TREND IN APARTMENT RENTER SURVEY BODES WELL FOR SINGLE-FAMILY HOME MARKET

Is the American dream of home ownership about to be rekindled after a bruising recession forced many potential homebuyers to remain renters? Jay Brinkmann, chief economist at the Mortgage Bankers Association (MBA), says that a closely watched survey of apartment renters shows a precipitous decline in the percentage of renters who intend to renew their lease. The trend signals the possibility that home sale activity this spring could exceed expectations. According to research firm Kingsley Associates, 59.5 percent of renters surveyed in the fourth quarter of 2011 indicated that they "definitely" or "probably" would renew their lease, down from 60.8 percent in the third quarter. Kingsley surveys more than 1 million apartment units annually on behalf of its clients.

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