Although renters are concerned about the high cost of rent, their attitudes toward home ownership remained largely unchanged from 2021 to 2022. This Rent. Survey asked U.S. renters about the change in their rent price between 2021 and 2022. It also inquired about their confidence in the housing market, their timeline for home ownership and where and when they’d like to move.

Most renters report rent hikes

Rent prices increased across the country in 2022, according to the monthly Rent. report, as residents of many major metropolitan areas and cities saw rent prices spike this year.

Survey respondents did, too. Of the 70.51 percent of renters who experienced a rent increase this year, most (33.73 percent) saw their rent go up between $100 and $500. Another 29.89 percent saw an increase of less than $100.

Rent price increases of more than $500 were less common. Just 4.92 percent of renters saw their rents increase by $500 to $1,000 last year, while 1.97 percent saw an increase of more than $1,000.

Renters are concerned about price increases

The rise in rent prices worried most of the renters surveyed — even the lucky 29.40 percent of respondents who didn’t report a rent increase this year. The majority of renters (86.32 percent) indicated that they were “concerned” or “extremely concerned” about rent prices. Just 4.04 percent of renters said they were “not concerned at all” or “not very concerned” about the cost of rent.

Between 44.15 percent and 60.35 percent of renters in each rate increase category were “extremely concerned” about their rent prices. That number was lowest in those who hadn’t seen a rent increase this year and highest in renters who had experienced a rent increase of between $100 and $500.

Confidence levels remain consistent

Even though renters were worried about rising rent prices, their home buying confidence didn’t change much between 2021 to 2022. The plurality (or the largest category) of renters rated their confidence level as neutral for the second year in a row. In 2022, 29.71 percent of respondents replied this way, 27.34 percent in 2021.

The number of “extremely confident” renters rose to 8.98 percent in 2022. That’s up from 7.70 percent in 2021. Respondents who indicated they were “not confident at all” dropped less than a percentage point from 16.88 percent in 2021 to 16.49 percent in 2022.

Around 15 percent of renters showed no interest in buying a home in both surveys. This category totaled 15.89 percent in 2022, up slightly from 15.10 percent in 2021.

Most renters opt to stay put – for now

Over half (55.16 percent) of renters said they were interested in moving. Interestingly, 48.57 percent said that events over the past year actually made them search for a new home more actively.

But even renters who are confident in their ability to purchase a home are delaying the purchase. Nearly 70 percent of renters said they would wait to buy a home. Many (38.86 percent) renters didn’t have any immediate plans to move at all. Another 29.68 percent indicated they planned to purchase a home between now and the end of 2023.

There was a negative correlation between the amount rent increased and the decision to wait longer to buy. More than three-quarters of renters who experienced increases less than $100 said they would wait to buy, while just over 60 percent of renters who experienced increases between $500 and $1,000 said they would wait. Renters who saw the largest increases were evenly split between buying and waiting. Renters who experienced no change or saw their rents decrease said they were waiting to buy at a rate just under 64 percent.

High home prices and interest rates top reasons to wait

Renters cited a number of reasons to delay home ownership. Most (69.10 percent) were worried about the fluctuating housing market, even respondents whose rents stayed the same this year.

Home prices are also an issue. Almost 60 percent, or a total of 59.11 percent of renters, said they were waiting to buy a home because prices were still too high.

They’re right to be concerned. The median price for a single-family home reached $413,500 during the second quarter of 2022, according to the National Association of Realtors’ (NAR) quarterly report. It was the first time that median home prices topped $400,000 and an increase 14.2 percent year-over-year.

The average median home price dipped to $384,800 in September 2022, indicating a cooling market. But that’s still up 8.4 percent over last year. And rising mortgage interest rates will eat up much of what buyers would save. So it makes sense that 20.65 percent of respondents said they were waiting for mortgage rates to stabilize before buying a home.

Housing inventory remains low, both because of a flurry of home buying activity and because people who bought homes at lower interest rates are staying in place. A long-term lack of affordable housing makes the inventory crunch even more extreme for low- income renters and buyers alike. Home inventory is still too low for 14.98 percent of survey respondents to consider buying in the near future.

Where renters want to move

The renters who want to move overwhelmingly want to stay close to their current home. The largest group (31.39 percent) want to stay in the same ZIP code, while 28.72 percent prefer to remain in the same city. Another 20.53 percent will consider a new home in the same state.

Just 5.33 percent of renters are interested in moving to a bordering state or a state in the same geographic region. Only 2.17 percent are willing to leave the U.S.

Renters like their options

Not everyone is interested in buying a home. Many renters (44.44 percent) are content to stay in place.

Of these respondents, 3.64 percent said they appreciated the flexibility of renting. Another 1.62 percent like the amenities their rental home offered.

The takeaway

Renters remain interested in home ownership. But historically high housing costs and rising mortgage rates have prompted most to remain in place, despite rent price hikes across the country.

The post Survey: Most Renters Delay Home Ownership, Citing High Prices, Mortgage Rates appeared first on Rent. Research.

Our Rent. survey revealed that the majority of renters (82 percent) want at least one smart device or system in their home. Despite strong renter interest, nearly half (49 percent) of respondents don’t currently have smart home technology in their apartment, condo, house or townhome.

What is smart home technology?

Smart home technology refers to internet-connected devices in a living space. These devices automate, manage and monitor appliances and systems inside the house or apartment.

There are many smart home devices. Smart appliances can brew fresh coffee in the morning or suggest recipes based on what’s in the refrigerator. Smart lighting systems sense motion and daylight. Intuitive thermostats maximize energy efficiency and keep renters comfortable while they sleep. There are tech essentials for renters, devices for safety and security, even seasonal gadgets to make Christmas decorating easier and more fun.

A smart home refers to a series of smart devices that work together as a unit. They share data amongst themselves to streamline the home’s energy use, monitor the systems and customize the environment according to the residents’ preferences. The smart home controls the remote network.

You can build a smart home system into any type of dwelling. Since some features (like smart thermostats and wall outlets) are hard-wired, it can take additional time to retrofit older buildings.

Since installation requires time and money and residents must clear their sensitive personal information when they move out, some landlords and property owners have been slow to adapt to this new technology. There’s still a gap between the smart home technology that renters want and the devices they actually have in their homes.

The Rent. survey

Rent. researchers surveyed 1,546 people about their smart home technology preferences. We asked them which smart home features they currently have in their lease and which smart devices they wished they had. Renters also told us how much they’d be willing to pay every month for the smart home technology they wanted.

Then they ranked how important several smart devices were to them. Our survey addressed smart thermostats, smart lighting, smart outlets and smart appliances. We also asked renters for their opinions about security systems like smart locks/keyless entry systems and automated package lockers, as well as voice assistant controls like Alexa and Google Home.

Renter desire for smart home technology

The importance of smart home technology divided residents. Just over one-third of respondents (35 percent) said that smart devices were important or extremely important to them. A comparable number (36 percent) were neutral on the subject. Another 26 percent said they didn’t care or didn’t see smart home technology as important.

Most renters didn’t want a complete smart home system. Instead, the largest group of respondents (21 percent) told us they just wanted one device. Another 20 percent wanted two devices. An additional 16 percent wanted three smart home technologies and 10 percent would prefer four. A segment of renters (17 percent) didn’t want any smart devices at all.

The smart home technology renters currently have

Renter demand for smart home technology is only part of the equation. In order to better understand the devices renters want, it helps to look at the devices they already use.

Out of the 51 percent of respondents that do use smart devices, a fifth (21 percent) have just one device. Another 12 percent of renters have two devices, while 7 percent have three devices and 5 percent have four. Just over 2 percent of renters had five devices.

The most common smart home technology devices among those who own at least one were a voice control system — half of renters said they already had them — and smart appliances, which were in nearly 41 percent of rentals. There are several reasons why these devices are currently the most common.

Both voice control systems and smart appliances are marketed to consumers. They’re both relatively easy to set up and don’t need to operate as part of a larger smart home system. And only the largest appliances require complicated installation or a landlord’s permission, so renters can add these devices on their own.

The third most common device was smart lights (nearly 36 percent of renters have one), followed by smart thermostats and smart outlets, which garnered a 33 percent and 30.5 percent response rate respectively. Smart locks/keyless entry systems are used by slightly more than a quarter of current devices owners. And smart package lockers rounded out the bottom of the list, present in only 3 percent of rentals. Installing these systems is more complex, so the process is typically handled by professionals or overseen by the landlord.

Usage in homes and apartments

People who rent houses are more likely to currently use smart home technology (56 percent) than apartment dwellers (49 percent). They also use specific devices at different rates.

More home renters (29 percent) told us that they had a voice control system than apartment residents (23 percent). There are smart appliances in 23 percent of rental homes and 20 percent of apartments. Another 21 percent of rental homes and 17 percent of apartments had intuitive lighting systems. Smart thermostats appeared in rental homes 21 percent of the time, compared to just 15 percent in apartments. The usage gap between rental homes and apartments narrows a bit with smart outlets (17 percent in houses and 15 percent in homes) and smart locks and/or keyless entry systems. The latter is found in 15 percent of homes and 12 percent of apartments.

An automated package system is the only smart home technology that apartment residents use more than people who rent houses. These lockers are in 8 percent of apartment households surveyed. Just 6 percent of home renters use a similar system.

