||CHICAGO, September 29, 2008 –
The increasing number of housing foreclosures seen across the nation have turned more and more homeowners toward the rental market. In response to this ongoing surge of renters, Apartments.com conducted a national survey to identify who these renters are, why they rent and how they live. Nearly 2,000 survey respondents revealed that a surprising majority of U.S. renters are families who consciously choose renting over ownership, as it is more affordable and allows for a lifestyle they prefer.
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.¹ 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.²
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. Families looking to make their apartment into a home are encouraged to visit the “Apartment Living” section on Apartments.com (http://living.apartments.com) for tips on a variety of renting topics including apartment safety, owning a pet and gardening.
As part of its monthly “What Renters Want” research series, Apartments.com surveys renters on various topics. For more information on these surveys or to receive a copy of additional survey results, please contact Tammy Kotula at firstname.lastname@example.org.
1 –Findings from Apartments.com national consumer survey of more than 1,000 renters, July, 2008
2 – Brochure: Don't Buy the Myths: Renting Can Be a Smart Investment, National Multi Housing Council, 2004
Apartments.com is the most visited national apartment Internet listing subscription service with more than 50,000 unique addresses representing more than three million rental units from managed properties, newspaper classifieds and for-rent-by-owner properties. With personalized searches, highly visual ads featuring Walk Through Video, Apartments.com Anywhere mobile solutions, 360-degree virtual tours, professional photography, and comprehensive community listings, Apartments.com makes it possible for renters to access apartment rental inventory from across town or across the country. Leads from highly qualified ready-to-rent prospects are delivered to Apartments.com customers, increasing closure rates and decreasing the average cost of leasing an apartment. The Web site's foundation of solid partnerships with the local newspaper and television station Web sites of more than 10,000 newspaper affiliate and strategic partners across the country include Yahoo! Real Estate, AOL Real Estate, Univision (www.univision.com), the Chicago Tribune (www.chicagotribune.com), The Washington Post (www.washingtonpost.com) and the Los Angeles Times (www.latimes.com). Apartments.com is a division of Chicago-based Classified Ventures, LLC.