A majority of consumers in a recent survey said renting was a more favorable option to owning a home in the current real estate market.
The survey, commissioned by the National Apartment Association and conducted this month, found that 76 percent of respondents deem renting to be better than owning a home — a 5 percent increase from 2008.
The survey also found that both renters and homeowners are not eager to make any changes in their housing status within the next year, demonstrating low consumer confidence and continued uncertainty in the housing market.
"While some may want to declare the housing crisis over, consumer patterns of behavior are showing otherwise," said National Apartment Association (NAA) President Douglas Culkin. "The findings in this survey mirror what our members are seeing throughout the country, especially in areas of the country that are experiencing the first signs of economic recovery."
The independent survey of more than 2,000 adults, conducted by market research firm Harris Interactive, also finds an increase from a 2008 survey in the number of adults noting the additional burden of major home repairs or maintenance as a primary benefit of renting a home versus owning — 64 percent in 2010 compared to 57 percent in 2008.
"The simple fact remains that in a bad economy, people must make whatever changes necessary to improve their situation, especially if they have lost their job," Culkin said. "Sometimes this might mean moving to another city where there is more opportunity, and if you’re tied to a mortgage, you don’t have the same ease of mobility as you do if you lease your home."