The smart home technology renters want

Renters wanted a smart thermostat the most.

Thermostats also scored the highest importance ranking of any device on the survey when respondents were asked to rank the importance of each device on a scale from -2 to +2, where -2 is Don’t Care, -1 is Not Very Important, 0 is Neutral, 1 is Important, and 2 is Very Important. The average response for thermostats among all respondents is 0.39, between “Neutral” and “Important.”

But when we asked survey takers that wanted at least one smart device to rank the product, the average importance of thermostats increased to 0.81. That’s edging into “Important” territory. These respondents also ranked locks and package lockers similarly, at 0.77 and 0.73, respectively.

After smart thermostats, the smart home devices that renters most wanted were smart locks and/or a keyless entry system, followed by smart appliances and smart lights. Package lockers, a voice system and smart outlets came in at the end of the list.

Differences in the tech home and apartment residents want

Renters in homes and apartments wanted the most popular smart home devices (thermostats, lights and locks) fairly equally. For example, 46 percent of renters in houses and 45 percent of apartment residents wanted a smart thermostat. Another 45 percent of respondents in homes and 42 percent of survey takers in apartments wanted smart lights. Smart locks were a goal for 41 percent of house residents and 40 percent of apartment renters surveyed.

But apartment dwellers also want specific devices. They’re more likely (36 percent) to want a smart appliance than their counterparts in houses (31 percent). Renters in apartments also say they want a voice system more than house renters—22 percent versus 20 percent, respectively.

More apartment residents (23 percent) wanted a secure package locker than renters who lived in houses (16 percent). That’s the largest difference in the comparison portion of this survey.

Renters will pay more for smart devices

Renters understand that smart home technology costs money. And they’re willing to pay for it.

We asked renters to choose a dollar amount between $0 and $100 that they would be willing to pay for smart home technology every month. The average amount respondents were comfortable paying monthly is $37.65. Renters are also willing to pay slightly different rates for different devices, but the differences are minimal.

Of the renters who would pay extra, the first quartile would commit $10 a month for this expense, while the third quartile would be willing to pay $52.

Current rent prices also influenced the average price that renters were willing to pay for additional technology. Residents with rent payments under $500 a month indicated they’d pay the least ($35-$41 a month) in every category except one. These renters would commit an average of $47.45 for a secure storage locker. That’s more money than people with rent payments of $1,001-$2,000+ were willing to pay.

People paying between $501 and over $2,000 a month would spend an additional $40-$50 a month for most devices. They were only comfortable paying more than $50 a month for voice assistant systems and smart appliances. Although these groups of renters make very different rent payments, the amount they were willing to pay for each device was very similar.

There was a positive correlation between the price renters would pay for devices and the number of devices they wanted. Price increases quickly from no devices to one device, with renters willing to pay around $40, before slowly rising to a peak at $53 for five devices. After five devices prices stay flat even among renters who want six and seven devices.

Wising up to smart technology

The majority of renters want smart home technology in their homes, townhouses, condos and apartments. And they’re willing to pay more to get it. That’s welcome news for landlords who are considering adding smart home technology to their buildings and the next generation of renters who want these amenities. But landlords must also weigh the costs of additional devices with the potential gain in revenue. While adding one device may produce $40 in potential revenue, it would take four more devices to produce just $13 dollars in additional earnings.

The post Smart Home Technology That Renters Want in 2022 appeared first on Rent. Research.

Just a couple of months later, vaccines began to roll out. The nation looked forward to a next Thanksgiving, a next Christmas, a next Hanukkah, free of the pandemic. We expected to hug and kiss our relatives and confidants with impunity.

But that’s not quite where we are. The country is in a holding pattern. Many are ready to hit the road free of restrictions. Others are still keeping themselves safe at home. But most are somewhere in the middle, looking forward to seeing loved ones for the holidays but also trepidation for doing it safely.

So, where is America in our readiness for holiday travel? We polled a cross-section of renters coast to coast to find out what their holiday plans were. We asked if they were traveling, hosting or skipping the winter holidays, where they plan on going, how they plan on getting there, what they plan to spend and much more. We crunched the numbers, compared them to the previous pandemic and pre-pandemic years. Below is a snapshot of where we are as we prepare for a holiday season that will be here before we know it.

Americans are more interested in seeing family and friends for the holidays again

The holidays are back, baby. Sort of. To no surprise, many more people are getting together this year for the holidays than they did last year. But in-person holidays with friends and family haven’t gotten back to pre-pandemic levels thanks to lingering variants and plateauing vaccine numbers.

In-person gathering way up, but not close to back to normal

Prior to 2020, in a “normal” year, 85 percent of responders reported gathering for Christmas and/or Hanukkah. Slightly fewer, 78 percent, did so for Thanksgiving. In total, nearly 9 in 10 people gathered for the holidays before the pandemic.

But then came 2020 and the winter holidays landed smack in the middle of the second wave and before vaccines. Many places were still closed, people were working remotely and stay-at-home was the norm. The percentage of responders gathering in person for Christmas and Hanukkah with family plummeted to 55 percent. And under half did so for Thanksgiving.

Fast forward to 2021, and plans are normalizing — a bit. Those indicating they’re planning on coming together in person for Christmas and/or Hanukkah leaped to 80 percent, and 73 percent for Turkey Day. And for those forecasting attending at least one or more of the three winter holidays in person, that figure skyrockets to 80 percent. That’s a full 20 percentage point increase from 2020 and down only five points from normal years.

More are eschewing Zoom holidays this year

What’s more noticeable is that the overwhelming number of Americans are ditching Zoom entirely this holiday season.

More than 16 percent of responders reported gathering virtually for any or all of the three holidays in 2020, either exclusively or hybrid live and virtual. That’s most likely up from near single-digits in normal years. But for 2021, nearly 95 percent of those polled who plan on gathering are doing so in-person.

Not everyone is ready to gather around the holiday dinner table

In 2020, many didn’t feel like celebrating or wanted to keep things small. Over a quarter didn’t gather with anyone out of their household at all. That’s a huge jump from 9 percent in prior years.

As for 2021? Just 14 percent report still having no plans to celebrate with others out of the house at all. That’s almost half of last year’s figure, but nearly twice a normal year. Small holidays with just the family already at home are just fine for another year for some.

Why are some still hesitant to gather or remain content to celebrate with immediate household members? Nearly half of that 14 percent report that pandemic fears remain their No. 1 reason for staying home and socially distant. Considering everything in the world at the moment, that’s still a surprisingly small figure. But not all hesitancy is safety-related.

As many have noticed, everyday prices for everything from gas to food to entertainment are at concerning levels. Nearly 30 percent of those not gathering simply feel the cost of gathering this year was too high. Another 18 percent don’t want to deal with the hassle, most likely exacerbated by pandemic conditions.

One consequence of normalized remote office is the ability (or expectation) of being able to work from anywhere. That can be good or bad during the holidays, depending on your perspective. Ten percent of those not gathering report work as the reason to not do so.

People may be gathering, but traveling less to do so

People are excited to get back to celebrating the holidays with family and friends. But the nation isn’t quite ready to get completely back to normal. The study shows that while most people are planning on gathering for the holidays, they aren’t traveling en masse to do so. Regathering hesitancy would seem to be the primary reason.

Overall, people are keeping closer to home, spending less to travel, staying less time and sticking to road trips.

People who are celebrating are staying close to home

Over a quarter of all responders indicated that while they’re gathering with family and friends for at least one of the three holidays, they’re doing the hosting. One in four have invited others to their home rather than traveling.

Additionally, 44 percent are traveling locally, within 50 miles from home, gathering with the same family and friends they most likely see regularly. For New Yorkers, for example, that would be like trekking only to Trenton, Bridgeport or central Suffolk County.

Another near 10 percent are only roaming between 50 and 100 miles. That’s still quite local. If you’re in Downtown L.A., for example, that’s just visiting distance out to Palm Springs or Santa Barbara. All told, a whopping 80 percent who will spend the holidays with others are either staying home or traveling a short distance.

Most are traveling by car and staying less than a day

With so few people traveling a significant distance from home, an overwhelming number are doing so by car. For those leaving home, more than 80 percent are getting behind the wheel. And this is despite significant rises in gas prices in the last few weeks. This lines up with those only traveling a short distance.

In fact, at the time of this publication, gas currently averages around $3.40 a gallon, up more than a dollar from a year ago. About 39 percent of responders indicated that they were planning on spending less than $50 on holiday travel. That budget will buy you almost 15 gallons of gas, which (based on an average of 30 m.p.g.) will get you 450 miles roundtrip, a distance the survey indicates people are apt to travel. Put another way, that 44 percent indicating they’re planning on traveling under 50 miles would only be spending $11.33 round trip on gas.

Not only are people keeping close to home, but they’re also staying away for short amounts of time, as well. Almost half of all renters are staying wherever they’re going for under a day. Just 10 percent are staying at least a full day. And only 3 in 10 plan on traveling for more than a three-day weekend.

Like most things, hotel room rates are way up this holiday season, as well. Advance hotel prices at Thanksgiving, for example, are averaging $436 per night this year. That’s a jump of 68 percent over the last pre-pandemic Turkey Day of 2019. This could be another reason why more renters are staying closer to home or traveling for fewer days.

