Renting provides flexibility for residents.

Views of homeownership are shifting as residents are searching for factors that no longer solely align with purchasing a home. According to a new survey from Cortland, affordability, location convenience and maintenance/support were the top responses from 1,000 renters, resulting in roughly two-fifths of respondents reporting renting better fits their lifestyle.

Just shy of a third of respondents said owning a home was part of their American Dream. Those continuing to rent said avoiding maintenance (45%) and debt (40%) were reasons for not buying a home.

"The landscape of American living is evolving, and apartment living is no longer just a temporary phase," said Cortland President of Operations Juan Bueno in a release. "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."

Half of residents said renting meets their needs similar to homeownership, and the top three barriers to homeownership were high housing costs, increased cost of living and a lack of savings.

"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," said Cortland Chief Experience Officer Mike Gomes.