About 43 million households across the United States are renters, according to the National Multifamily Housing Council. From young singles to families with kids and even retirees, the number of people renting their homes or apartments is rising.
Renting your living space has a lot of benefits, far beyond not having to mow the lawn every summer. For many people, the rent vs. buy question looms large as they plan their future. When you compare some key points, you might realize renting has a lot of advantages. Renting can help you save money, cut back on maintenance, and give you more flexibility. Read on to learn more.
Save Money Now and Down the Road
When you are considering whether to rent vs. buy, your potential costs are likely one of the biggest factors in your decision. Plan to save up enough for a down payment of around 20 percent of the total purchase price when you buy a home. As a renter, however, you’ll usually pay far less. Most renters 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).
Then there are your costs over time. Unlike homeowners, you don’t need to pay property taxes, and homeowner’s insurance is much more pricey than renter’s insurance. According to a 2017 study by the Insurance Information Institute, the average renter’s insurance policy costs $180 per year, while the average homeowner’s policy costs $1,211.
You Don’t Need to Worry about Maintenance
A broken water heater puts a real damper on your morning shower, and figuring out how to get it taken care of isn’t much fun either. In your rent vs. buy list, maintenance and upkeep get a big check mark in the “rent” column. Instead of trying to find the right repair business and dipping into your savings to fix that water heater, you can rest easy knowing that someone else is responsible for making repairs. For example, at Pointe Pacific Apartments, we have knowledgeable and friendly staff who are trained and certified to make repairs. When you report that something is broken or needs repair, our team will be there to address the issue, ensuring that your home stays in tip-top shape.
Have More Flexibility
Sometimes, you’re not ready to stay in one place for 15 to 30 years, and renting is ideal for people who need flexibility to move when they need to. Compared to a mortgage, a lease is short and gives renters the ability to make changes to their living arrangements. “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 Pointe Pacific Apartments, we want to be sure that you are taken care of wherever you go. That’s why we instated our loyalty bonus: If you move from Pointe Pacific Apartments to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
It’s no surprise that more people are choosing to rent instead of buy. The ability to be flexible, control costs, and skip the hassle of maintenance is a pretty enticing option. At Pointe Pacific Apartments, we want to make coming home the best part of your day; give us a visit and see what the benefits of renting can do for you.