Stacey Katz could buy a house. In fact, she does own one and co-owns another out of state as investment properties. But the Baltimore resident has opted to rent the home where she lives.
Katz, a 44-year-old education consultant who is single, chose to rent a high-rise apartment near the Inner Harbor three years ago instead of buying because it afforded her amenities, lifestyle and location that would otherwise have been out of reach. She doesn't regret her decision not to buy.
"Thank God I didn't during all the craziness of the past few years," said Katz, who lives on the 11th floor at Spinnaker Bay at Harbor East. "I have a million-dollar view for the price of an apartment. I can walk to work. I walk everywhere. I get a gym and don't have to pay. If I sign a year's lease, it includes parking, and I don't have to pay. And you have all the restaurants and places to go downtown."
In a time of declining house values, rising foreclosures and uncertainty about jobs, many who may have jumped into the housing market in a better economy are content to rent instead. Some view renting as more of a longer-term option instead of merely a steppingstone to home ownership. Others simply want the flexibility of being able to move without having to sell a house in a tough market.
In a survey by apartment listing Web site Apart ments.com, half the nearly 2,000 respondents said they rent because it is a more affordable living option than home ownership, with its taxes, repairs and interest that gobbles up the lion's share of a monthly payment in the early years of a mortgage. More than a third of those who responded to the September 2008 survey said they have been renting for a decade or more. And the listing service is seeing an uptick in interest from families, with the number of online searches for units with three bedrooms or more up by about 7 percent this spring.
"A lot of people are choosing to rent over home ownership because it affords them a more affordable living option while allowing them to live the kind of lifestyle they want," said Tammy Kotula, a spokeswoman for Apartments.com. "Renting allows people to live in top neighborhoods where they may not be able to afford to purchase a home."
That doesn't mean that demand for apartments is on the rise everywhere, especially as job growth has slowed or decreased in many areas, and new projects have continued to open.
