Renters are dedicated. Almost 70 percent of the renters surveyed have always rented, and 37 percent have been renting for 10 or more years. Half of all survey respondents said they rent because it is a more affordable living option compared to the expenses associated with home ownership including mortgage interest, taxes and repairs.
Nearly 30 percent of renters also said they enjoy the many benefits apartment living affords them including flexibility and a maintenance-free lifestyle, convenient access to apartment amenities and a variety of more affordable living options in superior locations and neighborhoods. Taking into account the current climate of the national economy, flexibility is key. This summer, more than half of renters surveyed by Apartments.com listed relocating for jobs and moving closer to work as the top two reasons for moving. Unlike renting an apartment, financial advisors recommend owning a home for at least a five year period prior to selling. More than 80 percent of a monthly mortgage payment is interest that goes directly to the bank for the first five years before being able to build any real equity.
While a large portion of renters (35%) surveyed live alone, more than half live with loved ones and family defined as significant others, single-parent homes and immediate family members limited to spouse and children. In collaboration with these findings, the survey results also found that the majority of renters live in apartments with multiple bedrooms. Almost 60 percent of renters surveyed live in a two bedroom apartment or larger.