Americans are also cautiously getting back to air travel

Holiday air travel had been rising yearly pre-pandemic. But in 2020, it dropped 77 percent. For this holiday season, 10 percent of responders indicated that they were going to fly to their destination. Despite lingering pandemic fears, higher fares and increased numbers of unruly passengers, expect planes to be back to close to packed this year.

Another indicator of hesitancy to return to the skies is an unwillingness to spend money on air travel. Domestic airfare is expected to average around $300 round trip for Thanksgiving and $390 for Christmas. However, over 80 percent of responders indicated they expect to spend less than $300 on holiday travel this year. In fact, nearly half of those plan on spending less than $50.

Just 14 percent of those surveyed say they’ll travel over 250 miles and just 8 percent over 500. That backs up the data for air travel preference. In the U.S., the average airline passenger trip length is 495 miles.

Renters are once again feeling the holiday spirit

For the most part, poll responders across all demographics seem to have the same plans for the holidays. Three-quarters of those with the lowest income plan on gathering with family and friends this Christmas or Hanukkah. About the same percentage of the highest incomes have the same plan. And those who intend to be with people out of their households for Thanksgiving are within percentage points among those with the highest and the lowest rent.

That similarity is repeated across modes of transportation, spending budget and other metrics. Whatever the situation, it seems the same number of people are ready to hit the road or open the door and celebrate the holidays in person.

Survey methodology

The information presented in this survey comes from a Rent. survey conducted in October 2021.

A total of nearly 1,500 people participated in the survey. The largest group of survey-takers (33.0 percent) was 45-60 years old. The smallest group (18.2 percent) was over 60. Another 27.0 percent were in the 18-29 age bracket, while 21.8 percent were aged 30-44. Roughly 1 percent did not provide an age.

Our respondents were almost evenly split male and half female. Slightly more than half (52.4 percent) were female and 47.6 percent were male. Roughly 1 percent did not provide a gender.

The majority (57.9 percent) of respondents earn less than $50,000 a year. Those earning between $50,000 and $100,000 make up 25.3 percent of responses, and 9.3 percent earn more than $100,000 annually. More than 7 percent of respondents preferred not to answer.

Survey results are subject to response biases because they are self-reported.

Fair use statement

This survey records holiday travel plans for renters during the second year of the COVID-19 pandemic. All graphics and content are available for non-commercial reuse. Please link to this page and credit the survey in all citations.

The post [Survey] More Renters Are Traveling for the Holidays, But Staying Close to Home appeared first on Rent. Research.

“This COVID-19 situation has been a punch in the throat,” author, former radio host and personal finance expert Chris Hogan told Apartment Guide in 2020. “It has caught a lot of people off-guard and it has caused some hardships. People have lost jobs, people are stressing about being able to feed their kids, people are worried about where their next meal is coming from. People are stressed out and having to make decisions about keeping the lights on vs. putting food on the table.”

Renters are adjusting to meet these new challenges. They’re recalibrating their household budgets and finding creative ways to reach their financial goals.

For many renters, buying a home is now well out-of-reach

Deciding whether to rent or buy a home got complicated during the pandemic. Historically low home inventory, affordable interest rates and a cut-throat real estate market sent median home prices to record highs in June. Competition for available units is fierce.

Bidding wars are frequent, so it’s common to pay more than the list price. That means it can be costly for renters to enter the housing market. Experts recommend spending 30 percent of gross income on housing costs, a goal that is unrealistic for many.

The pandemic also changed what Americans wanted from their homes and neighborhoods. Stay-at-home orders made some people crave more interior and exterior living space. Financial pressures prompted many renters to relocate to cities with a lower cost of living. Some moved in with friends and family members. Residents left more populated urban centers in highly developed (and expensive) real estate markets and relocated to more affordable neighborhoods, small towns and suburbs.

Meanwhile, rent prices are up almost 10 percent

The average price of rent increased during the pandemic too, but not as sharply as housing prices.

The cost of a one-bedroom apartment rent rose 8.3 percent nationwide between July 2020 and July 2021. The average price of a two-bedroom apartment increased by 8 percent during the same period.

“The true financial dream isn’t about owning a home,” author, podcast host and personal finance expert Suze Orman told Apartment Guide last year. “It’s about being secure with whatever you’re doing with the money that you have.”

Millions of vulnerable Americans are falling behind on rent

National Equity Atlas reports that 6.4 million renter households in the United States were behind on rent payments during the first week of July. That’s 15 percent of all renter households.

“Those who have fallen behind in their rent are among the most vulnerable members of society: more likely to be unemployed, with less income and less education,” stated a Moody’s Analytics report in January 2021. “Only one in four still has the sources of income they used prior to the pandemic to cover their rent payment and other expenses.”

Of the renters we surveyed, 25.1 percent reported falling behind on rent payments at some point during the pandemic. But when we asked if they were currently behind on rent, 62.7 percent said yes. This potentially puts them at risk of eviction.

Most renters behind on rent make less than $100,000

Renters who fell behind on rent during the pandemic came from all income brackets. But the majority (92 percent) reported household incomes of less than $100,000 a year. Renters with an annual household income of $25,000-$49,999 were most likely to report being behind on rent during the pandemic (29.3 percent). A significant portion (23.2 percent) of renters making $10,000-$24,999 a year also fell behind on rent.

Renters aged 45-60 had the most difficulty paying rent — 39.5 percent reported that they fell behind on rent payments during the pandemic. Adults 18-29 noted similar challenges — 28 percent said they’d fallen behind on rent as well. Another 24.2 percent of renters 30-44 couldn’t keep up with rent payments during the pandemic either. Only 8.3 percent of renters 60+ struggled to pay rent during the pandemic.

More women (57 percent) had difficulty paying rent than men (43 percent). The entire country was affected. But more renters in the South Atlantic (21.3 percent), Middle Atlantic (17.8 percent) and Pacific zones (15.3 percent) had the most difficulty paying rent.

Rent is up for nearly one-third of renters

The majority of renters (65.8 percent) that took our survey said their rent payment remained the same during the pandemic. Just over a quarter (28.3 percent) said their rent increased.

Of those who said their rent payment increased, many (45.2 percent) noted that their rent costs increased by 10 percent or less. Another 28.8 of renters reported a rent increase of between 10 and 20 percent. An additional 12.9 percent said their rent went up 20 to 30 percent. An unlucky 8.7 percent reported a rent hike of more than 30 percent.

Rent payments decreased for just 5.76 percent of respondents. Many renters took lowering their rent payments into their own hands.

Nearly a quarter (23.3 percent) of renters we surveyed talked to their landlords about a rent deferral plan or a payment plan. Another 13.4 percent moved to another apartment to reduce housing costs. An additional 27.1 percent of renters are planning a similar cost-cutting move in the future. However, nearly 60 percent of renters are unsure about their plans to move to lower their rent bills.

Of those that plan to move to another apartment to save money, 28.9 percent plan to find a new apartment within the next six to nine months. Another 25.9 plan to move in three to six months and 17.9 say they’ll move in nine to twelve months.

Household consolidation has run rampant in the pandemic

Splitting expenses between a larger group of people is a common way to lower rent prices for everyone. Almost a third of renters we surveyed (30.8 percent) reported combining households during the pandemic. Another 11.4 percent planned to combine households in the future.

Of the renters who consolidated their households during the pandemic, 11.6 percent moved in with family and 9.6 percent welcomed family members into their home. An additional 9.5 percent took on additional roommates to lower expenses.

Younger renters had more fluid living arrangements. Renters in the 18-29 age group showed the most flexibility in their household configurations — 18.7 percent moved in with family, 16.5 percent took on roommates and 12.2 percent welcomed family members into their homes during the pandemic.

Renters aged 30-44 were more likely to move in with their families (12.9 percent) or have family members move into their homes (10 percent). Only 8.5 percent of renters in this age group added new roommates to their households to save money.

Adults 45-60 were most likely to resettle their family in their homes (10.2 percent.) Renters in this age group were slightly more willing to move in with roommates (8.6 percent) instead of moving into a family member’s house (8.1 percent).

People over 60 were the most likely to stay in place. A small percentage (6 percent) moved in with family members during the pandemic, while another 4.5 percent resettled family members into their own homes. Just 1.5 percent of renters 60+ took on roommates.

More than half of renters have faced a career disruption …

The pandemic didn’t just shift the housing market. It altered the career trajectories of millions of Americans as well.

The national unemployment rate dipped to 5.4 percent in July 2021. That’s 4.8 points lower than a year before, but well above the pre-pandemic average. The national unemployment rate peaked at 14.8 percent in April 2020 — the highest level since measurements began in 1948. And Americans are still reeling from the financial fallout.

Just over half (50.8 percent) of survey takers said the pandemic impacted their jobs in a negative way. The most common financial setbacks were reduced hours (20.1 percent) and pandemic-related job loss (15.3 percent). Another 8.2 percent of respondents were forced to make a career change, while 7.1 percent of workers we surveyed took a pay cut.

… and they’re now looking for new jobs

U.S. employers have added jobs, but Congressional Research Services (CRS) states that, as of July 2021, “aggregate employment remained 5.4 million jobs below its pre-recession level.” The leisure and hospitality, education and government sectors recorded the most job losses during the pandemic.

The July CRS report notes that unemployment didn’t affect all parts of the workforce equally. Younger workers, those with lower education levels, and workers who identify as Black or Hispanic were more likely to experience unemployment.

