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3/12/2013 - Renters staying put for at least five years

Rather than move, a growing number of renters plan to stay put for the next five years.

Whether they rent an apartment or a single-family home, a considerable number of Americans say that they likely won't pack up and move for several years, according to a recent poll.

A new poll conducted by ORC International on behalf of Premier Property Management Group reveals that approximately one in every four residents of a rented home plan to stay put for at least five years before they even consider moving again. Meanwhile, about one in every five apartment dwellers say the same.

Should they move five years from now, both apartment and single-family renters say that their next destination will likely be a home that's purchased. The poll found that six in every 10 rented-home tenants and 44% of apartment dwellers say they will buy a home the next time they make a move, which likely won't be sooner than five years.

Chris Clothier, director of sales and marketing at Premier Property Management, noted that single-family renting is a fairly recent phenomenon and gives people a glimpse into what homeownership can be like.

"Single-family rentals can be found in virtually every community today and more and more families are choosing single-family rentals either as a temporary stop on the road to becoming homeowners or as a permanent solution to their housing needs," said Clothier.

Whether it's a rented home or an apartment, renters insurance can come in handy if they encounter a problem. But according to the Insurance Information Institute, less than one-third of renters buy a policy.

"Renters insurance provides financial protection against the loss or destruction of your possessions when you rent a house or apartment," said Jeanne Salvatore, consumer spokesperson and senior vice president for the III. "While your landlord may be sympathetic if you experience a burglary or a fire, your possessions are not covered by your landlord's insurance."

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