Renting may be on the rise, but a large majority of single-family renters desire a move to homeownership in the near future, a new study says.
As for now, they are content to rent and at least 80% of single-family home renters think their property management is good or exceptional, according to a survey of renters by Opinion Research Corporation for Premier Property Management Group.
The survey unveils some of the characteristics of single-family renters versus apartment dwellers and elaborates on how both groups feel about becoming homeowners.
Single-family rental homes are in high demand, and according to U.S. Census data, "From the peak of the housing boom in 2005 to 2010, single-family rentals grew at 21% versus just a 4% increase in total housing units."
According to the survey, it took only 2.6 months to rent the available stock of available single-family homes last summer compared to 5 months in 2007.
Single-family renters compared to apartment dwellers not only make more money than apartment dwellers, but also are nearly twice as likely to have children.
Half of all renters anticipate becoming homeowners in the next five years, which includes 60% of single-family renters and 44% of apartment dwellers.
Contrary to the belief that struggles obtaining financing keeps renters from owning homes, the survey revealed that not being able to get a mortgage was only ranked third at 31% for apartment dwellers and 29% for single-family renters. "Enjoy renting" ranked first for single-family renters, and "don’t want to own" ranked first for apartment dwellers.
Keeping up with the increased demand, "five to six million new renter households may be created within the next 10 years," according to the Bipartisan Policy Center.
"Single-family rentals can be found in virtually every community today and more and more families are choosing single-family rentals either as a temporary stop on the road to becoming homeowners or as a permanent solution to their housing needs," said Chris Clothier, director of sales & marketing and partner of Premier Property Management.