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Rental Property
A new online survey commissioned by the National Apartment Association conducted in May finds 76 percent of consumers deem renting to be the more favorable option to owning a home in the current real estate market, a 5 percent increase from 2008.
Many buy and hold investors are looking at this trend and taking advantage of the low prices, low rates to buy discounted properties that cash flow well.
The survey also found that both renters and homeowners are not eager to make any changes in their housing status within the next year, demonstrating low consumer confidence and continued uncertainty in the housing market.
Among the key findings in the National Apartment Association survey:
1. Leasing rental property perceived as more favorable to holding a mortgage: 76 percent of adults feel that there are advantages to renting vs. owning in the current real estate market, an increase of 5 percent from 2008. 64 percent cited having no responsibility for major repairs or maintenance as the primary reason, followed by 50 percent who cited financial reasons such as not being impacted by an unpredictable real estate market(33 percent – an increase of 1 percent from 2008), and not being susceptible to foreclosure (tied at 33 percent).
2. Renters are not eager to make a change this year: 60 percent of renters plan to continue renting their current residence or rent new residences within the next year. 12 percent of renters said they have plans to buy a new home this year and only 14 percent believe that buying a house is preferable to renting given the current state of the market.
3. Homeowners tied down and staying put: 71 percent of homeowners will stay in their current home over the next year, mirroring almost exactly the response from 2008 (72 percent).
4. Adults continue to experience economic backlash from the foreclosure crisis: 93 percent of adults feel that the financial security of homeowners is more or equally affected by the current state of the housing market – no change from 2008 – illustrating that the economic impact of the foreclosure crisis has not shifted or improved.
What is behind this trend? CLICK HERE
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. More people choosing to Rent, Is it time to buy a Rental Property is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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