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Why More Americans Are Choosing to Rent Long-Term

For many renting has become a preferred, long-term lifestyle choice.

By Philippa Maister | November 21, 2024 at 06:30 AM

Why do people choose to rent? In some cases, it may be because they have not decided to make a city their permanent home. In others, it may be because the cost of homeownership is a barrier. For many individuals, however, renting is now not the default but the preferred option – especially for those at risk of loneliness.

“For many, renting is no longer a temporary stop but a preferred, long-term lifestyle choice that offers flexibility and community — something we expect to continue shaping the market in the coming years,” said David Moore, founder and CEO of Knightvest Capital, a multifamily investment firm that commissioned a survey of more than 2,500 renters in September 2024. It was conducted through an online survey platform.

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