Renting has become an option to most families. Not only because it is more achievable than buying, but it can also be a great lifestyle choice.
According to reports, families are the most common tenant type renting across the country, as of July 2016. It turns out that recession and high housing costs have led couples and families to have a different and a more positive mentality towards renting.
A large majority of families shared that renting is a good option for them and it made their living a bit more stable. Many of the families consider their rented home their ‘real home’ especially since they can also do whatever they want to the house to give it a personal touch.
Recent figures have shown that families living in rental properties have grown in number. The average rental length increased to. Before, the average rental period is only 9 months. Right now, this has considerably increased to 12 months to 3 years.
Before, it is a trend among couples and small families to rent a home until they can save enough cash to get a mortgage and eventually own a home. However, in recent years, the trend has changed.
Reports suggest that there are quite a number of people who do not want to commit to mortgage, especially for the fact that home loans are typically long term and more expensive. Renting on the other hand, is not only more affordable, renters can also get more for less. Meaning, they can get better quality homes for lower expense, at least compared to what they can get with a mortgage at the same rate.
Although this is a matter of preference, these recent reports simply suggest that more and more people find comfort in renting compared to getting a mortgage. Not only is renting more manageable, it also does not require complicated procedures to be approved.
Needless to say, home ownership has more long term benefits. However, home rental has become a growing trend for a reason. So as long as the potential tenant rents with a reputable landlord or agent, home rental has many benefits too.
This goes without saying that the trend is good news to landlords too. This is also a trigger to people who are thinking twice about buying a property to rent out. With renting being on the rise, this is the perfect time for landlords to add a new property and for home buyers to consider renting out their property.