Do Canadians find it better to rent or own? According to a recent survey, a surprising 46% of current renters say they actually prefer it.
This challenges the idea that most renters are forced into it due to financial constraints. In fact, just 23% cited inability to afford a mortgage as their main reason for renting.
Interestingly, renters seem to be growing more sympathetic to the pressures housing providers are facing in the current economic climate, with 32% attributing rent increases to property managers’ and landlords’ inflated overheads. At the same time, the majority (56%) of renters point to high homeownership costs, limited rental stock, and population growth – all factors beyond landlords’ control – as the main factors driving rents up.
While successful housing provider-tenant relationships depend on various factors including effective communication and timely rent payments, this increased awareness could lead to deeper overall understanding and cooperation between the two parties.
The survey also found that most renters want smarter, greener homes, with 43% interested in using an app to track utility usage and fees, and 80% in reducing carbon emissions.
If more renters are in it for the long haul, that could mean stable rental income and business growth for property managers for the foreseeable future – especially if they cater to long-term renters’ preferences.
More renter headlines
The top 5 ways property managers can get leases renewed – PayProp
Canada needs to make renting more attractive to tenants – and to landlords – The Globe and Mail
Many Torontonians say they're clinging to affordable rental units and fearing what comes next – CBC
