As home values fell again in 2011, more and more people are looking to renting as an affordable, flexible lifestyle option. In response to this news, Apartments.com conducted a national survey to more than 3,000 of its January website visitors to find out the reasons they are moving and why they are renting versus owning.
Supporting a growing trend, 33.6% of respondents looking for an apartment this year said they are previous homeowners (up from 20.5 percent in 2011). Respondents who said they are homeowners looking to rent, 26.3% are doing so because they believe renting is a more affordable option and 21.2% prefer the flexibility renting offers in choosing where to live. Apartments.com provides the five most popular responses why their website visitors are choosing to rent versus own in 2012:
- Renting is a more affordable option: (26.3%)
- Flexibility to live where I choose: (21.2%)
- To relocate for employment: (20.5%)
- Cannot afford to keep up with homeownership expenses: (10.5%)
- Lost home due to foreclosure and change in marital status: (less than 4% each)
More than 35% of respondents said they are moving out on their own, which may be a sign of an improving economy and job market, especially in the rental demographic.
The number one reason for moving in 2012 is for relocation for a job opportunity. However, the desire to have more space, to save money and to live in a more desirable neighborhood also topped the list.
Relocating to South Carolina’s capital? For information on renting an apartment in West Columbia, SC, we encourage you to contact Abberly Village Apartment Homes.
Market Watch- Wall Street Journal