Longer commute would stop tenants buying
Many renters are opting to remain tenants and not to purchase a home if their commute time is increased by greater than 17 minutes. While being a homeowner has its perks, trends are showing that a significant number of renters enjoy the flexibility of renting over buying a home. With the number of renters expected to increase over the next few years, location is a key driver for investors and landlords. Selecting properties in close proximity to large employment hubs is a lucrative business decision as these individuals seek the right place to invest.
- Research shows that more renters would consider buying a property if the mortgage was commensurate to the rent they usually pay.
- Interestingly, a large percentage of renters do not consider a stop gap along the road to buying. More than eighty per cent express satisfaction with renting.
- With the high need for flexibility in today’s workforce, many consider renting a first, not a second, choice.
“Highlighting the importance placed on a good work/life balance, 12% of renters would only buy if it didn’t increase their commute at all and 19% would sacrifice a maximum of 10 minutes.”