CHICAGO, Feb. 5, 2013 /PRNewswire/ -- The average monthly apartment rental cost in the U.S. was $1,048 in Q4 2012, up 3.8 percent from a year earlier, according to Reis. At the same time, the nation's apartment vacancy rate continued a steady decline to 4.5 percent in Q4, the lowest vacancy rate level in more than a decade. In response to this news, Apartments.com conducted a nationwide survey of more than 1,300 renters to gain insights into their moving plans this year.
Through this survey, Apartments.com learned a growing number of former homeowners are choosing to rent; employment relocation, cost savings and apartment size topped the list of reasons that people are moving; and there was a significant increase in renters who are seeking trusted opinions during their apartment search. Additionally, the survey sheds light on:
- Why former homeowners are choosing to rent
- Reasons people are moving in 2013
- Tools people are using to conduct their apartment search
- Who people plan to share their new apartment with
"There is a growing trend toward previous homeowners choosing to rent after carefully considering economic factors such as affordability, employment opportunities and unaffordable homeownership expenses," said Dick Burke, senior vice president and general manager, Apartments.com.
"The fiscal cliff our country was headed toward in December seems to have motivated all renters to take a realistic approach toward budgeting for 2013. Many helpful online tools, including Apartments.com, are available to help renters make informed and responsible decisions when searching for apartments within their budgets."Why are previous homeowners choosing to rent? Supporting a growing trend, more than a third of current renters surveyed (35.1 percent) previously owned a home (up from 33.6 percent in 2012). As in 2012, better affordability and flexibility to choose location topped the list of reasons these previous homeowners are now renting.