Even workers who currently have jobs are reevaluating their options. Bankrate’s August Jobseeker report notes that 55 percent of working adults plan to look for a new job in the next 12 months. It’s all part of a movement nicknamed “the great resignation.”

Many workers are opting for more flexible jobs that allow them to work from home, choosing occupations with benefits or lobbying for higher salaries that keep pace with inflation. Parents of children too young to be vaccinated may be forced to work from home or accept part-time or contract work because they’ve lost daycare options or the Delta variant threatens in-person schooling.

The cost of housing is a major driver for career change

Over half of survey respondents (51.2 percent) said they plan to look for a new job this year or next year. The cost of housing major factor in this decision for 43.3 percent of respondents. And 40.5 percent said the cost of rent was the primary reason for switching jobs.

More than half (54.7 percent) of renters in homes with a household income of $49,999 or less planned to find a new job to help cover housing expenses. An additional 47 percent of workers in homes that made $50,000 to $99,999 annually and 52.1 percent of renters in households that earned between $100,000 and $149,999 a year said the same. The sample size for household incomes greater than $200,000 was too small for accurate analysis.

Younger workers are more willing to change jobs. A higher percentage of workers ages 18-29 (63.3 percent) and 30-44 (60.9 percent) report planning to switch jobs, compared to 50.6 percent of workers aged 45-60. Only 21.9 percent of renters 60+ reported the same plan.

Nearly half of renters have a new side hustle

Many people don’t stop working when their job is eliminated. Some cobble together a collection of part-time jobs or gig work. Others turn a hobby or freelancing into a side hustle. A Harris poll revealed that roughly one in three American workers (or 34 percent) had a side hustle in December 2020. Almost half of the people with a side hustle (49 percent) were parents with kids under the age of 18.

Many of our survey respondents (44.47 percent) also took on freelance work or a side hustle during the pandemic. The most common reason for starting a side gig was to help pay bills (21.1 percent). Another 15.9 percent got a side hustle for extra spending money, while 7.4 percent saved or invested the additional income.

Younger respondents were more likely to have a side hustle. More than half (56 percent) of renters 18-29 said they had a side gig, followed by 49.4 percent of adults 30-44 and 43.8 percent of renters 45-60. Only 21.4 percent of adults over 60 had a side job.

Slightly more men (45.8 percent) than women (43.5 percent) reported having a side gig. Income seemed to matter less than age and gender. An equal amount (46.5 percent) of renters in the $0-$49,999 and $50,000-$99,999 annual income brackets told us they had a side hustle. A smaller percentage (33.3 percent) of renters who made $100,000-$149,999 took on freelance or side work.

Only one-third of renters have gotten a (small) raise

Median salaries for U.S. workers are increasing at a rate of 3 percent as of June 2021, according to The Conference Board research association. That’s on par with pre-pandemic levels, but it doesn’t keep up with the pace of inflation. The Consumer Price Index (which tracks the prices of goods and services and serves as a measure of inflation) rose 5.4 percent over the past 12 months.

Just over a third of survey respondents (34.6 percent) got a raise during the pandemic. Of those who did, the largest percentage (14.3 percent) earned a raise of between 2 and four percent — or right around the national average. Another 11.1 percent saw their paychecks increase by 2 percent or less. The smallest percentage (just 9.3 percent) enjoyed a raise of 5 percent or more. Even that might not be quite enough to keep up with inflation.

The more a renter was paid, the more likely it was that they’d gotten a raise during the pandemic. Just 24.6 percent of renters with an annual household income of $49,999 or less got a raise during the pandemic. More than twice as many (44.8 percent) people with a household income of $50,000 to $99,999 received a raise during the same time period. The majority (60.7 percent) of workers with a household income of $100,000-$149,999 saw their pay increase during the pandemic.

Renters’ top financial goal? Invest.

The pandemic forced renters to re-evaluate their financial goals and revise their financial planning strategies. Our survey respondents took a long view of their financial picture. Investing topped their list as their No. 1 financial concern, followed by retirement planning and saving to buy a house.

Both Suze Orman and Chris Hogan recommend that renters focus on reducing consumer debt first. Then renters should create a savings account with enough money to cover three to eight months of living expenses. After this safety net is in place, renters can learn how to invest, how much to save for retirement and how to save for a house.

For now, many renters are focused on essentials

But not all renters have the luxury of saving and investing in the future right now. Others are just trying to survive. The experts say focusing on the essentials during a financial crisis is a smart strategy.

“So, if you’ve had hours cut back or you’ve lost a job or been laid off, well, you can’t attack debt right now,” said Orman. “Right now what you’re doing is going into what I’ve been calling ‘conserve mode’ — where you’re setting aside every extra dime and being really intentional about taking care of the four walls. And by four walls, I’m talking about you’re taking care of your housing, your utilities, you’re making sure that you have food on the table and gas in your car.”

Where renters can turn for help

Renters at risk of eviction should draft a rent deferral or a rent payment plan and make sure their landlord or property manager has a copy.

Following that, renters can access rental assistance and eviction protection programs. Congress has made a record amount of rental assistance funding available, but it takes time for that money to be distributed to those who need it.

The interactive Regional Housing Legal Services map details eviction assistance programs by state. The U.S. Department of Housing and Urban Development (HUD) and the Apartment Guide Eviction Resource Guide also describe list eviction protections.

The National Low Income Housing Coalition (or NLIHC) maintains a list of emergency rental relief programs and rental assistance options. The Consumer Financial Protection Bureau (CFPB) features resources for active duty service members, emergency rental assistance programs across the nation and advice in eight different languages.

Help with household expenses

A number of assistance programs are available to allow a renter’s every penny can go toward rent and utilities. Renters can call 211 or search 211.org to connect with local health and human service agencies, food and clothing banks and utility assistance programs. Many of the rental assistance databases listed above also connect renters with other services.

Mutual aid groups, faith-based organizations and local non-profits also operate relief programs. Renters can start with their neighborhood, city and county, asking for referrals. There is a vast and complex network of support systems available.

Feeding food-insecure Americans

As many as 50 million Americans didn’t have enough to eat in 2020. And food insecurity and risk of eviction go hand-in-hand. Using nutrition assistance programs for food frees up additional money for rent and utilities.

Options include federal assistance programs like SNAP and WIC. Or renters can try Pandemic EDP Food Support and backpack programs for kids. Additional resources include emergency nutrition assistance programs, food pantries, communal meals and city, county and state services. Mutual aid groups, houses of worship, community gardens and non-profit organizations also offer support for community members in need.

Personal finance survey methodology

The information presented in this article comes from a Rent. survey conducted in September 2021.

Approximately 1,250 people participated in the survey. The largest group of survey-takers (35.7 percent) was 45-60 years old. The smallest group (16.2 percent) was over 60. Another 26.3 percent were in the 18-29 age bracket, while 21.8 percent were aged 30-44.

Our respondents were slightly more female than male. Just over half (53.5 percent) were female and 46.5 percent were male.

Survey results are subject to response biases because they are self-reported.

Fair use statement

This survey records information related to employment, the status of housing payments and housing plans for renters. All graphics and content are available for non-commercial reuse. Please link to this page and credit the survey in all citations.

The post More Than Half of Renters Are Looking for a New Job (And Housing Costs Are a Big Reason) appeared first on Rent. Research.

Stimulus money and another extension of the national rent moratorium have helped renters’ problems in the short term, although less than half of renters in our survey received rent payment relief. And still, the fact remains: The rent must get paid sometime.

When we surveyed 1,200 people to learn about the reality of renting during the pandemic, we found that renters are feeling immense distress about their ability to pay the rent, even if they could afford it prior to COVID-19.

Paying rent during COVID-19

More than half of respondents have worried about being — or have been — evicted from their homes during the pandemic. And it’s affecting their mental health as well as their wallets.

When the pandemic caused significant financial difficulty for many people, it, in turn, created housing insecurity. According to our survey results, almost half of renters (48.6%) are behind on rent payments. Not only that, but more than two-thirds (68.4%) are concerned about their ability to pay in the future.

More than half have worried about being evicted, but an unlucky 6.8% actually have been evicted from their homes during the pandemic.

Making ends meet during the pandemic

Despite widespread reports of eviction moratoriums, it is clear that these breaks were far from universal.

Only 45% of respondents reported having their rent payments formally deferred due to the pandemic, and less than half got outright relief from rent payments.

Many people are already paying all they can afford for rent. Two in five wouldn’t be able to handle a sudden $150 monthly increase in rent payments at this time.

Choosing which expenses to cover — and how

Because less than half of renters received rent payment relief or formal deferments, many found themselves having to prioritize their expenses. For most, rent wasn’t high on the list.

Renters who have had trouble paying haven’t just gone silent on their landlords; they have taken steps to alleviate the problem. More than half (52%) have tried to negotiate lower rental rates — if you’re among them, consider writing a rent reduction letter to your landlord. We’ve outlined how to do so effectively here.

A similar number of renters (53.2%) have borrowed money from people they know. Even more (55%) sold some of their belongings to get money for rent.

Nearly half of respondents (43.7%) say they’ve considered taking on a roommate, and 14.4% have taken the step of bringing a roommate into the house.

Among the 70% of renters who’ve had to choose between rent and other necessities, more than half of those (50%) chose food over rent.

