According to Rentcafe, 34 percent of Americans in the housing market are currently renters. That means over 100 million people have chosen renting over buying their apartments, condos, or homes across the whole country.
Everyone has different reasons to rent, but no matter what those are, it is easy to recognize the benefits of renting vs. buying property. If you are unsure, here are three good reasons why you should consider renting your next home.
Overall Costs Are Lower
When you own your own home, costs can pop up everywhere. From insurance to taxes, homeowners pay more for all the necessities, not to mention any surprise expenses that pertain to ownership. On the other hand, renting has a set cost every month that you can rely on. It makes sense then that 82 percent of renters said renting is more affordable than owning, jumping up from 67 percent the year before.
From the start, renting is much more affordable. A home with a mortgage requires a down payment of around 20 percent of the purchase price of the house. Renting, however, only requires a security deposit that is generally the same as a month’s rent. And the best part is, when you move, you get the security deposit back, as long as your property is not damaged.
Later down the line, the costs are more manageable, as well. Renting requires no property taxes, and the insurance policies are much less expensive for renters than for homeowners. 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.
Maintenance and Repairs Are Not Your Responsibility
Life happens. That means things break or wear out over time, especially some things that are not so easy to fix on your own. One benefit of renting is that when life throws you a curveball, you are not on your own to put the broken pieces of your window back together. Here at Cantabria Apartment Homes, our staff are trained to make any repairs you need. Our team is there to help when something is in need of attention. Much better than trying to fix things by yourself, isn’t it?
You Are Free to Move Whenever and Wherever You Want
Maybe the most well-known benefit of renting is the flexibility it gives you to live where and how you want. Buying a house ties you down to that location as you pay off a mortgage, while a lease is signed for shorter periods of time. “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.”
We don’t want to see you go, but at Cantabria Apartment Homes, we want to make sure you are settled and happy wherever you go. That’s why we instated our loyalty bonus: If you move from Cantabria to another AMC property or vice versa, we’ll gift you $250 to give you a head start in your new home.
With lower costs, less maintenance, and more freedom, renting vs. buying is an easy choice to make for more and more people. At Cantabria Apartment Homes, we want to make coming home the best part of your day; give us a visit and see what renting instead of buying can do for you.