Recent Home Buyers are Extremely Open to Renting Their Home, Realtor.com® Survey Says
SANTA CLARA, California, September 23, 2021 / PRNewswire / – In today’s sharing economy, recent homebuyers are overwhelmingly willing to use their homes as a means to generate income and offset expenses. Realtor.com®the latest poll from found that while many homeowners use traditional methods such as hiring a roommate, some also use more creative tactics when it comes to generating income from their home, such as renting out their space exterior or their parking space.
“As the next generation of home buyers embrace carpooling and short-term rentals, it’s a natural next step for them to start seeing their greatest asset – their home – as a potential source of income.” , said George ratiu, Head of Economic Research, Realtor.com®. “For people looking to take advantage of the sharing economy, in addition to traditional approaches, it may be worth exploring creative solutions, such as listing your home as a vacation rental when you leave town. , or the rental of your outdoor space or your swimming pool. Even a small amount of income each month can multiply over a year or more and can turn into bigger returns.
The survey of 3,026 consumers, conducted online by HarrisX in July 2021, found this:
- Sixty-nine percent of recent homebuyers would rent part of their home if it had a separate entrance, kitchen and bathroom.
- Thirty-two percent of consumers have already rented a room, space, or outdoor feature on their property, most often by hiring a long-term roommate (10%) or renting a short-term room like on Airbnb (8 %).
Creative rental solutions used by consumers include:
- Rental of outdoor spaces such as a parking space (7%) or a courtyard / swimming pool (6%).
- Six percent of those surveyed rented their entire house while they were away and 7% lived in smaller accommodation on their property while renting the main house.
Consumers said the main reason for renting part or all of their homes was:
- Additional income to save (53%), extra pocket money (37%), to ease the burden of general monthly expenses (35%), to offset major household expenses like mortgage (29%) and to cover family vacations (16%).
Rental preferences among owners include:
- Fifty-two percent of consumers would feel comfortable renting a part of their home that has its own entrance, kitchen, and bathroom to someone they already know, 30% would be comfortable renting out a part of their home that has its own entrance, kitchen, and bathroom to someone they already know, 30% would be comfortable renting ‘they could verify the tenant and 29% would be comfortable with a tenant that has been checked by a third party, such as an app.
- A surprising 16% of people would rent space from anyone if they really needed the money.
- Recent buyers were less picky about checking out, with 32% saying they would rent from someone they know and 23% being open to anyone.
- Among all respondents, long-term tenants (24%) were preferred over medium-term (21%) or short-term tenants (18%).
“It’s important to keep in mind that while today’s sharing economy may seem easy to generate rental income from your home, there are many factors to consider before taking the plunge. should familiarize yourself with the rights of tenants in your state and locality, and understand any restrictions in the community.In addition to this, ensure that tenants have been properly vetted and that home insurance will cover any potential damage, are additional things to consider before inviting tenants to your home, ”Ratiu said.
Methodology: Realtor.com® commissioned HarrisX to conduct a national consumer survey. The total sample size was 3,026 adults. The survey was conducted online from July 21-23, 2021. The sampling margin of error for this survey is ± 1.8 percentage points. The numbers represent a national view of American adults. The results were weighted by age, sex, region, race / ethnicity, and income, where applicable, to bring them into line with their actual proportions in the population.
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