New research released today by Freddie Mac indicates that affordability and changing attitudes towards renting are playing a significant role in the growing demand for rental housing.

The study finds that an increasing number of America’s renters are satisfied with their living situation and consider it the most affordable option for the foreseeable future. More renters believe this despite their view that housing prices – both to purchase and rent – continue to rise and supply continues to tighten.

According to the latest Freddie Mac renter survey, a large number of renters view renting as an option that fits their lifestyle, and a strategic choice at many life stages. While sentiments differ among urban, suburban and rural households, nationally those who believe that renting is more affordable has increased to 76 percent from 68 percent since Freddie Mac’s last renter survey in March, 2017.

“Our rental survey confirms what we’re seeing in the market -that a growing number of individuals across demographic groups view renting as more affordable and better suited to their current economic situation,” David Brickman, executive vice president and head of Freddie Mac Multifamily, said in a statement. “These changing perceptions, combined with rising rents and tightening supply of affordable housing, are likely to fuel continued multifamily market growth in the years ahead. More importantly, it makes our role – providing financing to meet the nation’s growing workforce housing need – even more important.”