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Most Renters Don't Intend to Exit Pool for a While

Renters are sticking around and the future may be brighter.

By Sule Aygoren Carranza | Updated on May 30, 2008

ARLINGTON, VA-There’s good news for apartment owners: 67% of those currently renting a multifamily unit have no intention of going into the homeownership market within the next year. What’s more, 69% of renters plan to remain in the renter pool for as many as five more years.

That’s what the National Apartment Association found in its latest survey, released last week. Conducted by Harris Interactive, the study polled 2,041 adults across the US, comprised of 1,258 homeowners and 563 renters. The data has been weighted to reflect the composition of the US adult population.

Faced with a recession and the subprime crisis, many households are choosing to remain in multifamily units, relates NAA president Douglas Culkin. That’s caused apartment occupancy to reach its highest level since 1965, in the low-90% range, on average, he says. The number of rental housing units in the nation has also hit an al-time high of about 34.7 million units, or 83 million people.

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