in with a policy perspective. She noted that rent control often benefits high-income renters who are already spending less than one-third of their income on housing. “There are more effective, targeted solutions for helping those truly struggling to pay rent—people whose wages aren’t keeping up with housing costs,” she said. “So-called ‘corporate landlords’ aren’t the problem. Inadequate wages and insufficient housing supply are. Let’s put the blame where it belongs—and push for government policies that actually help us build more housing and create lasting affordability.”
