Picking a place to live is a big decision, no matter your stage in life. Whether to rent or buy is no small part of the equation. More and more people are choosing to rent, with 34 percent of Americans renting rather than buying, according to RentCafé. That’s over 100 million people living in homes, apartments, and other properties around the country.
A house in the suburbs with a white picket fence isn’t the ideal scenario for everyone. For many people, better finances, low maintenance responsibilities, and more independence are just a few of the positives of renting. Here are a few ways renting may have a leg up over buying.
Move When You Need To
One of the things you can be certain of in life is that change will happen. You might get a new job, decide to move closer to family, or need a bigger place. When you rent, you can often make these changes more easily than if you buy. Skipping the 30-year mortgage and working with a shorter lease provides a little more wiggle room.
“Regardless of age, mobility is one of the top reasons people decide to rent,” writes Robert Pinnegar at The Washington Post. “For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise.”
At Porto Bella Apartments, we want to take care of you whether you stay with us or you need to move. That’s why we instated our loyalty bonus: If you move from Porto Bella Apartments to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
Spend Less Now and Later
Owning a home can open the door to varied and unexpected expenses. Maintenance, insurance, taxes, and more add up and can vary month to month, with surprises lurking around the corner. Renting, however, is a set cost. Maybe that’s why in 2019, 82 percent of renters said renting is more affordable than owning, jumping up from 67 percent the year before.
Right off the bat, your upfront costs are lower. When buying a home with a mortgage, your down payment is typically around 20 percent of the total purchase price. When renting, though, you only need to pay a security deposit, usually equal to one month’s rent, which will be returned to you when you move out (so long as you haven’t damaged the property).
There are some continued costs over time that will be higher for homeowners than renters as well. Unlike homeowners, you don’t need to pay property taxes, and you will pay quite a bit less for renters insurance than you would for homeowners insurance. According to NerdWallet, renters insurance costs an average of $170 a year, versus $1,200 each year for homeowner’s insurance.
Let Someone Else Do the Maintenance
You’ve got plenty going on in your life without trying to fix the toilet that won’t stop running. And you certainly don’t need the stress of finding someone to repair the flooring if that toilet also leaks in the middle of the night. One of the best positives of renting is that someone else is responsible for making repairs. For example, at Porto Bella Apartments, we make sure any necessary maintenance is taken care of right away by knowledgeable and friendly staff who are trained and certified to make repairs.
If you want to save money, be able to move when needed, and save time on maintaining your home, renting could be a good option. Come visit Porto Bella Apartments and see firsthand how you can enjoy the positives of renting.