Housing leads national attitude shift towards renting

Americans are renting more than they have in years, with the housing industry leading the trend as the homeownership rate has fallen from about 69 to below 65 percent.

Businesses are increasingly offering rentals of everything from cars to college textbooks, according to the Wall Street Journal. Where past perceptions of real estate tended to emphasize the advantages of homeownership, such as building equity, people are now more sensitive to the potential disadvantages. Experts note that owning a home can effectively prevent people from moving where their skills are most in demand or leaving an area where they are no longer profitable, the news source reports.

As they come to see the flexibility, shorter-term commitment and lower risk of renting as advantageous, more Americans are happy to make that trade and choose to rent. This has encouraged investors, home builders and others in the housing industry to adjust their strategies and operations.

With the expansion of single-family rentals continuing, owners may find it increasingly important to locate strong property management companies and secure their services.