Re-Educating Renters

loveland co real estate rental

I think it is safe to say that we have all rented a home or apartment at one time or another. The truth is, renting is a fantastic option for many folks and is often the only logical choice at a given period in your life. That said, what is it that (today) keeps the renters renting? Harvard’s Joint Center for Housing Studies surveyed renters, specifically the 20% that have no intention of buying a home in the future, to see where they were coming from. The top 10 reasons they provided were:

1. Cannot afford the purchase or upkeep of a home
2. Not good enough credit for a mortgage
3. Not a good time economically to buy a home
4. Cheaper per month to rent than to buy
5. Don’t want to be concerned with doing the upkeep
6. Don’t plan to be in a certain area for an extended period of time
7. Rather use the money for other investments than a home
8. Process of buying a home seems too complicated
9. Purchasing a home limits flexibility in future choices
10. Can live in better neighborhood by renting

What is most troubling, to me, about this list is not the number of renters who see this as their only financial option (over half), but the renters that are making this choice based on their perceptions of Loveland CO real estate. The facts are out there and the education is available that should be enough to move these folks over to the buying side of the fence. Perhaps we, as real estate professionals, need to step up our education efforts and get these folks re-directed?