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Apartments.com National Survey Reveals Economic Uncertainty Drives Renters To Make Cautious Decisions In 2013

However, more previous homeowners surveyed in 2013 indicated they could not keep up with expenses tied to homeownership, more lost their home due to foreclosure or divorce, and fewer relocated for employment. 

Apartments.com provides the top five reasons previous homeowners are choosing to rent in 2013, and compares these results to its 2012 survey. The statistics indicate that within the past year, economic struggles may have been a more significant factor in previous homeowners' renting decisions than in prior years:

  1. Renting is a more affordable option: 22.2% (down from 26.3% in 2012)
  2. Flexibility renting offers in choosing where to live: 15.7% (down from 21.2% in 2012)
  3. Can't afford to keep up with the expenses associated with homeownership: 14.2% (up from 10.5% in 2012)
  4. To relocate for employment: 13.3% (down from 20.5% in 2012)
  5. Lost home due to foreclosure or divorce: 11.2% (up from 5.9% in 2012)

What is the primary reason people are moving in 2013?

As unemployment continues a slow but steady national decline and the U.S. economy stabilizes, survey respondents indicated they are moving in 2013 for reasons primarily having to do with economic situation (31.5 percent) and personal preferences (23.5 percent). Reasons related to family / family situation (16 percent) and education / graduation (11.3 percent) also played a notable role. Apartments.com details the primary reasons respondents said they are moving in 2013:

  1. Relocating for employment opportunities (economic): 15%
  2. Shopping for a less expensive apartment (economic): 13.2%
  3. Looking for a bigger apartment (personal preference): 11.2%
  4. Change in marital status (family-related): 10.8%
  5. Wanting to live in a different neighborhood (personal preference): 9.8%
  6. Relocating for educational reasons (education-related): 6.7%
  7. Other family reasons (family-related): 5.2%
  8. Recent college grad moving to their own place (education-related): 4.6%
  9. Looking for a smaller apartment (economic): 3.3%
  10. Wanting to live alone (personal preference): 2.5%

What resources do people use to search for their new apartment?

Renters continue to tap multiple resources during their apartment search. While all respondents rely on Apartments.com as the survey was conducted to current website visitors, other online apartment listings websites (such as Craigslist), search engines and review websites are also popular tools for finding a new apartment.

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