More people prefer to rent, survey finds

An online survey by the National Apartment Association found that 76 percent of consumers said they prefer to rent a home rather than own it, a 5 year-over-year percent increase from 2008. The survey also found that 60 percent of renters plan to stay put for the next year, as will 71 percent of homeowners, both figures reflecting low consumer confidence and uncertainty in the market, according to the association. The independent survey, comparing 2008 and 2009 and polling more than 2,000 U.S. adults, also documented an increase from 2008 in the number of all survey respondents citing the burden of home repairs or maintenance as a primary benefit of renting a home versus owning. “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,” said Douglas Culkin, president of the association. “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.” TRD