KUALA LUMPUR, May 21 — Despite evolving property market trends and demographics, age-old tradition prevails with 92 per cent 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 per cent of respondents were renting with the balance 67 per cent 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, and also 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 renting at present, there was an aspiration to buy a home.

For those who would prefer to rent, the majority (71 per cent) said a location that is close to their workplace as the most important criterion, followed by family considerations (55 per cent) and public transportation accessibility (52 per cent) respectively.

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

Data from the survey showed that renters believed a realistic monthly budget for room rental was RM501-RM800 while those looking to rent a home would ideally wish to pay RM801-RM1,100 a month.

This of course, would differ from location, property type, unit size and other factors. — Bernama