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.
The growing trend: 33.6% of respondents looking for an apartment this year were 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. This survey 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)
In 2012, the number one reason for moving 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 Roanoke Valley? For information on renting an apartment in Roanoke, VA, we encourage you to contact Honeywood Apartment Homes.
Market Watch- Wall Street Journal