Individuals Renting Single-Family Characteristic Are Most likely to Buy Than Those in Homes
Fulfillment with one’s rental experience may be a factor when choosing to buy a home. According to new Freddie Mac research, renters who are most satisfied with their rental experience are more likely to continue leasing (68 %) than to purchase a house (32 %).
And it appears multifamily apartment or condo renters are more satisfied than single-family building renters.
According to brand-new Freddie Mac, 67 % of home occupants report being pleased compared with 60 % of single-family building occupants. Freddie Mac’s research also reveals that people renting single-family homes (leasing a house/townhouse or apartment) may be most likely to purchase than those in apartments. In the united state about 15 million households lease a single-family home and 25 million rent a house, according to U.S. Census Data.
The most recent research study, carried out in June 2015, reveals 55 % of tenants of both of single-family and multifamily buildings prepare to continue to rent in the next three years. Single-family occupants are substantially most likely to say they expect to purchase than multifamily occupants (53 % vs 36 %) when inquired about their strategies in the next three years.
“As we gather information each quarter, we are discovering the old perception that renting is something individuals do up until they purchase is not always real. The trend reveals that pleased tenants are most likely to continue renting, even as we are seeing rising rents in the market,” said David Brickman, executive vice president of Freddie Mac Multifamily. “Discontentment may drive tenants to purchase, and we are seeing a slight decline in satisfaction amongst single-family tenants. We will certainly remain to monitor this for more powerful indicators and patterns, however for now, the single-family rental home market might be a good location to want to discover prospective house buyers.”
Brickman added, “The number of U.S. renter homes is up again for the 10th straight year, according to the U.S. Census Bureau. More families of all sizes, earnings levels and age ranges now rent their houses. Tenants are leading family developments, which are expected to keep climbing due to the enhancing economy, Millennials continuing into the adult years and immigration.”