Freddie Mac Multifamily research released in October finds a large and growing segment of renters continue to say renting is a more affordable option than owning, even as many of those same renters are feeling the squeeze of rising housing costs.
“Profile of Today’s Renter” reveals that all generations of renters continue to perceive renting as the more affordable housing choice and remain satisfied with their current situation.
The survey shows that 78 percent of renters believe renting is more affordable than owning – up a stunning 11 points from just six months ago in February 2018. This is the case even as the majority of renters (66 percent) reported difficulty affording their rent at some point during the past two years. Millennial renters’ belief that renting was more affordable was up 14 points to 75 percent and Generation X was up 11 points to 70 percent.
A consistent number of renters – 63 percent – continue to express their satisfaction with their rental experience. In fact, 58 percent of renters say that renting is a good choice for them now and do not have plans to buy a home at this time – up from 54 percent in February.
The online survey was conducted mid-August among 4,040 adults aged 18 and over, including 1,059 renters.