The report states that the renters typically own fewer cars and prefer to live close to mass transit lines. Since they do not have a lot of storage space and closets in their apartments, they need to make frequent trips to local retail stores for daily necessities as well as short term supplies. For large and bulky items, they prefer to use commercial storage spaces. They tend to use gym memberships in lieu of home work out rooms.
Once people start buying homes in the next phase of recovery, they will prefer smaller homes and not the McMansions of the boom years. The idea of owning a home is not dead, but it has simply been delayed by a few years.
Here is a video about new housing being built:
Reference: Madigan, Kathleen, Housing’s Future: Renting and Downsizing, The Wall Street Journal Blog, May 15, 2012
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