The question of rent vs. buy is always a debate going on in the heads of individuals who may not be ready to completely settle down in one place, or just aren’t comfortable and confident in navigating the ever-changing real estate market. When it comes to satisfaction, and who is more satisfied with their decision, renters are often the losers in this debate, with some exceptions.
A recent study done by Rent.com found what types of renters are happiest by region, the percentage of people that are satisfied with their rental, and why people choose to rent. In the case of Arizona, only 45% of renters are satisfied with their living situation. Individuals that decided to rent an apartment are typically happier than those who are renting a home, townhome, or condo. Still, less than 50% of renters report being satisfied with their current renting situation.
Renters make up 43 million households throughout the US, according to the National Multifamily Housing Council (NMHC). These households include apartments, houses, condos, and townhomes.
The Renters Study
There were 679 participants in this study with ages ranging from 18 and up. Of the 679 participants, 55% were female and 45% were male. More than 90% of the participants said they were renters who made less than $100,000 annually in household income, with 70% reporting a household income below $50,000.
Here are some key takeaways from the Rent.com study:
- 42% of apartment renters and 39% of house renters say they’re satisfied with their current living situation.
- 48% of house renters say they’ll rent again, while 69% of apartment renters say they will rent again.
- 27% of house renters say they can’t afford to rent in their desired neighborhood or city , while 26% of apartment renters say they can’t afford to rent in their desired neighborhood or city.
Information provided by Apartment Renters vs. House Renters: Who’s Happier?
Renters Making the Jump to Home Owning
All throughout the US, you will find renters that are not satisfied with their current living situations. In a separate study by Realtor.com, 23% of young professionals who recently became homeowners stated that rising rent prices was the leading contributor behind them choosing to buy a home. Millennials are poised to be the next generation leading the housing market in the US.
Real estate professionals can expect to see more millennials make the jump from renting to homeownership over the next couple years as they take over the housing market. This is great news for real estate agents throughout the US. You have the opportunity to create lasting relationships with a new generation of clients and really take hold of the go-to agent in your community.