However, 53 percent of single-family renters expect to buy a home within the next three years as opposed to 36 percent of multifamily renters, according to CoStar‘s Mark Heschmeyer, as reported in multifamilyexecutive.
MHProNews has learned that according to U. S. Census Bureau data, there are 15 million household renters and 25 million apartment 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. The trend shows that satisfied renters are more likely to continue renting, even as we are seeing rising rents in the market,” said David Brickman, executive vice president of Freddie Mac Multifamily. “Dissatisfaction may drive renters to buy, and we are seeing a slight decrease in satisfaction among single-family renters. We will continue to monitor this for stronger indicators and trends, but for now, the single-family rental home market may be a good place to look to find potential home buyers.”
Noting that renter households have increased for the tenth straight year, Brickman adds that households of all ages, sizes and income levels are now renting, and he expects this household formation trend to continue due to the improving economy, Millennials moving into their own homes and immigration. ##
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