RentCafé reports that renters now make up 34 percent of America’s general population. That’s over 100 million people living in homes, apartments, and other properties around the country. And the number is growing.
What are the pros of renting an apartment? Not only is renting less expensive than buying, but it comes with fewer responsibilities and more freedom. Many renters don’t ever want to switch to buying! Read on to learn why.
You Aren’t Responsible for Maintenance or Repairs
We all love a little DIY project, but not when it’s to fix the backed-up plumbing! Unexpected repairs and their related expenses are par for the course for homeowners. One of the pros of renting an apartment, on the other hand, is that you can sit back and let management take care of any repairs.
At Artists Village, for example, we have knowledgeable and friendly staff who are trained and certified to make repairs. All our residents need to do it let us know that something is broken or in need of attention, and our team sets to work, ensuring that their homes stay in tip-top shape.
Your Upfront and Long-Term Costs Are Lower
Owning a home comes with varied and often unexpected expenses. From maintenance and insurance to taxes and more, expenses add up and can vary from month to month, with unexpected expenses looming. On the other hand, one of the pros of renting an apartment is that you can plan for the monthly costs. 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.
The costs vary when it comes to upfront and overall expenses. Upfront, a mortgage usually requires a 20 percent down payment; renting only requires a security deposit equal to one month’s rent. Over time, homeowners need to pay property taxes and homeowners insurance; renters don’t need to pay these taxes, and renters insurance is typically more affordable. A 2017 study by the Insurance Information Institute found that the average renters insurance policy costs $180 per year, while the average homeowners policy costs $1,211.
You Can Move Whenever You’re Ready
One of the major reasons people choose to rent is the flexibility it gives you to relocate. “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,” writes Robert Pinnegar at The Washington Post. Contrast the relatively short renter’s lease with a mortgage, which can tie you down for some 30-odd years.
We love our tenants, so if you do decide to move away from Artists Village, we want to be sure that you are taken care of. That’s why we offer our loyalty bonus: If you move from Artists Village to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
With less responsibility, a difference in costs, and more mobility, it’s easy to see why more and more people are recognizing the pros of renting an apartment. At Artists Village, we want to make coming home the best part of your day; come visit us and see for yourself what renting can do for you.