According to a National Multi-Housing Council 2012 survey, approximately 35 percent of households in the U.S. are renters. Reasons for renting vs. buying are quite varied. Many people move into the community for a job and need a year or two to learn the area to see where they want to purchase. Others move for school or residency, and are not sure if they will stay once that assignment is completed. Other reasons include not yet being able to qualify to buy a home, a general desire for flexibility, marriage, divorce, or lack of supply of homes to buy. The point is, many people have to rent, and they are always looking for good-quality housing that is convenient and affordable.
In our community, many different property types are available to the renter, including apartment complexes; “apartment-style” condominiums; town homes, which are typically a part of an HOA or a condo association; and semi-detached and freestanding homes, which are not part of a homeowner association. We will elaborate more on these below.