Renters of Single-Family Homes More Likely to Buy: Freddie Mac
Fifty-three percent of single-family renters say they expect to buy a home in the next three years versus 36% of people renting apartments in multifamily properties. Nevertheless, a 55% majority of renters overall believe they will continue renting in the next three years.
Freddie Mac also found that satisfied renters are far more likely to continue renting, with 68% saying they will continue as they are versus 32% who want to purchase a home. Apartment renters are also more likely to describe themselves as satisfied at a rate of 67% versus just 60% of single-family property renters.
“As we gather data each quarter, we are finding the old perception that renting is something people do until they buy is not always true,” said Freddie Mac Multifamily Executive Vice President David Brickman in an Aug. 25 news release.
“The trend shows that satisfied renters are more likely to continue renting, even as we are seeing rising rents in the market.”
While 44% of renters in a home for two years or more said they experienced a rent increase in the poll conducted in June versus 38% this past March, 70% of those polled said they could not afford to buy a home despite wanting one.
The conclusions were based on a survey of roughly 2,000 adults, including more than 700 renters, conducted by Harris Poll on Freddie Mac’s behalf.
Source: National Mortgage News
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