Nina Afletunova
(647) 230-6200 |
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| why people rent |
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 | Reason #1
As the cost of buying and paying escalates each year it makes good sense to think of renting.
Know your limits. Nothing is more frustrating than finding the home of your dreams, putting in an offer that is accepted, then losing it because you lost the job. |
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Nearly half of those yet to achieve home ownership also enjoy the flexibility of renting and over a third are waiting to make decisions over lifestyle and career.
These figures come from a survey of ARLA members carried out during August and supported by the ARLA Panel of Mortgage Lenders, Birmingham Midshires, GMAC Residential Funding, NatWest Mortgage Services, Paragon Mortgages and The Mortgage Business.
The likelihood that potential first time buyers will find renting to be the affordable option is highest in the Central, Central, Central West, Central North, and in the Central East. In the Central West, nine out of ten tenants were reported to be renting because it was their most affordable option. At the opposite end of the scale, affordability is the issue for only a little over half their tenants, 54%.
Overall, nearly 40% of the tenants enjoy the flexibility of renting while well over a third are waiting to make their lifestyle and career decisions. However, only five percent of the tenants "simply prefer renting". Despite this, more than ten percent of tenants enjoy not having to take responsibility for the maintenance of the property.
Ten percent can afford more space or a better location by renting rather than buying.
Other reasons behind preferences for renting include 'Waiting for house prices to fall', 'Haven't enough deposit', suggesting caution over high loans to value, 'Not earning enough', 'Nervous about interest rates', and 'Unsure about the housing market'.
The option for choice in housing in the rental market is not only for choice in tenure. Affordability, flexibility and who takes responsibility are major issues catered for by the private rented sector. |
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 | Reason #2
Flexibility of moving from one place to another.
These tenants include short-term, contracts, freelancers, and those looking for cheaper rent.
Family oriented tenants prefer to stay for long periods. |
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 | Reason #3
Long term assurance of a job.
It is convenient for them to use the same amenities, TTC routes, etc. |
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 | Reason #4
Frequent relocation due to a job. |
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 | Reason #5
Eliminating upkeep or cost of repairs. |
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