Survey Profiles Population of Single-Family Renters

By: Esther Cho, DSNews.com

The fast-growing population of single-family renters is more likely to dwell in their home for longer periods of time compared to multifamily occupants, which suggests demand for single-family rentals offers greater stability than the multifamily market, according to a new survey from Premier Property Management Group.

In a survey of renters conducted by ORC International, 26 percent of single-family renters said they were more likely to stay in their current home five or more years compared to 22 percent of apartment dwellers.

One reason single-family renters might be more prone to stay longer is their higher satisfaction with property management, according to the survey. For example, 84 percent of single-family renters said management was either good or exceptional, while 69 percent of multifamily tenants offered the same feedback.

Single-family renters were also characterized as earning more income, but are more likely to have a bigger household.

The survey found the median income for single-family renters is $75,000-$100,000 compared to $50,000-$75,000 for multifamily tenants. When it comes to household size, 65 percent of single-family renters have three or more members compared to 32 percent for apartment households.

Single-family renters also placed greater importance on schools and parks in the area, with 84 percent and 71 percent, respectively, stating those factors are important. Among apartment renters, 71 percent said good schools were important and 61 percent said parks were important.

Chris Clothier, director of sales and marketing and partner of Premier Property Management, explained single-family rentals provide families with the aspects associated with owning that are important to families, such as living space, privacy, safe neighborhoods, as well as a sense of community, without the cost and risks of homeownership.

“Single family rentals can be found in virtually every community today and more and more families are choosing single family rentals either as a temporary stop on the road to becoming homeowners or as a permanent solution to their housing needs,” he said.

Clothier also added single-family rentals act as a “sanctuary” for large numbers of families displaced by foreclosures who plan to buy again when they can afford to do so.

A greater share of single-family tenants are more likely to have plans to own, with 60 percent of single-family renters stating they anticipate becoming homeowners in five years compared to 44 percent of apartment tenants.

According to the survey, preference for the lifestyle that renting offers rather than lack of financing was the main reason single-family and multifamily tenants are not owners.

Among single-family renters, 42 percent said they were not likely to become a homeowner in five years because they enjoy renting, while 39 percent said it was because they can’t get a mortgage. For multifamily occupants, 43 percent said they simply don’t want to own, while 31 percent said they can’t get a mortgage.

The survey included 1,006 adults throughout the United States.