Many consumers prefer renting over buying

Apartments are more popular than homes for some consumers.

There is a heightened level of consumers who are not interested in owning a home, as they prefer the idea of renting properties throughout their future, according to a report from This information may encourage property management companies that the rental situation is improving.

Nearly one-quarter of property renters noted they do not plan to ever purchase a home, the website's Rentonomics report explained. Nearly half of those polled said they think renting is a better idea than purchasing a property, when considering the present state of the economy. Close to 60 percent stressed that their rent will likely remain the same or even drop in the next year.

While close to 50 percent felt they would like to own a home, approximately 60 percent of renters noted they could not purchase a home when considering the current economic conditions, the report explained. Additionally, fewer than 5 percent of those who want to purchase a home feel they would do it in the next 12 months. More than one-third of renters noted owning a home is not one of their important life goals.

"The fact that a quarter of renters plan to never own a home indicates to us that the definition of the American Dream is changing," said John Kobs, CEO of Apartment List "One third of renters have had their rent raised in a tough economic climate. While the resale market slowly recovers, it seems that more Americans are embracing renting for the long term."

Rental conditions continue to improve
As many consumers are happy to be renting, the market conditions improved significantly this year. The report showed residential property rents increased by approximately 10 percent from the beginning of last year to June of this year. Additionally, of the 45 states examined by the report, all but 11 had rental rises during that time period.

Rent increases were highest in North Dakota, where renters saw a rise of nearly 33 percent in prices, the report added. New York and Massachusetts finished second and third with close to 25 percent and 23.5 percent, respectively. Rents declined the most in Nevada, as the state experienced nearly 9 percent lower rates, on average. Louisiana and Missouri also both had rent rate declines of more than 4 percent.

Disclaimer: All data and information provided on this site is for informational purposes only. makes no representations as to accuracy, completeness, correctness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, opinions or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.