More renters expect to remain in where they are situated even if their rent goes up. They also see renting as a good choice and expect rent to stay modest, while renters who said they were working towards owning a home or moving within the next few years declined.
In Freddie’s last renter survey, 55% of respondents said they expected to rent their next home. In the latest, that share rose to 59%.
"It would appear from our new survey that renters today feel better about their finances, like where they are living, and view renting favorably,” said David Brickman, executive vice president of Freddie Mac Multifamily. “This is consistent with findings from earlier surveys that show a steadily growing number of renters have a positive view of renting."
Renters who said they had enough money to sustain them beyond each payday increased to 41% from September’s 34%, while those who said they had enough from the last paycheck to the next remained at about 45%. Those who said they cannot afford basic necessities went down from 20% to 14%.
Despite the increase in financial confidence, renters who were unsure when they will move went up to 37% from 30%, while those who expect to relocate within the next two years decreased from 38% to 33%.
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Renters have a pretty positive outlook on where they are living and their financial situation – but fewer say they’re working toward buying a home, according to new data from Freddie Mac.