More People Are Now Renting By Choice
- Sep 17, 2010
Chicago–According to a new survey conducted by Apartments.com, a notable percentage of people actively looking to lease in today’s apartment market are not hunting because they have to rent but because they want to rent. The Chicago-based national apartment Internet listing subscription service found that of the 2,700 website visitors who participated in the survey, 60 percent noted that they would rather rent than buy.
The survey respondents’ preference for renting is not all about money or a lack thereof; it’s about the advantages apartment living offers. Their top reason for foregoing the homebuyer route is the ability to live maintenance-free and have easy access to coveted amenities. Surely, the average homebuyer is not going to end up with a single-family residence encompassing a clubhouse and well-furnished, state-of-the-art fitness center. The opportunity to live in a great neighborhood that would otherwise be unaffordable and greater freedom to relocate also made the list of reasons why renting is more desirable.
Apartments.com also found that the nation’s pool of renters consists of an increasing number of newbies. Approximately 30 percent of those who participated in the survey noted that they are entering the apartment market for the very first time, and 34 percent have been apartment dwellers for four years or less. Of course, there are former homeowners in the growing renter population, too. And while financial challenges have spurred many of them to take to the apartment market, a whopping 34 percent indicated that they simply prefer to rent.
Apartments.com has found the survey’s conclusion that the nation’s population of renters is on the rise again is backed by additional evidence. The apartment listing service saw “record-breaking traffic” during the first six months of 2010.