The real estate market of today is vastly different from the market even 10 years ago. There are over 100 million people who rent their living space, whether that is a home, apartment, or other property. According to RentCafé, renters account for 34 percent of America’s general population, a number that is always increasing.
Not everyone chooses to rent for the same purpose, but all those who do rent get to take advantage of the many benefits of renting over buying. Curious why you should rent? Read on for three reasons why renting might be the option for you.
Costs Are Lower at the Beginning of and During the Process
Owning a home is expensive. There are many costs that come into play when keeping a home in working order, and when unexpected expenses arise, that cost creeps even higher. 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.
At the beginning of the process, your upfront costs are lower. The down payment on a home with a mortgage is usually at least 20 percent of the total purchase price. Renting only requires a security deposit that equates to the first month’s rent, which you even have the chance to get back when you move out.
Over time, the costs of owning a home build up too. Owning a home means you have to pay property taxes and expensive homeowners insurance. Renters insurance is much more affordable in comparison—according to a 2017 study by the Insurance Information Institute, the average renters insurance policy costs $180 per year, while the average homeowners policy costs $1,211.
Maintenance Is Not Your Responsibility
Sometimes life throws you a curveball. Literally. When something in your home breaks or you face an unexpected problem, it is comforting to know that you have someone behind you ready to help out. At Villa Serrano Apartments, renting means that your property will be repaired by a team of qualified, helpful professionals. When you report an issue, the team at Villa Serrano Apartment will set up a repair appointment so that you can get back to your daily routine in no time. That sounds much better than a DIY gone wrong, doesn’t it?
Freedom and Flexibility Are Priorities
One of the biggest reasons why you should rent is the flexibility it gives you to live where you need to. When you rent, you only have to fulfill your short lease, and then you are free to move around anywhere you like. Compared to a mortgage, which can tie you to a house for 30 years, your lease passes in the blink of an eye. “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 Villa Serrano Apartments, we know that you may need to move around, although we don’t want you to go. What we do want is to make sure you are taken care of wherever you may move to. We instated our loyalty bonus just for that reason. If you move between AMC properties, we will give you $250 to give you a boost while you settle into your new space.
With lower costs, less responsibility, and more flexibility, the case for why you should rent is hopefully more clear. All these benefits and more are available to you at Villa Serrano Apartments, where we strive to make your living experience the best it can be; give us a visit and see why you should rent with us today.