According to governing.com, there were “just over 43 million rental households in the U.S. in 2017”. That figure has only climbed since. That means, by now, there are over 100 million people of all ages renting in America.
Not everyone chooses renting for the same reason, but in today’s markets, more and more people are recognizing its benefits. For all generations, renting is more cost-effective, requires fewer responsibilities, and offers more freedom. Intrigued? Read on to find out more.
Renting Is Cost-Effective
Owning a home can be a money-pit. Maintenance, insurance, taxes, and other expenses add up quickly. There are also surprise expenses like damages and repairs that change the cost of owning a home month to month. Whether you are just starting out or are well established in your home, surprise expenses are a definite trial of homeowning. Renting is the opposite—a set cost that you can rely on each month. 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.
From the start, renting costs are lower than the costs of purchasing a home. Purchasing requires a down payment on the house that is about 20 percent of the total purchase price. When signing a lease, however, you only pay the security deposit, equal to a month’s rent and returned at the end of your lease.
Along with initial costs, there are costs of owning a home over time. Property taxes and homeowners insurance can be pricey. In comparison, renters insurance is much more economical. 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.
Renting Requires Fewer Responsibilities
Life is not always predictable. You may face damages to your property that you don’t know how to fix on your own. When you rent, however, you have the assurance that someone is there to help you overcome that damage and get your life back to normal. For example, at West Fifth Apartments, there are knowledgeable, friendly staff available who are trained and ready to make repairs. Sooner than you know it, your property will be good as new. For those who have no experience or skill with repairs, this perk of renting is a life-saver.
Renting Gives You Freedom
Renting’s greatest benefit is the freedom and flexibility it gives you to relocate whenever you need to. Mortgages and long-term investments tie you down for some 30-odd years. Leases are relatively short in comparison. “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 West Fifth Apartments, we know life’s path can be windy. We want you to be taken care of wherever you go, and that’s why we offer our renters a loyalty program: if you move from West Fifth Apartments to another AMC property or vice versa, we will give you a $250 bonus to help you settle into your new home with ease.
With more effective costs, fewer responsibilities, and more freedom, it is no surprise that renting is such a popular option. If you are interested, we at West Fifth Apartments would love to help you see why renting with us might be the perfect move for you!