June 26th, 2019
Do you speak with a lot of potential customers who are still deciding between buying and renting? Well, Zillow’s most recent Housing Aspirations Report might be a good thing reference because it gives us a look at people who have already made that decision.
The report revealed that 45% of respondents cited choosing to rent rather than buy was one of their greatest regrets. To compare that to the other side, only 8% of buyers say they regret their choice over renting.
Moreover, 52% of renter respondents expressed disappointments in not being able to build equity, make improvements, or customize their rentals. 40% stated their rental homes were “too small”, and 49% complained they didn’t have private outdoor space (compared with 21% and 25% of homeowners, respectively).
Although you should always take your customers’ situations on a case-by-case basis, you should also discuss the pros and cons of both renting and ownership with your clients so that they can make the most informed decision for their families, and hopefully make future reports like this one a little more tasteful.