According to The Rental Protection Agency, there are approximately 2,500 new renters every day, or a new renter nearly every 30 seconds. While many people equate home ownership to the American dream, that is not necessarily the case for the younger generation, and many are opting to rent apartments or homes instead of purchasing a home. If you are torn between renting and buying, you may be curious about why so many people rent. Here are some of the reasons why.
1. Renting May Be Cheaper Than Buying
One of the reasons why more people are deciding to rent rather than buy is because it can be expensive to purchase. You have to save for a down payment, and then you may have a large mortgage payment each month. In many markets, it actually costs less to rent, making renting the more affordable solution for many Americans.
2. Moving Is Easy When You Rent
Another reason why individuals are opting to rent instead of buying a home is that you are not locked into a long contract when you rent. Most rental leases are about a year in length. Once the lease is up, you can move to a different location, city, or state. If you move often or are not ready to put down roots, renting allows you to move without having to sell your home first.
3. No Maintenance or Repairs When You Rent
The final benefit associated with renting apartments or homes is that you are not for maintaining or repairing the property. The owner is. If your dishwasher breaks or your roof starts to leak, you don’t have to worry about finding money for the repairs or hiring the perfect contractor. If you are looking to minimize your responsibilities, renting may be a better option for you.
There are many reasons why people are choosing to rent instead of buying this year. In some markets, renting is cheaper than buying, you are not locked into a long-term commitment when you rent, and you do not have to worry about maintenance and repairs when you rent. Additionally, there are many newer luxury apartments that offer a range of amenities that you simply do not get when you buy. If you are in the market for a new apartment, come and tour our apartments at Fern Crossing today!