We see it repeated in the news each week: renting is on the rise, and it’s not a trend that’s going away anytime soon. Take a look at the numbers behind why renting is such a popular lifestyle choice in this infographic by Appfolio.
Some key takeaways:
Brush up on your resident retention strategy. While a big appeal of renting is flexibility, not all renters plan on moving once their lease is up. One in four single family renters, and one in five apartment renters plan to stay in their home for more than five years.
Many renters aren’t interested in buying. Sure, it’s the perfect time to invest in real estate, but not everyone is wants the responsibility of homeownership. A whopping 60 percent of apartment renters said they aren’t interested in buying a home in the next five years, while 49 percent of single family renters are on the path to buying.
Lifestyle influences where people rent. Not all renters value the same qualities: single family renters place more emphasis on finding a home in a friendly neighborhood with good schools, parks, and community centers.