Survey shows Malaysians prefer to buy a home than rent

The desire for home ownership is very strong and may be due to family or peer pressure. (Reuters pic)

KUALA LUMPUR: Despite evolving property market trends and demographics, age-old tradition prevails with 92% of Malaysians preferring to own rather than rent if they can afford it, according to PropertyGuru Malaysia’s latest consumer sentiment survey.

Country manager Sheldon Fernandez said 33% of respondents were renting.

The remaining 67% were residing in their “own homes”, defined as owned by those living in it, a family home, staying with a sibling or relative, and other non-rental residences.

“Despite rising living costs, higher loan rejection rates and price unaffordability, many Malaysians, including the younger generation, still make home ownership a key lifestyle aspiration.

“The desire for home ownership is very strong and may be due to family or peer pressure.

“It is also due to the prevalence of traditional perceptions of owning a home as being a sound foundation for one’s future,” he said in a statement today.

The survey also revealed that even among those renting at present, there was an aspiration to buy a home.

Among those who would preferred to rent, the majority (71%) said a location close to their workplace was the most important criterion, followed by family considerations (55%) and public transportation accessibility (52%).

High-rise homes were the preferred option for renters, with condominiums and serviced apartments being the top choices.

Data from the survey showed that renters believed a realistic monthly budget for room rental was RM501-RM800.

Those looking to rent a home would ideally wish to pay RM801-RM1,100 a month.

This, of course, would depend on the location, property type, unit size and other factors.