Believe it or not, owning a home isn’t always right for everyone. In fact, more than one-third of the nation agrees. Some 34 percent of America’s population is living in rental homes, apartments, or other properties.
There are many reasons why renting is better than buying. And among that “pro” list are key factors like reducing and even eliminating upfront long-term costs, eliminating the responsibility of maintenance and repair costs, and enjoying the freedom short, year-long leases allow. When it comes to weighing out the pros and cons, here are three great reasons why you should rent.
Reduce and Eliminate Upfront and Long-Term Costs
Homeownership comes with plenty of hefty financial responsibilities. From the moment you begin the mortgage process, you are responsible for coming up with a large down payment, typically 20 percent of the home’s purchase price. When signing a rental lease, however, you only need to pay a security deposit—typically equal to one month’s rent—which, provided you don’t damage the home, you’ll likely receive back when you move out.
Renters also aren’t responsible for annual real estate taxes. “One of the major benefits of renting versus owning is that renters don’t have to pay property taxes,” says Amanda C. Haury of Investopedia. “Real estate taxes can be a hefty burden for homeowners and vary by county—in some areas the costs can be thousands of dollars annually.”
Rental insurance, too, is much more affordable than homeowners insurance. A rental insurance policy, on average, is $187 per year, while a homeowners insurance policy is around $1,083.
Know That Maintenance and Repairs Are Covered
Life is never predictable, like when the hot water heater springs a leak when you’re on vacation or the air conditioner quits on the hottest day of the year. When those unexpected events happen, it’s good to know your apartment will be taken care of by someone who is responsible for making repairs. The 5800 has a friendly and knowledgeable staff trained and at the ready to make those repairs. Way better than forking out money for a plumber or HVAC expert, right?
Have Freedom to Move Whenever You’d Like
One of the best benefits of renting is the freedom to live wherever you want. Looking for a more urban home that’s walkable to shops and restaurants? You can find the perfect apartment to meet those needs. Got a job in a different part of town? If you rent, you can more easily relocate closer. “Renters have the option to downsize to a more affordable living space at the end of their lease,” Haury says. “Such flexibility is especially important for retirees who want a less costly, smaller alternative that matches their budget.” People with a mortgage, however, are tied down for some 30-odd years.
While we are never excited to say goodbye to our wonderful tenants, at The 5800, we want to be sure that you are taken care of wherever you move. That’s why we started our loyalty bonus program: If you move from The 5800 to another AMC property or vice versa, we’ll give you $250 to help you get settled.
With a difference in costs, less maintenance responsibility, and more relocation freedom, it’s easy to see why more and more people are choosing to rent. At The 5800, we want to make coming home the best part of your day; give us a visit and see all the reasons why you should rent.