Breakthrough research on Today’s Renters and research released by Freddie Mac Multifamily finds growing segments of the population — Baby Boomers and Generation Xers in particular — showing much less interest in owning a home.
The survey finds half (50 percent) of Baby Boomers currently renting do not anticipate buying a home in the future, up eight points from 2016.
The latest “Profile of Today’s Renter” reveals that affordability remains the dominant factor driving renter behavior.
Multi-Family Rental Research:
50% Baby Boomers currently renting do not anticipate buying a home in the future
Of that 50 percent, 35 percent have no interest in owning
15 percent say they cannot afford to own but have some interest
19% of Gen Xers (aged 38-52) study respondents lacked interest in home homeownership
Rental satisfaction continues to run high across the country. A significant and growing majority of renters – 66 percent – are satisfied with the overall rental experience.
“America’s renters overwhelmingly see renting as more affordable and the right choice for them – right now,” said VP David Brickman, Executive Vice President and Head of Freddie Mac Multifamily Groups.
Renting becomes a much more attractive option when the top three apartment amenities are met:
- Residential gym
To retain tenants, attract high quality consumers and connect communities, provide your tenants, clients and customers with well-branded well-designed fitness centers with the perfect wide array of amenities.
Keep Up With Demands for Wellness
The National Multifamily Housing Council and Kingsley Associates last year surveyed approximately 120,000 renters at 3,280 apartment communities nationwide to gauge their interest in specific communal amenities. While on-site parking is everyone’s first request, these wellness and safety offerings are common demands:
83% want a pool on property
82% request a well-equipped fitness center
80% demand safe security access
67% want community Wi-Fi
47% look for a business center
If locations are more or less the same between competing properties, wellness and fitness amenities have a big impact in competitive rent pricing as well as tenant satisfaction.
The National Apartment Association (NAA) is the leading voice for the rental housing industry and a trusted partner and advocate committed to serving 160 affiliates, 75,000 member companies and the 9.25 million rental housing units globally.