By Faith Ashmore, Benzinga
The American dream used to be that you got married, settled down, purchased a home and grew old. Today that landscape looks a lot different, and buying a home is not as common as before. While it’s undeniable that financial burdens like increased debt, growing home prices and rampant inflation are contributing to the decrease in home purchases, consumer behaviors and preferences are also shifting towards renting in lieu of buying.
Approximately 43 million families live in rented apartments in America; this is the highest level in half a century. Internationally the trends are largely the same; for example, 56% of Swiss and 40% of Germans choose to rent versus buy.
And it’s not only people who can’t afford a mortgage that are choosing to rent. In the past five years, the number of households making $150,000 or more a year that decided to rent increased by 82%, and the number of millionaire renter households tripled between 2015 to 2020.
So Why Are People Choosing To Rent Instead Of Buy?
For starters, it is difficult for people to lock into a 30-year mortgage. Not only do you need a good credit score to get approved, but rising mortgage rates have caused many households to be priced out of buying and remain in the renting space.
COVID-19 has made renting a lot more desirable because of the increase in work-from-home options. Prior to the pandemic, 57% of Americans said they rarely or never worked from home. Now a plethora of companies offer remote work as an option, and because of this, people are not geographically tied to their job. This has increased the desire for people to move more freely, and renting makes the most sense for this type of lifestyle. People might want to live in Miami for three months and then go to Los Angeles for the next six.
Renting has also become more desirable among millennials because they view buying a house as a step that can be achieved later in life. Millennials are more concerned about debt than they are about buying a house and because of this, they’ve gravitated towards renting for longer.
Because of this, more people are looking for mid-term rentals. In a world of digital nomads and professionals working from home, not to mention people who frequently travel for education or work, the need for mid-term rentals is on the rise, and while many companies offer rental services, only a few cater to those searching for mid-term accommodation.
Rentberry Inc. is an online rental platform that looks to streamline the entire process and makes renting easy and accessible. What’s more, Rentberry plans to introduce a Flexible Living solution dedicated entirely to mid-term rentals. The Flexible Living feature is for people who are looking for rental agreements between three and 12 months. Rental properties that are part of this program require no security deposit and are fully furnished.
As Renting Trend Continues To Increase, The Need For A Comprehensive And Easy Rental Platform Might Be Imperative
One of the reasons that Rentberry reports it is such an attractive platform for users is that they bring transparency, accessibility, and ease to the world of renting. To date, renting has been a difficult process with little automation, but Rentberry is seeking to change this.
Rentberry is a platform where all rental tasks can be done in one place. The platform is simple and intuitive, and Rentberry offers landlords and tenants a modern, contact-free, and automated means of renting properties.
On Rentberry, an applicant can see how many offers have been submitted for a listing as well as other pertinent information. A potential tenant can then submit an application, upload all necessary documentation, and if they are approved by the landlord, there is a lease eSign option. From there the rental property is managed digitally through Rentberry.
The company aims to be a one-stop shop for all renter needs – the platform allows tenants to make monthly payments, request maintenance and communicate with the landlord. Plus, if and when a tenant decides to change properties, their previously saved information is ready to be plugged into a new application. Rentberry understands the importance of simple organization and systems that foster a healthy tenant-landlord relationship.
Rentberry could be changing the game when it comes to renting, making it easier for tenants and landlords alike. There is no indication that the increase in renting is slowing down any time soon, and Rentberry’s platform could very well become a household name when it comes to renting.
This article was originally published on Benzinga here.
Rentberry is the first closed-loop platform that makes the long-term rental process transparent and safe, offers contactless rental experience, and helps properties realize their true market price. Its patented technology allows tenants to submit custom offers and potentially save $87 billion on move-in costs that are currently blocked as rental security deposits.
This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.