Nearly 40% prioritized medical expenses (39.1%) or household needs (36.7%). More than a quarter (26.1%) chose to pay for transportation costs over rent.

Sadly, one in three renters has done something they consider unethical to cover their rent payments. And 38% report having done something they regret to come up with the money.

The threat of evictions during COVID-19

The threat of eviction causes people both social and mental stress. A majority of people, 68%, are so worried about being evicted that it’s taking a toll on their mental health in the form of stress or anxiety.

An overwhelming number of people (82%) say that being evicted would cause them lasting negative mental health effects.

Seventy-two percent of renters surveyed say they would be ashamed of an eviction and try to hide it. Over half say they would treat a tenant differently than their landlord treats them.

One in 10 have an extra concern about eviction: their children’s schooling or care, which would be affected by an eviction. Most of those who have children and were surveyed say they have felt threatened by the possibility of eviction.

Most people, about 2/3, have somewhere to go if they get evicted. Staying with parents or friends is the top choice of where to go right away. Extended family, siblings or a significant other are also choices, but they are far down on the list.

These, however, are temporary solutions. Survey respondents gave a wide variety of responses when asked how long it would be okay to stay with other people. A few percent said that it would only be acceptable to stay for two weeks, while 16.65% said it would be fine to stay for over a year. A slightly larger percentage of respondents, 18.5%, said that a month was long enough.

This wide variance in responses speaks to the variety in relationship types and the details of those relationships. Every individual would have to assess his or her social circle to determine how long they could comfortably stay with a particular person (or people) that they know.

Many people, especially younger ones, have been known to “couch surf” — going from one friend’s house to another to avoid wearing out one’s welcome at any particular stop. Most prefer to stop doing this as soon as they can, preferring a stable base, but this isn’t always the case.

We asked survey takers the question, “If you were evicted tomorrow, what areas of your life would be affected?” This is how the responses broke down:

Almost half (49%) said their access to family, friends or a romantic partner would be compromised.

A slightly smaller number (42%) worried about their ability to do their work or hang on to their jobs, which raises the issue of cascading financial problems resulting from evictions.

Fewer than 10% said their children’s school or child care status would be affected.

Evicting tenants — just business or problematic?

Even though landlords cannot pay for buildings or houses without getting rent payments to cover their expenses, 3 out of 5 people see evictions as “problematic” instead of just being part of the business. After all, the rental business affects every area of renters’ lives.

As a result, 43% of renters reported that they don’t feel bad for landlords who have tenants who can’t pay.

A significant percentage of people — close to two-thirds at 61.4% — believe that evictions are tied to race or ethnicity. As with many beliefs, the validity of this belief is difficult to gauge without further extensive study.

It could be argued that buildings and houses cost landlords the same amount to buy, regardless of who the tenants will be. Maintenance costs are largely tied to market conditions and factors specific to the property, such as age and climate. And for their bottom line, few landlords can afford to allow any non-paying tenant to stay forever, regardless of their personal opinions.

However, the United States’ well-documented history of racial segregation and housing discrimination makes it easy to understand how a vast majority of people would assume the same effects extend into rental markets. And since numerous other effects of COVID-19 have disproportionately affected communities of color, it’s natural to assume that evictions would rank among them.

The pandemic has impacted both renters and landlords

Renters, like everyone else, have endured serious trials during the fallout from the COVID-19 pandemic. An already widening gap between America’s haves and have-nots has been exacerbated by the financial effects of widespread job furloughs, layoffs and business closures.

Many people have been left with having to choose between paying rent, finding a cheaper apartment and covering other basic needs — and some have suffered eviction as a result. Even those who have been able to stay in their rentals are feeling psychological effects from the threat of eviction.

But the U.S. economy continues to rebound in the wake of federal relief packages and the global COVID vaccine rollout. That means there is hope for landlords and renters, alike.

Methodology

The study was conducted online on June 15, 2021, with a total of 1,200 participants, 100% of whom rent their homes. The study participants were 58.5% male, 40.8% female and 0.7% non-binary. They ranged in age from 18 to 70, with an average age of 37, and 55.9% have children living at home.

The post Survey: 70% of Renters Put Basic Needs Ahead of Paying Rent During the Pandemic appeared first on Rent. Research.

Across the country, renters put off goals to buy homes or move to other cities as the reality of homeownership, for the time being at least, became harder to envision.

According to a June 2021 Rent. survey of about 3,000 renters nationwide, 35 percent aren’t confident in their ability to ever buy a home. Of these, over three quarters cited a financial circumstance — homes costing too much or inability to afford a down payment — as their reason for pessimism.

On the flip side, almost half of current home sellers decided now is the time to sell because of the high profits reported across the real estate market. But of those, just 55 percent plan to buy a replacement property as their next housing situation.

The dream of owning a home is becoming less realistic for renters

The American dream of homeownership is becoming less realistic for many in the wake of the pandemic. Already difficult financial situations exacerbated as unemployment rose and the economy suffered. Job losses, health expenses, hits to retirement savings and overall uncertainty led many renters to re-evaluate their next housing move.

Overall, 34 percent of renters stated they were either “not very confident” or had “no confidence at all” they would ever be able to buy a home. And an additional 34 percent were neutrally unsure they would ever become homeowners. That’s nearly 7 in 10 Americans who at least doubt ever owning their own home.

Is that partially a result of the pandemic? The responses say yes. When asked how confident they were at the start of 2020, replies were more positive. Only a quarter of renters had little to no confidence in becoming homeowners before the pandemic hit. As well, the number of renters who indicated they were very or extremely confident they would own a home was 7 percent higher before the crisis.

While the numbers are staggering overall, breaking down a few key demographics tells a deeper story of uncertainty.

Baby boomer renters are least confident in their ability to buy a house

News stories abound about millennials killing the real estate market with delayed families and increased geographic mobility. Add to that Gen Y’ers and zoomers piling up college debt, unable to find meaningful employment in chosen careers and moving back in with mom and dad, one would expect younger renters to have fewer dreams of owning homes.

But that is not necessarily the case. Younger renters have lived most of their lives in this unstable economy and see a long future. Older renters – a subset already unique for not owning homes and coming to the end of 40-year mortgages like many of their peers – are the age group with the most doubt of owning a home again.

In fact, the older the renter, the less confident the dream of homeownership becomes. Perhaps it’s less time to replenish savings or an inability to switch careers in an ever-changing job market. And the numbers have seen a staggering increase as the pandemic wanes.

In post-pandemic polling, just 27 percent of renters under 30 have little or no confidence in ever owning a home. That number goes up to 32 percent for renters 30-44 and 39 percent 45-60.

But for renters over 60, that leaps to 60 percent. The pandemic certainly intensified doubt. That lack of confidence for older renters increased a full 16 percent since March 2020, when they carried a still-high 44 percent lack of confidence.

Nearly 35 percent of renters earning $200k or more are not confident in their ability to buy a house

It would also be expected renters earning the least would have the least confidence in ever owning a home. That, in fact, is true. For households making under $50,000, well over a third polled post-pandemic believe they are highly unlikely to ever own a home.

But the pandemic didn’t much move the already-low needle among that income bracket. Looking back to March 2020, only 5 percent fewer of those making under $50k held homeownership dreams. In comparison, in every bracket above them, confidence in homeownership dropped between 11 percent and 13 percent over the same period.

The most surprising takeaway is the homeownership confidence level among the wealthiest. Twenty-two percent of renters making over $200,000 reported they were “not very confident” or had “no confidence at all” in ever owning a home. Why? It’s likely high-income renters are looking to own in more expensive markets or at properties more aligned with their where earning $200,000 isn’t enough to afford home prices far over average.

Nearly 40 percent of renters hope to buy in the next 2 years, but many are delaying their decision

However, even amongst those who haven’t essentially abandoned dreams of homeownership, the pandemic certainly affected purchasing plans.

Of all renters, 9 percent still carry plans of buying a home before the end of 2021. More significantly though, nearly 30 percent of renters expect to purchase a home in 2022. That’s almost 4 in 10 renters targeting a home purchase within the next year and a half. Many are assuming prices will trend downwards now that the pandemic has lifted and the economy stabilizes.

But what of those renters who had planned on buying a home in 2020 before the world hit pause? A significant 83 percent reported waiting longer to make their purchase. Nearly half of responders stated that homes are just too expensive right now as their primary reason for delaying.

The second most cited reason? Employment change. That can most certainly be blamed on the pandemic economy.

More than 50 percent of renters have no immediate plans to buy

So is the homeowning dream dead? Probably not. But for over half of all renters in the US, making out that rent check every month is going to continue for a while. When asked if they had plans to buy a home “in the near future,” 56 percent of renters indicated they were not.

When it comes to why it’s simply a matter of money. The top three responses were economically based. Almost half were unwilling to pay current prices. And another quarter of responders reported being unable to save enough for a down payment.

The pressure of the housing market factors in too — 17 percent of renters cited it when asked why they are delaying a home purchase. This indicates these renters originally had plans to purchase a home before the end of 2022, but the pandemic put those ideas on long-term hold.

Nearly 50 percent of homeowners say high-profit margins are the primary reason to sell right now

While confidence is down among renters, the pandemic-driven hot hot hot real estate market has been a windfall for homeowners selling right now. According to a recent Redfin study, nearly half — 46 percent of all those actively selling reports putting their homes on the market now because of elevated values. And the numbers both in sale prices and selling speed confirm the booming market.

