February 26, 2013 2:46 am
One of every four (26 percent) single family tenant plans to stay in place five years or more, compared to one out of five apartment dwellers (22 percent). One factor contributing to single family stability could be high marks renters give the quality of single family property management. Some 80 percent of tenants in single family rentals said their property management was good or excellent compared to only 63 percent of apartment renters. One out of four apartment dwellers (26 percent) rated their management as only adequate.
Over half, 52 percent, of renters, including 60 percent of single family renters and 44 percent of apartment dwellers, said they anticipate becoming homeowners in the next five years. Families with three or more members (64 percent) and children under 13 (69 percent) were more likely to become homeowners than the 43 percent who don't plan to become owners.
Clothier said near-term interest in becoming homeowners among single family tenants reflects the new roles single family rentals are fulfilling as a stepping stone to homeownership for first-time buyers and as a sanctuary for large numbers of families displaced by foreclosures, but who plan to buy again when they can afford to do so.
The survey also found:
• Single family renters make more money and are nearly twice as likely to have children as apartment dwellers. Median income for a single family renter is $75-100,000 (66 percent) versus $50,000-75000 (51 percent) for a multifamily tenant. Single family households are larger; some 65 percent have three or more members compared to 32 percent of apartment households. Some 63 percent of single family households include children; only 34 percent of apartment renters have children living with them.
• Most single family tenants are older, aged 35-44 (53 percent) compared to 14-34 (46 percent) and 65+ (61 percent) for apartment dwellers.
• Compared to apartment dwellers, single family renters value neighborhood features important to children, such as parks and playgrounds (65-71 percent), good schools (72-82 percent) and safe neighborhoods (97-98 percent).
Source: Premier Property Management Group
Published with permission from RISMedia.