With home values fluctuating in the past few months and the job market still on shaky grounds, home sales continually drop month to month. The National Association of Realtors (NAR) revealed a 27% decline in July home sales compared to June. With more and more homeowners seeking refuge in home rentals, Apartments.com sought to profile active apartment hunters’ mindset through an online survey.
More than 2,700 visitors of the national apartment Internet listing subscription service were asked to complete a national survey on apartment hunting. The survey revealed that nearly 60% of these hunters prefer to rent because rental affords them the lifestyle they can’t have if they own a home.
The top reason for wanting to rent, as provided by those surveyed, is the convenient access to amenities whole living maintenance-free. Inability to cope with home ownership costs, desire to live in great neighborhoods, and flexibility of moving are the next reasons given for preferring to rent.
The survey also uncovered that there are lots of new apartment hunters, with 30% of the respondents saying they have never rented before but are now considering doing so and 34% admitting that they’ve been renting for four years or less. The record-breaking traffic and activity that Apartments.com has received in the first half of the year versus previous years support the fact that the number of apartment hunters is now growing.
Even those who’ve experienced owning a home are joining the number of growing apartment seekers. Of those surveyed, 43% will be switching back to renting or entering the rental market for the first time.
Majority of the previous homeowners still admit that owning a home is a good investment but a good 65% reveals renting is still more affordable. The 20% who disagreed that home ownership is a good investment thinks so because of the following reasons: fluctuating home prices, ongoing maintenance costs, and difficulty in selling for the first few years.
More than 50% of the active Apartments.com visitors hope to move out and rent before the end of 2010.
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