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CHICAGO, November 15, 2006 – As the demand for apartment housing rises, Apartments.com surveyed current renters regarding their choice to rent versus purchasing a home. Apartments.com survey results reveal that maintenance free living, cost and flexibility are the most common motivating factors for renting. The Apartments.com survey was conducted between October 5 and November 9, 2006.
The largest number of respondents (43.7%) indicate that they rent primarily for the maintenance free living apartments provide. Many respondents state a strong desire for the convenience of a maintenance person available for common household repairs as well as the freedom of not needing to tend to a lawn, garden or landscaping. "Renting allows residents the freedom to live on their own without the hassle of day to day maintenance issues that homeowners are faced with," states Julia VanderRoest, chief marketing specialist at Fogelman Management Group.
More than twenty-three percent of renters state they choose to rent for financial reasons. According to the National Multi-Housing Council (NMHC), if an individual plans to live in one place for less than five years, it may make the most financial sense to rent. The costs of buying and selling a home can total 10 percent or more of the price of the home. Additionally, home ownership in a desired neighborhood may be much more expensive than renting in the same neighborhood. A number of Apartments.com survey respondents indicated that they chose to rent in a preferred school district when owning in the area was not within their budget. Renting also affords individuals the freedom to invest in a variety of stocks, bonds and mutual funds that can provide a higher return on inv |