No one is surprised that the option most sought after by Mexicans is the rental option, above the purchase.
On average, for every three queries generated on the real estate portal Propiedades.comtwo correspond to rental properties and only one to properties for sale, despite the fact that the latter constitute 70% of inventory total on the platform.
This trend is also reflected in the portal searches, where “apartments for rent” exceeds “apartments for sale” by 68%.
“These data highlight a profound change in the country’s housing priorities, which could be motivated by economic, demographic and cultural factors that are transforming the home preferences of Mexicans,” according to the portal’s analysis.
Las high interest rates and some restrictions on access to mortgage loans They make it difficult to buy a home, which leads Mexicans to opt for renting.
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Little accessibility to credit, key factor for increase in housing income
According to the latest edition of the National Housing Survey (ENVI)51.4% of people rent because they do not have access to credit or resources, 22% because it is easier to move, and 9.7% because the monthly payment is less than the mortgage.
Mobility is another determining factor taking into account that 22% of those who rent do so to maintain the flexibility to move according to their needs work or personal.
“The Mexicans They are prioritizing flexibility that the income offers, due to various factors, including the current economic context with interest rates that are not very accessible for the purchase of a home.
“In addition, the growth of urban areas and the need for proximity to work centers and services also influence this preference,” commented Juan David Vargas, general manager of Propiedades.com.
And although the demand for rental housing is greater in large urban centers, the preference for rental is permeating different population levels.
Income is the main option for the majority of Mexicans
According to data from ENVI The percentage of rented homes in cities with more than 100 thousand inhabitants is 22%.
In medium-sized towns with 15 thousand inhabitants, the figure reaches 19.7%. Even in towns with 2,500 inhabitants, 11.5% choose to rent, while in rural communities, with less than 2,500 inhabitants, 4% also find a solution to their housing needs in renting.
“Renting is gaining ground as the main option for many Mexicansespecially among young people and professionals who want to establish themselves in urban areas,” Vargas added.
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