Reported about 1 year ago
More renters, like Bryan Tucker, are opting to stay in the rental market longer as the housing market remains unaffordable for many, with apartment owners noting record low percentages of renters moving out to buy homes. Reasons include the high cost of owning a home compared to leasing an apartment, mortgage rates hovering around 7%, and delayed moves by current homeowners due to higher rates keeping the supply limited and driving home prices up. As a result, renters are more likely to stay in their homes for extended periods, pointing to a trend that may persist due to the current rate environment.
Source: YAHOO