Home prices year to year is up over a quarter from the start of the pandemic. As of May 2021, the national median home sale price sat at a record high of $377,200. A big driver is demand. There are more buyers than sellers, and the number of homes for sale hit a record low, down 27 percent from last year. Another result of the heated market is how quickly homes are selling — it is at a record pace of just 16 days on the market on average.

All said, 54 percent of homes sold above asking price, another record, 26 percent higher than last year. On average, homes are selling for 2.2 percent above the list price.

While this phenomenon is widespread in almost every market, some cities have seen through-the-roof numbers. In Austin, home prices have risen a ridiculous 42 percent. The median sale price here is now at $600,000.

And it’s not just certain categories or sizes either. In many cities, exploding prices are market-wide. An incredible 84 percent of homes in Oakland have sold above the asking price. San Jose was right behind at 83. Further east, Rochester, NY has seen sales above list price in over 77 percent of purchases.

Looking to sell quickly? Homes in Indianapolis and Oklahoma City have been selling after a median of just four days on the market. And it’s typically only five days in Denver and the Chicago suburb of Elgin, IL.

Only half of those sellers plan to buy again immediately

But here’s where these two worlds intersect. While home sellers are cashing in on high market prices and demand, almost half of them aren’t moving right into a new home. Sellers are wary to spend all that money they made selling over the market price on turning around and buying a new home over market price.

All told, 45 percent of sellers are not buying a new house as their next housing choice. Twenty percent are moving into a temporary rental (until sale prices fall again), 10 percent have switched to renting long term and 15 percent are consolidating by moving in with another person.

Among those choosing not to buy again right away, the reasons why are diverse. Over a quarter reported moving in with a significant other post-pandemic. Downsizing was the intention for 17 percent of respondents. 16 percent said the expense of the current market and unwillingness to commit to a neighborhood made a difference to them.

It’s no stretch to understand why sellers wouldn’t want to re-enter the housing market and bidding wars straightaway. Temporary renters who just sold their homes want to stay as far away from the craziness as possible. Stories of home purchasers going to extremes in order to secure new properties they have their eyes on are everywhere.

To get the edge on in-demand properties, buyers are trying every tactic. Bidders have been offering tens of thousands over asking price, bribing competitive bidders to walk away, throwing in vacations and season tickets, paying in all cash (or even crypto) and even literally buying the seller’s next home for them.

Renters who recently sold say new home prices prevented them from buying again

While these statistics give a current snapshot from sellers with homes currently on the market, those who have already recently sold offer a slightly different point of view.

What are recent sellers who did not buy a new home right away reporting as to why? For them, the answer is mostly money. Over a quarter of respondents noted current home prices being too high as the main reason for not immediately buying a replacement home. Another 24 percent abandoned the idea completely, stating they are no longer interested in homeownership.

Housing survey methodology

The information presented in this survey comes from a Rent. survey conducted in June 2021.

A total of 2,800 people participated in the survey. The largest group of survey-takers (33.2 percent) was 45-60 years old. The smallest group (19.3 percent) was over 60. Another 25.0 percent were in the 18-29 age bracket, while 21.9 percent were aged 30-44. Less than 1 percent did not provide an age.

Our respondents were roughly half male and half female. Slightly more than half (51.9 percent) were female and 47.5 percent were male. Less than 1 percent did not provide a gender.

Survey results are subject to response biases because they are self-reported.

Fair use statement

This survey records home-buying confidence for renters and sentiments from owners who recently sold or plan to sell. All graphics and content are available for non-commercial reuse. Please link to this page and credit the survey in all citations.

The post 1/3 of Renters Not Confident in Ability to Purchase a House [Survey] appeared first on Rent. Research.

Coronavirus restrictions forced many roommates into close proximity. So our experts asked how much time roommates spend together inside the home. Then we analyzed if time together influenced satisfaction levels.

The pandemic drew attention to widespread hunger, financial concerns, eviction worries and political and social division in the U.S. Our experts wanted to discover if these issues are primary concerns for American renters. So the survey asked respondents to name their biggest pet peeve. Then we analyzed how these pet peeves differ by age, gender and number of roommates.

People with one roommate are extremely satisfied

Our survey asked renters to rate how happy they were within their households. Five options were available; extremely satisfied, somewhat satisfied, extremely dissatisfied, somewhat dissatisfied, or neither satisfied or dissatisfied.

Renters with one roommate are at their happiest in their households; 44.8 percent said they were extremely satisfied with their roommates. That’s the largest percentage in that category. Only 1.1 percent said they are extremely dissatisfied — the smallest percentage reported in that category.

In contrast, 29.5 percent of people with two roommates, 25.7 percent of renters with three roommates and 37.4 percent of individuals with four or more housemates told us that they are extremely satisfied with their living arrangements.

People who are extremely dissatisfied made up a slightly larger percentage of these larger households as well; 3.7 percent of renters with two roommates say they are extremely dissatisfied. In addition, 6.1 percent of renters with three or more housemates feel the same way.

All household sizes report satisfaction

When we add in the renters who said they were somewhat satisfied or somewhat dissatisfied — the happiness numbers become much more evenly distributed. At least half of all survey respondents in every household size said they were at least somewhat satisfied with their roommates.

A slim majority (50.3 percent) of renters with one roommate said they were at least somewhat satisfied with their living situation. Interestingly, 35.2 percent of people with only one roommate shared they are somewhat dissatisfied, bringing the total number of somewhat dissatisfied renters to 36.3 percent. Suddenly, two-person households aren’t the clear winners.

When we added in renters who were “somewhat satisfied” with their roommates into the statistical analysis, people who have four or more roommates topped the happiness list; 65.2 percent said they are at least somewhat satisfied. Just 13.1 percent said they are at least somewhat dissatisfied.

Individuals with two roommates are right behind; 63.8 percent report feeling at least somewhat dissatisfied. Another 15.9 percent indicate at least some dissatisfaction. Renters with three or more roommates clock in at 50.9 percent at least somewhat satisfied and 23.9 somewhat dissatisfied.

Renters who live with classmates are happiest

Most renters in our survey live with family members (43.1 percent) or friends (39.8 percent). An additional 7.8 percent live with friends of friends. Just 6.9 percent of renters in our survey room with strangers, while 1.8 percent live with classmates.

However, people who live with classmates report the highest levels of satisfaction. Of the 90.9 percent of this group who say they were at least somewhat satisfied with their roommates, 81.8 reported extreme satisfaction. But we need to take those numbers with a grain of salt — only about 2 percent of respondents live with classmates (such a small percentage of the sample size can contribute to a larger margin of error).

But there’s plenty of data to tell us that people who knew each other before living together report high levels of happiness. People who live with friends or family members are the most likely to report at least some satisfaction with their living situation. (The totals are 89.8 percent for friends and 88.7 percent for family.) Of these, 48.9 percent of renters who live with family and 47.4 percent of people who room with friends told us they were extremely satisfied with their roommates.

People who didn’t know each other before becoming roommates are actually happier together than people who live with friends of friends. Of people who room with strangers, 63 percent said they were at least somewhat satisfied with their housemates. Another 38.9 said they were extremely satisfied.

In contrast, individuals who live with friends of friends reported just 54.3 percent satisfaction. And only 11.9 percent said they are extremely satisfied with their choice. It’s possible that renters interview strangers more thoroughly than acquaintances when looking for roommates.

Nearly 40 percent of renters see their roommates all the time at home

The COVID-19 pandemic changed how much time people spend at home. Virtual school, working from home and coronavirus closures and lockdown measures forced more Americans to work, eat, learn and socialize at home. Our experts wondered how this influenced roommate relations.

As one might expect during a global health crisis known for stay-at-home measures, most people (39.3 percent) said they see their roommates “all the time” at home since the start of the pandemic. Renters who see their roommates a few hours a day made up 31.5 percent of respondents. Another 22.2 percent connect with housemates for at least half of the day. Only 7 percent reported that they rarely encounter their roommates at home.

Time together increased satisfaction

You might think that all that togetherness would get on roommates’ nerves — however, it turns out that absence does not make the heart grow fonder.

The more time people spend together at home, the more likely they were to describe themselves as “extremely satisfied” with their living situation. These extremely satisfied people connect with their roommates often; 54.4 percent see their roommates all the time and 41.6 percent see them for at least half the day.

When renters who report being “somewhat satisfied” are added to the “extremely satisfied” numbers, roommates who spend lots of time together come out on top by an even bigger margin. Out of all the renters that said they were at least somewhat satisfied with their living situation, a whopping 81.5 percent spend at least half the day with their roommates, followed closely by 79.3 percent who spend all day together and 62 percent of housemates who see each other for a few hours daily.

Roommates who rarely interact at home reported the lowest level of satisfaction — 59.2 percent.

Cleaning habits top the roommate pet peeves list

Despite widespread unemployment, financial woes, eviction worries and food insecurity, renters in our survey said money isn’t their biggest and only concern. Only 7.1 percent said their top pet peeve is a roommate being late with rent or utility payments. Not paying for groceries or stealing food only irked 6.5 percent of respondents.

Poor communication (12.2 percent) ranks higher than any financial concern. Violating personal space is right behind at 9.7 percent.

