AMERICAN RENTERS: HOMEOWNERSHIP NO LONGER SYNONYMOUS WITH THE AMERICAN DREAM

Cortland survey shows paradigm shift for many U.S. renters

ATLANTA, March 6, 2025 /PRNewswire/ -- Nearly half (43%) of American renters say renting has enhanced their quality of life compared with owning a home. Among these respondents, affordability (59%), location convenience (51%), and maintenance/support (49%) were the top contributors to quality of life, according to a new survey by Co     rtland that shares insights from 1,000 adult renters in the U.S.

The data indicates a substantial divergence from traditional views of the American Dream, with only 32% of renters seeing homeownership as part of their ideal life trajectory. For those opting out of buying a home, avoiding maintenance and debt are the primary motivators, cited by 45% and 40% of respondents, respectively.

"The landscape of American living is evolving, and apartment living is no longer just a temporary phase," Cortland President of Operations Juan Bueno said. "For many, it's a deliberate choice due to the flexibility, and amenities renting offers, in addition to enhanced experience, community and freedom from the burdens often associated with traditional homeownership."

Generational trends also shed light on shifting perceptions: While nearly half (41%) of Gen Z and millennial renters are unsure or doubtful about the feasibility of homeownership, a strong majority ─ 84% of Gen Z and 81% of millennials ─ report being at least somewhat satisfied with renting as a viable alternative. Among older generations, 71% of renters Gen X and older said they are at least somewhat satisfied with their current renting situation as an alternative to homeownership.

Additional survey insights include:

• Top perceived barriers to homeownership are high housing costs (58%), rising living expenses (52%), and lack of savings (46%).
• Those who intend to be lifelong renters report they have higher expectations for rental properties (53%), and renters overall generally believe renting can meet their needs and preferences in a similar way to homeownership (49%).
• A third of renters who feel renting has enhanced quality of life attribute the improvement to a sense of community (34%).
• While a suburban setting is the most overall desired location (42%) among renters if they knew they would be renting permanently, a majority (38%) of respondents in the Northeast would prefer urban/city renting.
• Respondents who indicated they had previously owned at least one property were more likely than those who had never owned to indicate renting has increased their quality of life (52% vs. 38%).

"This evolution in housing preferences marks a critical moment for the multifamily industry, as it adapts to meet the needs of a diverse renter population seeking adaptable living options, ease of access and a sense of belonging from their living arrangements," Cortland Chief Experience Officer Mike Gomes said. " As attitudes shift, Cortland continues to leverage data-driven insights to tailor our offerings and improve our service delivery, aiming to go above and beyond expectations to enrich the lives of Americans who choose renting as their housing solution."

Cortland is redefining apartment living with its resident-centric, hospitality-driven approach, perfectly aligning with the desires of modern and long-term renters. Through meticulous management of everything from acquisitions to new developments, design, amenities, unit configurations, and onsite offerings, Cortland's comprehensive, vertically integrated business model ensures that the needs and preferences of both residents and prospective tenants are always prioritized. This thoughtful approach positions Cortland at the forefront of the industry, creating living spaces where comfort meets convenience.

About Cortland: 
Cortland is a vertically integrated, multifamily real estate investment, development, and management company focused on delivering resident-centric, hospitality-driven apartment living experiences. Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, over 250 apartment communities comprised of nearly 80,000 homes in the US with regional offices in Charlotte, Dallas, Denver, Houston, Orlando, and Phoenix. Cortland has significant experience in acquiring, developing, renovating, owning, and operating multifamily communities, leveraging the services of its construction, design, and property, asset, and investment management affiliates. Internationally, Cortland maintains a management and development platform in the UK.

Cortland is the Top Property Management Brand for online reputation in 2023 (Reputation Score by reputation.com (Cortland pays a recurring fee to utilize Reputation.com's platform in connection with the management of Cortland's brand reputation across all its communities. To be included in Reputation.com's annual Property Management report, companies are required to pay a nominal fee for each community to be reviewed, analyzed, and scored. Cortland is not affiliated with Reputation.com.) and is a Great Place to Work-Certified™ Company (2024) (Based on scores calculated during 7/2023 – 7/2024. Cortland is not affiliated with Great Places to Work® and did not directly or indirectly provide compensation in connection with obtaining or using the rating.). For more information, please visit cortland.com.

About the Survey
Allison Performance + Intelligence surveyed 1,000 individuals ages 18 and older in the U.S. who  currently rent an apartment. The survey was fielded using Forsta and panel was sourced from RepData. Fielding took place in September 2024.

SOURCE Cortland