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:
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Courtesy of:
John Burns Real Estate Consulting, LLC
16485 Laguna Canyon Road, Suite 130
Irvine, California 92618
