If you haven’t heard, renting is on the up-and-up. According to Appfolio.Com, “2 million new renter-occupied households were added in 2014, while the number of owner-occupied households decreased by more than 350,000.” But why?
The decision to rent or buy forces a common gridlock, “If I rent, I can move when the lease is over. But if I buy, then I can probably pay lower monthly payments.” But both renting and buying is more than monthly payments and lease dates.
For example, homeowners have the privilege of ownership. But with great privilege comes great responsibility. Maintenance is the homeowner’s responsibility, on top of home insurance, property taxes, and other home owner fees. Sure, the monthly mortgage payments may be low, but you’ll have many unexpected and inbuilt fees.
On the other hand, if you rent, you may have access to amenities that, as a home owner, you would not. You could have access to a 24 hour gym, bark park, and pool. Similarly, you won’t have to repair leaky faucets or clogged drains. Apartment complexes take care of maintenance. Another key advantage to renting is location. Most large cities don’t have room for houses. An apartment building fits the same lot space but, with tall, multi-unit designs, houses more people.
Renting has many appeals, from communal living to basically maintenance-free living. It is not accidental that rental properties are thriving: the numbers don’t lie.