Rising rents not prompting more home buying.

Position:NEWS ROOM

McLean, Virginia-based Freddie Mac commissioned a Harris Poll of 2,030 adults in late March to capture current perceptions about renting. And the findings showed the majority of renters are staying put despite rising rents. The poll also showed that favorable views of renting are on the rise. Of those surveyed, 646 were renters.

Rents rose 3.6 percent last year and are projected to increase 3.4 percent above inflation this year, according to Freddie Mac. Yet, in a press release on the survey findings, Freddie Mac noted that of those who experienced a rent increase, 70 percent agreed they would like to buy a home but cannot afford to at this point.

Freddie also found that half of respondents (51 percent) agreed with the statement that they now have to put off their plans to purchase a home. This comes in spite of recent improvements in the job market and overall economy.

The number of people currently renting housing is a significant share of the American population. Freddie Mac noted that more than one-third of U.S. households now rent their homes and renters have accounted for all net new household growth over the last several years, according to the Census Bureau's data.

While homeownership is presumed to be the favored mode of housing given the financial means to accomplish it, the new poll detected many favoring renting on its own merits.

The poll found that one-third of renters are "very satisfied" with their rental...

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