A Freddie Mac survey found renters are more optimistic about their financial situations and expect to continue renting even if their rental prices increase.
The survey also found that a declining number of renters anticipate buying homes in the next few years.
“It would appear from our new survey that renters today feel better about their finances, like where they are living, and view renting favorably,” Freddie Mac Multifamily Executive Vice President David Brickman said in a release.
“This is consistent with findings from earlier surveys that show a steadily growing number of renters have a positive view of renting,” Brickman added.
Nationwide, 59 percent of survey respondents said they expect to rent their next home compared with 55 percent in Freddie Mac’s survey in September 2016. Additionally, the percentage of renters who said they have enough money to last beyond each payday increased to 41 percent from 34 percent last September.
Renters who told Freddie Mac they can’t afford essentials decreased to 14 percent from 20 percent.
Even though an increasing percentage of renters felt better about their financial circumstances, renters who said they don't know when they expect to move rose to 37 percent from 30 percent; and those who expect to move during the next two years fell to 33 percent from 38 percent.
Renters who said renting is a good choice rose to 52 percent from 46 percent since January 2016.