A question-and-answer session with Tricia Peterson, managing partner and COO at Accord Group.

What are the financial and personal characteristics of lifestyle renters?

Financially, lifestyle renters fall between renters by necessity and renters by choice. In general, this population cohort can afford to buy a home, but not the home they really want to buy — may not be in the neighborhood they want, may not be of the quality they are looking for, may not have the features they are looking for. In particular, given mortgage rates today, even the ability to buy, despite high incomes, is challenged. It is also the case with this cohort that renting is not explicitly a financial decision; it may also be a flexibility and lifestyle choice.

Demographically, this group is higher income relative to renters by necessity, who might typically rent in class B/C workforce housing communities. As a result, this class of renters will generally represent lowe