Disagreements about pets (3.4 percent), differing political and social views (3.5 percent), conflicts about overnight guests (3.8 percent), having too many guests visit (5.2 percent), or violating quiet hours (5.3 percent) all made the list of pet peeves. Miscellaneous “other” complaints logged 6.1 percent of votes.

But all of these annoyances combined didn’t add up to the biggest pet peeve of all — cleaning habits. Roommates often disagree over chores and cleaning. (They’re frequently addressed in roommate agreements.) Poor cleaning habits bothered 37 percent of our survey subjects.

Cleaning habits are the top pet peeve in every single subset, including age, gender and number of roommates (but renters’ other pet peeves varied).

Pet peeves by gender

While cleaning habits are the biggest pet peeve for both genders, they annoy women (40.7 percent) more than men (32.9 percent).

A popular stereotype is that women want stronger communication — our results show the opposite; 13.8 percent of men listed poor communication as their top pet peeve, compared to 10.6 percent of women.

Men are also more frustrated by violations of their personal space — more men (9.2 percent) listed this as a pet peeve than women (8.4 percent).

Both genders are equally frustrated by financial issues. Stealing food or contributing to the grocery budget annoys 6.3 percent of females and 6.1 percent of males. A roommate who pays rent or utility bills late is the top pet peeve for 6.1 percent of both men and women.

Pet peeves by age group

People of all ages find themselves annoyed by their roommates’ cleaning habits. It’s a frustration shared by 25.4 percent of renters over 60, 40.2 percent of people aged 24-60, 53.2 percent of the 30-44 age group and 36.9 percent of renters 18-29. Other pet peeves vary by age.

Renters over 60 are angered by communication issues (17.7 percent) and a variety of other grievances (19.2 percent) that didn’t neatly fit into any other category. Interestingly, 10.8 percent of people over 60 reported frustrations with political of social differences. This is the only time this issue cracks the top four in any age group.

Communication issues plague 14 percent of adults 45-60 as well. Other concerns and violations of personal space tied for third place with 7.5 percent of the votes. Fourth place goes to roommates who don’t pay the grocery bill or steal food (6.2 percent.)

The second most pressing concern for adults 30-44 is a lack of respect for personal space. It clocks in at 10.8 percent, followed by communication problems (8.8 percent). There is a three-way tie for fourth place; issues with pets, overnight guests and roommates who are late with rent or utility bills —all receiving 6.8 percent of the vote.

Roommates in the 18-29 age group share this financial concern; 8.1 percent of renters say late rent or utility payments bother them the most. It comes in just between communication problems (11.2 percent) and personal space issues (9.4 percent).

Pet peeves by household size

Cleaning habits are the most popular complaint in households of all sizes; 37.2 percent of people with one roommate complain about it. Compare that with 37.3 percent of people with two roommates, 31.9 percent of renters with three roommates and 40 percent of individuals with four or more roommates.

As the number of roommates increases, the top four complaints change. People with one roommate said communication problems (14.7 percent) and “other” concerns (9 percent) top the list. The violation of personal space claims 6.4 percent.

As the number of roommates increases, the frequency of personal space complaints also increases. The violation of personal space is the top concern for 10 percent of respondents who have two roommates, 11.6 percent of renters with three roommates and 13 percent of people with four or more roommates. The violation of personal space is the second most common complaint in all of these household sizes.

Renters with two roommates have issues with communication and disagree with their housemates about the number of guests they host. Both complaints garnered 8.8 percent of the vote.

Personal space complaints tied with communication issues for renters who have three roommates. Both annoy 11.6 percent of respondents. Another 8.6 percent of renters express frustration with roommates who violate quiet hours.

Communication is a concern in the largest households; 9.6 percent of people with four or more roommates say poor communication is their biggest pet peeve. But more people (11.3 percent) worry that their roommates are stealing food or not paying their fair share of the grocery bill.

Despite pandemic challenges, nearly 80 percent of renters would live with roommates again

Our experts asked survey takers if they would live with roommates again. They specifically instructed them to consider pandemic-related challenges, including close living quarters and working from home.

Even with these pandemic pressures, most renters (40.1 percent) say they’d be very likely to live with roommates again, while 19.7 percent say it is likely. Another 17.1 percent say it is somewhat likely they’d live with a roommate again. Only 3.6 percent of survey takers say it is unlikely. The smallest percentage — 2.4 percent — said it is very unlikely that they’d live with a roommate again.

So despite numerous pet peeves and the challenges of a once-in-a-lifetime global health crisis, most renters we surveyed said they’d repeat the experience. Problems with roommates are common, but the benefits outweigh the challenges in the majority of households.

Roommate survey methodology

The information presented in this survey comes from a Rent. roommates survey conducted in May 2021. It analyzed the renters’ experiences with roommates between March 2020 and April 2021.

A total of 1,900 renters participated in the survey. The largest group of survey-takers (34.2 percent) was 45-60 years old. The smallest group (16.9 percent) was over 60. Another 26.4 percent were aged 18-29, while 22.5 percent were in the 30-44 age bracket.

Our respondents were roughly half male and half female. Slightly more than half (50.7 percent) were men and 49.3 percent were women.

The majority of people who responded to this survey – 1,094 individuals or 57.6 percent — reported that they had roommates during the coronavirus pandemic. Most renters in our survey (49.8 percent) lived with one roommate. Another 24.8 percent lived in two roommate households. An additional 14.9 percent of survey takers reported living with three roommates, while 10.5 percent lived with four or more roommates.

Survey takers lived in every region of the U.S. The largest portion of respondents hailed from the Southern Atlantic states (20.7 percent), followed by the Pacific (18.3 percent) and Middle Atlantic (15.4 percent) zones.

Survey results are subject to response biases because they are self-reported.

Fair use statement

This survey records the experience of living with a roommate during the coronavirus pandemic. All graphics and content are available for non-commercial reuse. Please link to this page and credit the survey in all citations.

The post Cleaning Habits are the Biggest Pandemic Roommate Pet Peeve for Renters [Survey] appeared first on Rent. Research.

With a burglary every 13 seconds, it’s no surprise that people are thinking about ways to level up their home security. For renters, the topic of home security can be tricky — what do you do if your landlord doesn’t allow you to install additional security measures or if you don’t have space to discreetly store packages in front of your door?

We surveyed 2,000 renters to find out how they feel about front door security and whether they think smart home technology like doorbell cameras are effective tools to prevent crime.

55% of Americans only rely on front door locks for home security

When it comes to home security, most American renters rely on just a front door lock for home security. Despite more than 2.5 million break-ins occurring each year (with more than half occurring in homes), most Americans have no additional home security besides locks.

The next most popular types of home security include:

• Doorbell cameras: 31%
• Gated home/community: 9%
• Doorman/front desk: 5%

Although over half of Americans have no additional home security besides locks, those that do overwhelmingly favor doorbell cameras as their second form of home security. Other popular additional home security methods include gated communities (9%) and doormen or front desks (5%).

Doorbell cameras have become the most popular form of additional home security amongst Americans

With smart home technology on the rise, it’s no surprise that Americans are turning to tools like doorbell cameras to keep themselves — and their belongings — safe. Nearly one-third of Americans (31%) that use additional home security named doorbell cameras as their primary choice.

Of those with additional front door security, 20% live in gated homes or communities, and 11% have a doorman or front desk. Of those who use additional forms of home security, Baby Boomers were nearly three times more likely than Millennials to favor a doorman or front desk, while Millennials were 75% more likely to prefer living in gated apartments.

Boomers and Millennials may have differing opinions on whether to use a doorman or gated apartment, but both generations believe doorbell cameras can help prevent theft. While nearly three-quarters of Millennials (74%) believe doorbell cameras help prevent theft, that number jumps up to 83% for Baby Boomers.

82% of Americans would feel safer with a doorbell camera

Despite more than half of Americans not having additional home security, more than four out of five say they would feel safer with a doorbell camera. Of these respondents, women preferred doorbell cameras the most with nine out of 10 women saying they would feel safer.

But personal safety isn’t the only concern when it comes to front door security — package security has come to the forefront of many people’s minds during the pandemic, seeing as over four in 10 people had a package stolen from their homes.

35% of Americans rely on doorbell cameras to help prevent package theft

When many companies started to rely on contactless delivery methods during the COVID-19 pandemic, it makes sense that over one-third of Americans are relying on doorbell cameras to prevent package theft. 

According to C+R Research, 43% of people had a package stolen from their home in 2020 — up 19% from 2019. With the rise in package theft, it’s no surprise that 35% of people are now relying on doorbell cameras to keep their packages secure.

But if you don’t want to install a doorbell camera in your home, how can you keep yourself (and your packages) safe? Keep reading for tips on how Rent. suggests protecting your deliveries to outsmart porch pirates.

How to prevent package theft

Porch piracy has become a rising concern in recent years. If you’re concerned about package theft, check out our tips for making sure your package is delivered safely.

Use a smart locker

Although offsite lockers can be less convenient, using a smart locker can significantly minimize theft potential. Smart lockers have the advantage of being accessible 24/7, whereas some PO boxes must be accessed within working hours of the post office.

Smart lockers are a relatively new invention in the package security world and work best for renters in urban areas that don’t have additional front door security to protect their packages.

