With the everchanging real estate market, for various reasons, many people rent versus purchase their homes. However, when it comes to who is happiest with their property, those renting apartments are happier than those renting houses, townhomes or condos. However, all are below 50% when it comes to satisfaction with where they live.
Rent.com has put together this study showcasing not only what types of renters are happiest, but by region the percent that are pleased with their current living situation, why people are choosing to rent and if they have buying plans for the future. In the case of the Mountain Region, including Arizona, only 45 percent of readers are happy with their current living situation.
This survey included collected responses from 679 respondents from current renters ages 18 and up. Of these respondents, 55 percent were female and 45 percent were male. Most were ages 18 to 60, with 90.3 percent of respondents falling in this age range. More than 90 percent of respondents were from renters with less than $100,000 in annual household income, with 69.9 percent reporting a household income of below $50,000.
Renters make up 43 million households in the United States, according to the National Multifamily Housing Council (NMHC). They have different options when it comes to the type of home they rent — apartments, houses, condos and townhomes.
So, how do renters in houses vs. those in apartments differ? Our recent Rent.com survey explores the sentiments, challenges and plans of apartment renters and home renters across the U.S.
• While there’s room for improvement regardless of where renters are living, apartment renters are slightly happier. However, only 42 percent of apartment renters and 39 percent of house renters say they’re satisfied with their current living situation.
• People renting apartments are more likely to rent again compared to people renting houses. While less than half of house renters (47.8 percent) say they’ll rent again when they move, most people renting apartments (68.5 percent) say they will.
• The cost of living does seem to impact renters’ happiness. Just more than one-quarter of renters in houses (27 percent) and apartments (26 percent) say they can’t afford to rent in their desired neighborhood or city.