HousingWire informs MHProNews, as the inventory of available homes continues to drop—Capital Economics says there are only 2.7 million units on the market, the sixth lowest in 30 years– homebuilders are patiently waiting for renters to transition into buyers. According to a survey by Opinion Research Corp. on behalf of Premier Property Management Group, 80 percent of renters are pleased with management, and in the case of single-family renters, are achieving some of the characteristics of home ownership. The survey also revealed 60 percent of single-family renters and 44 percent of apartment dwellers intend to buy within the next five years. Builders, in anticipation of future homes, are buying land, particularly in markets where credit is more readily available.
(Image credit: rent-direct)