Did you know there are 23 million single family rentals in the United States (Source: Freddie Mac)? In a recent study, Buildium and the National Association of Residential Property Managers (NARPM), surveyed renters to see why they choose to rent and what is most appealing about renting, noting that renting is becoming increasingly attractive.
Top Reasons Renters Choose to Rent in 2020
- Not in a position to buy- 45% of renters said they wanted to buy their own home, but they cannot afford one. Most of these renters are in their early 30’s and younger.
- Renting is more affordable in their area- 19% of renters, particularly younger renters, are choosing to live in urban neighborhoods where property values are growing higher than rents.
- Moving is a hassle- 13% of renters are content in their current situation and not eager to move.
- Maintenance and responsibility are too much- 11% of renters, particularly senior citizens, do not want the responsibilities of up keeping a house and a yard.
- Flexibility- 8% of renters, mostly those under the age of 30, do not want to be tied down to a living situation. They want the flexibility to move on for school, jobs, and significant others.
Most Appealing Neighborhood Characteristics to Renters
- Safety- 73.2% of renters
- Proximity to work or school- 62% of renters
- Proximity to stores and restaurants- 54.4% of renters
- Quiet area- 49.9% of renters
- Family-friendliness- 38.7% of renters
- Scenery- 27.6% of renters
- Nightlife and entertainment- 25.4% of renters
For more insights on the rental market, see our “Rental Market Research” blog category.