Whether to buy a home or rent is a major life decision. There are a lot of elements that go into making the choice, and there’s no one-size-fits-all answer. While some people hope to own a home one day, others find they prefer renting. Renters make up 34 percent of America’s general population, and more people are choosing to rent rather than buy.
Among the pros of renting an apartment are financial savings, more freedom to move, and less responsibility for upkeep. It’s no surprise that more people find renting to be an attractive option. Read on to find out more about these three pros of renting an apartment.
Owning a home is usually considered a good long-term investment, but it is an investment that can come with significant cost. Homeownership requires more money up front than renting, and there are several additional costs over time. Initial expenses include a down payment of up to 20 percent of the purchase price, as well as possible closing costs and additional fees. Factor in insurance, property taxes, and general upkeep, and your monthly costs can be quite a bit more than just your mortgage payment and utilities.
As a renter, your upfront and monthly payments are a bit lower and more steady. You’ll usually need to pay a security deposit of about one month’s rent when you begin your lease. Renters insurance is also much more affordable than homeowners insurance, coming in at about $180 as opposed to $1,200 each year.
Sometimes, life comes at you fast, like in the form of a baseball crashing through a bedroom window. When the unexpected happens, it’s good to know that you’re taken care of—that someone else is responsible for making repairs. For example, at Stadium House Apartments, we have knowledgeable and friendly staff who are trained and certified to make repairs. That’s much preferable to making a trip to the hardware store, isn’t it?
One of the pros of renting an apartment that owning a home has a hard time beating is the ability to move around. A rental agreement is much shorter than a mortgage term, and homeowners run the risk of losing money on their investment if they move too soon. Millennials are on the move more often than the young adults of previous generations, so the flexibility of renting is a big benefit. More than 45 percent of young adults in 2017 had lived in their current residence for less than two years. Whether you get a new job, want to move to a new school district, or want to be closer to grandkids, renting makes it easier to make that change.
While we aren’t eager to say goodbye, at Stadium House Apartments, we do want to be sure that you are taken care of wherever you go. That’s why we instated our loyalty bonus: If you move from Stadium House Apartments to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
With a difference in costs, less responsibility, and more freedom, it’s easy to see why more and more people are choosing to rent. At Stadium House Apartments, we want to make coming home the best part of your day; give us a visit and see what the benefits of renting can do for you.