More American Families are Renting
Apartments.com conducted a national survey to gain insight as to who the renters are, why they rent and how they live. Here are some of the results included in
Its no secret; it is a tumultuous time in the housing market. The recent turmoil in the market has put record numbers of American homeowners into foreclosure. This rising number of foreclosures has driven some previous homeowners turning into the rental market.
Renters are dedicated. Almost 70 percent of the renters surveyed have always rented, and 37 percent have been renting for 10 or more years. Half of all survey respondents said they rent because it is a more affordable living option compared to the expenses associated with home ownership including mortgage interest, taxes and repairs.
Nearly 30 percent of renters also said they enjoy the many benefits apartment living affords them including flexibility and a maintenance-free lifestyle, convenient access to apartment amenities and a variety of more affordable living options in superior locations and neighborhoods. Taking into account the current climate of the national economy, flexibility is key. This summer, more than half of renters surveyed by Apartments.com listed relocating for jobs and moving closer to work as the top two reasons for moving.1 Unlike renting an apartment, financial advisors recommend owning a home for at least a five year period prior to selling. More than 80 percent of a monthly mortgage payment is interest that goes directly to the bank for the first five years before being able to build any real equity.2
While a large portion of renters (35%) surveyed live alone, more than half live with loved ones and family defined as significant others, single-parent homes and immediate family members limited to spouse and children. In collaboration with these findings, the survey results also found that the majority of renters live in apartments with multiple bedrooms. Almost 60 percent of renters surveyed live in a two bedroom apartment or larger.
Given the results, it seems a lot of us might be renting right now by choice, or to wait it out for a market turn around, or because we cannot buy right now due to a home foreclosure. Whatever the reason, there are many benefits to renting. You gain built-in amenities and low-maintenance living. You dont have to worry about Uncle Sam knocking on your door with the latest tax assessment. Renting also is key for those transient folks who move frequently due to schooling, career changes or just want the freedom to try out different places. It can also be a great way to try out an area before you do take the plunge into the housing market. Now is also the time to move aging boomers into a smaller, lower-hassle residence.
Whatever your reason, renting is hot right now and has many benefits to consider. If you think a rental property might be in your future start searching now to find your perfect place. Check out our best places to live hub for some things to consider when trying out a new area and start your apartment search today.