Some days I wonder...

An article in today's Globe says Rentals soar as more people steer clear of homeownership that talks about the following:

1. Many people with good incomes and stable jobs who would normally buy are instead choosing to rent apartments:

“For much of the past decade, renters have typically been college students, people who could not afford to buy, or upwardly mobile professionals who change jobs frequently. Now, an uncertain economy, sputtering housing market, and changing attitudes about homeownership have widened the pool of renters.”

2. There’s a great section in the article about the Clarendon (right in our back yard!) being fully occupied.  Let’s take advantage of this demand and rent apartments to people.

“In Massachusetts, home sales have fallen sharply in recent months, while apartment occupancy rates in Boston have risen to nearly 95 percent, their highest level in nearly two years, according to Reis Inc., which tracks rental markets.

Apartment complexes that once struggled to lure tenants with free rent and other perks have waiting lists. A luxury apartment-building boom is in the making in Boston as other construction stalls.

The Clarendon/One Back Bay, a luxury high-rise in downtown Boston, provides another example of the trend. Since it opened a year ago, the building has leased all but one of its 178 apartments, which rent for $2,700 to $5,900 a month. But fewer than half of the 102 condominiums on the top 19 floors have been sold. Three penthouse condominiums with 360-degree views sit vacant.”

I'm in the apartment rental business and the home sales business, so I'm not making a value statement on one being better than the other for all people.  There are many good reasons why an individual or a family would choose to rent.  And Boston is a great city for anyone to live - renter or buyer.

My issue is with the decision making.

Most people seem to blindly follow the crowd.  Seeking safety in numbers, perhaps?

It's most certainly NOT the right time for some people to buy (job uncertainty, not going to be in the home for a long period, etc), but for many of the people looking to make a decision