Single Family Renters are different from other renters because they:
- Have higher incomes
- Have lower credit scores
- Have larger households with more kids
- Are less likely to believe their rent will increase
- Are more likely to intend to buy a home someday (70% to 59%)
- Value safety more, and surprisingly see single-family homes as a safer environment
Single-family and multifamily renters bear some resemblance to each other. They both:
- Believe homeownership makes more sense than renting
- Believe obtaining a mortgage is very difficult
- Believe owning provides a safer environment than renting
- Do not believe home prices will go up in the next year
- Are not concerned about losing their job in the next year
The two main differences are:
- Multifamily renters are more likely to anticipate a rent hike (53% to 44%)
- Single-family renters find credit to be the biggest hurdle to homeownership (29%) while multifamily renters find income to be the biggest hurdle (25%).
View the chart:
http://www.
Courtesy of:
John Burns Real Estate Consulting, LLC
16485 Laguna Canyon Road, Suite 130
Irvine, California 92618
Thank you for reading our Blog and my best wishes for you and your families,
Larry Tutino
