Only 32% of renters said they see homeownership as part of their ideal life trajectory, according to a new survey from Cortland. Out of the respondents opting to not purchase a home, the main reasons were avoiding maintenance, 45%, and debt, 40%.
The vertically integrated multifamily investment, development, and management company tapped Allison Performance + Intelligence to gain insights from 1,000 adult renters in the United States.
Nearly half of the respondents, 43%, reported that renting has enhanced their quality of life compared with homeownership. Among this group, the top contributors to quality of life were affordability, 59%; location convenience, 51%; and maintenance and support, 49%.
In addition, the survey looked at demographic trends. Nearly half of Gen Z and millennial renters, 41%, reported being unsure or doubtful about the feasibility of homeownership. However, 84% of Gen Z and 81% of millennial renters said they are at least somewhat satisfied with renting as a viable alternative. In addition, 71% of Gen X and older renters said they are at least somewhat satisfied with currently renting.
“The American dream is very much alive but has transformed to align with the dynamic preference of today’s renters. Lifelong renters have elevated expectations for their living spaces, reflecting a deep commitment to quality and comfort,” says Juan Bueno, president of operations. “The multifamily industry is rising to the occasion as a significant number of renters find that apartment living meets their needs and desires just as well, if not better, than homeownership. This evolution speaks to a broader shift in the modern definitions of happiness, belonging, and success.”
Additional findings from the survey include:
- The top perceived barriers to homeownership by the renter respondents were high housing costs, 58%; rising living expenses, 52%; and lack of savings, 46%;
- Over half of those who intend to be lifelong renters, 53%, reported having higher expectations for renter properties;
- Almost half of the respondents, 42%, said a suburban setting would be the most overall desired location if they knew they would be renting permanently. However, 38% of respondents in the Northeast said they would prefer renting in the city or urban core; and
- At 52% versus 38%, respectively, respondents who indicated they previously had owned at least one property were more likely than those who had never owned to cite that renting has increased their quality of life.
“Amenities continue to be important for renters, yet our latest survey reveals a compelling insight: It’s the fundamentals that truly enhance their living experience. Affordability, location, reliable maintenance, responsive customer service, and a strong sense of community are not just preferred; they are essential,” says Mike Gomes, chief experience officer. “These basic elements are what make apartment living feel like home, shaping a positive and sustainable living experience for all.”
