In line with pressing market demand, the housing industry has gone through a powerful shift towards more profuse options and amenities, increasing the options of available rental offerings. Pay close attention to detail regarding the reasons why affluent couples, families, and individuals are choosing to rent rather than purchase homes.
A Business Insider article asserts that “Many high net worth individuals have properties in various locations and would rather skip the cost and maintenance associated with owning” which is one of multiple reasons wealthy Americans are renting. A shift in attitude is being seen towards ownership as people manage their net worth in a different way. U.S. Census Bureau data shows a 217 percent the number of renter households earning more than $150,000 a year increase between 2005 and 2015. Put another way “For some it’s a lifestyle choice, as renting is more popular thanks to the high-end apartment market phenomenon that’s been spreading all over the U.S. in the last couple of years.”
The rising housing costs and volatility of the market are encouraging people to choose the safer option of renting, what they want, where they want without any of the risk involved. Cities are growing with new and different rental options becoming available. The conveniences available in new, executive developments, combined with the ease of mobility that renting allows are considerable influences on affluent Americans choosing to sign a lease. Young adults seek out alternatives to owning and delay first-time home buying, sometimes indefinitely leaning towards new luxury rental accommodations that are rapidly becoming available.