Set up package tracking notifications

If you want to keep your packages secure but don’t want to pay for additional security, make sure to set up tracking notifications for your packages. You can plan to be home when the package arrives — like 39% of people already do.

Alternatively, you can schedule a delivery for a time that’s convenient for you. However, this may delay your package delivery by a few days, so you’ll need to decide if the extra security is worth the tradeoff of slower shipping.

Coordinate with neighbors

If you’re friendly with neighbors, you can coordinate with them to pick up packages for each other if someone isn’t home. You can pick up your packages from one another after getting home, knowing your parcels are safe and sound with a trusted neighbor until then.

Ask for package holds

If you can’t be at home for a package delivery, you can usually request a package hold at your local post office. Carriers like UPS and FedEx will typically hold the package for seven to 14 days, and you can specify the date after which you’d like your parcel to be delivered.

Set up a PO box

For people living in apartments, package security can be especially tough since there often isn’t a discreet place to store packages outside your front door. If you can’t be home to meet package couriers, consider setting up a PO box at your local post office for important packages instead.

A small PO box can cost as little as $10 a month — and can easily pay for itself when compared to the headache of a stolen package.

Install a doorbell camera

Doorbell cameras have become all the rage in the past few years. If you’re willing to shell out for the additional cost of a doorbell camera, you can look into renter-friendly options that hang over your peephole instead of being drilled into the wall.

While a doorbell camera isn’t physically able to stop porch pirates, it can help the police identify suspects and is a reasonably effective deterrent for package thieves.

Saved by the bell

Home security has always been an important topic for renters — even more so now that people spend so much time at home. If you feel like your home security isn’t up to par and want to find a new place to call home, check out our apartment finder to find the perfect place that fits your preferences.

Survey methodology

• An online survey of 2,000 Americans was conducted for Rent. using Google Surveys in April 2021.
• Post-stratification weighting has been applied to ensure an accurate and reliable representation of the total population.

Fair use statement

This survey information and related graphics are available for fair use. Please properly credit and link to the survey information from this Rent. page.

The post [Survey] Over Half of Americans Have No Additional Home Security Besides Locks appeared first on Rent. Research.

While Zillennials were figuring out what they wanted to do after college, they were also faced with the critical question of where to move after getting their diplomas. Moving home after college was already a trend before COVID-19 — according to our survey, college students who graduated without jobs were twice as likely to move back home.

With Zillennials entering the workforce and beginning to financially support themselves, we wanted to discover exactly how they were really feeling about their housing. We surveyed over 2,000 Zillennials to find out if they love or hate their post-college housing situation.

43% of Zillennials aren’t satisfied with their current housing compared to where they lived in college

When you think of college housing, images of cramped dorm rooms and communal bathrooms probably come to mind. You might think that young adults a few years out of college would be happier with their current housing compared to their time in the dorms. But when asked about their current housing situations, more than four in 10 Zillennials said they weren’t happier with their current housing than they were in college. Of the 42.7 percent who were unhappy, 42.6 percent said they hated where they live now.

Men are much less satisfied with their housing than women

We found that while 25 percent of men said they hate where they live, only 11.3 percent of women reported extreme unhappiness with their living situation. On the contrary, over half (52.6 percent) of women say they love where they live now, while only 41.3 percent of men love where they live.

So why are women happier with their homes than men? In general, men and women both report affordability and utilities as their top housing priorities. However, women prioritize security as their third biggest priority, while men prioritize aesthetic finishes, like hardwood floors, as their third priority.

Despite how they feel about their current living situation, Zillennials don’t want to move home after graduation

Although more than four in 10 Zillennials are unsatisfied with their post-college housing situation, they’re not keen to move back in with their parents.

Their main reason for staying away from the nest? Independence — nearly two-thirds of those who aren’t planning to move home said they “need to be independent,” while almost 40 percent said they had the financial means to support themselves.

Of those who moved home, we found that nearly three-quarters did it to save money, while 35 percent wanted to be close to family. A small percentage still lived at home for other reasons, such as staying at home in college and job loss.

According to those planning to move home, the main negative aspects of living with parents include:

1. Delayed independence
2. Lack of privacy
3. Limited freedom
4. Hindered romantic life
5. Embarrassment

Additionally, employed graduates who move back home after graduation plan to stay for three months, while unemployed graduates plan to stay for a year or more.

Fleeing the nest: Over ¾ of Zillennials said sayonara to their parents after graduation

When it comes to post-college housing, 75.2 percent of Zillennials surveyed did not return to their parents’ homes after graduation. Of those surveyed, nearly half (46.2 percent) moved to a new city after receiving their diploma, and 29.0 percent stayed in the same town/city.

Zillennials who graduated with jobs were twice as likely to move out

While only around one in five Zillennials (22.6 percent) who moved out after graduation were unemployed, that number leaps up to over half (52.9 percent) for employed Zillennials, meaning employed Zillennials were more than twice as likely to move out compared to their unemployed counterparts.

Of those employed Zillennials, 56.8 percent moved to a new city, while 43.2 percent put down roots in their college town.

Graduates are looking for new experiences in smaller cities

Digging deeper into the data, we found that nearly 30 percent more graduates moved to a new city rather than staying in the same place after graduation — but the places these grads moved might be different than you think.

The traditional “post-college” cities like San Francisco, Chicago and New York City saw a mass exodus of young professionals over the past year, landing in the top 15 for falling one-bedroom rent prices. Surprisingly, cities where demand trended upward included some unexpected places like Sacramento, Philadelphia and Newark.

Looking forward: Gen Z are more optimistic about their housing than Millennials were

Although the economic outlook remains uncertain for Zillennials, you might be surprised to hear that 50 percent of Gen Z-ers expect to move out by age 24, while only 40 percent of Millennials planned to at that age.

So why is the younger generation so much more optimistic about their housing prospects? Although Gen Z dreams of a big home to call theirs, they’re much more willing to compromise to keep costs down.

While Millennials prioritize tangible amenities like storage space (31.2 percent) and central heating and air conditioning (21.9 percent), Gen Z (sometimes referred to as iGen) wanted intangible amenities like fast Wi-Fi (37.2 percent) most of all.

Zillennials straddle a unique line between Millennials and Gen Z-ers. While millennials grew up with things like DVD players and family computers, Gen Z grew up with iPads, smartphones and Wi-Fi. As the younger generation of Zillennials and Gen Z-ers begins graduating college and searching for their first apartment, it’s worth considering that their needs might be different than before.

Whether it’s prioritizing high-speed internet or having smart technology in their homes, Gen Z is here — and they’re ready to shake up the rental market.

How to find an apartment you’re happy with

Many young people struggle to find the perfect housing and compromise on their wish lists when looking for a post-college home. So how do you know what to look for when you’ve never done it before?

When you’re searching for your first apartment, it can be easy to skip over some of the finer details of apartment hunting that can make a big difference in your overall satisfaction. Here are some of our top apartment-hunting tips for finding a place you’ll be happy with long-term.

1. Figure out your deal breakers

When you’re constrained by budget or need to look for a place with roommates, it can be nearly impossible to get everything you want. While you might prioritize having in-unit laundry, others might prefer to have covered parking or individual bathrooms. If you’re stuck in the middle and looking for your first apartment, it’s essential to consider what you specifically want. Whether you prioritize fast Wi-Fi or in-unit laundry, you should start by filtering out options that don’t have your non-negotiables.

2. Determine your amenity wish list

You may dream of living in an apartment with a rooftop garden or a beautiful cityscape view, but when you’re thinking about what will satisfy you long-term, you’ll probably want to prioritize functional amenities like a dishwasher or laundry machine. When you come up with your list of deal-breakers, create a separate wish list of additional amenities you’d love to have but would be willing to give up.

3. Check out the utilities

Before signing on the dotted line, take a trip to the apartment and check out all of the utilities — heating, air conditioning, laundry machines, dishwashers and water pressure are just a few things you should be testing out.

4. Think of the short- and long-term costs

It may seem like the rent on your dream apartment is just a smidge above your budget, but when you factor in long-term costs like electricity, gas and internet, that number may end up being higher than you can be comfortable with. Take time to crunch the numbers, considering how much you’ll actually end up paying once utilities and other necessities are added into the mix.

You might want to consider using a rent calculator that factors in additional costs, like debts and scheduled payments, so you can get an accurate idea of how much you can afford to spend on rent.

5. Test your commute

Would you be willing to live further away to have more space? Or are you okay with living in a small apartment if it’s close to where you need to be? To figure out if the location works for you, try a “test-run” day — drive from the apartment to where you work during commute times to figure out if it’s something you’d be willing to do each day.

Shaking up the housing market

As Zillennials and Gen Z begin to enter the housing market, it’s clear that their apartment wants are different than what’s been seen before. College graduates are pushing to move out of their parents’ homes and are willing to sacrifice quite a lot for independence from their parents.

Ready to get your own space? Check out our apartment finder to begin your search today.

Survey methodology

• An online survey of 3,000 Americans was conducted for Rent. using Google Surveys in April 2021.
• Zillennials were classified as ages 18–24 as of April 2021. Millennials were classified as age 25–34.
• Post-stratification weighting has been applied to ensure an accurate and reliable representation of the total population.

The post [Survey] 43% of Zillennials are More Unhappy With Their Current Housing Than They Were in College appeared first on Rent. Research.