According to the 2019 American Community Survey, renters make up 35.9 percent of all households in the US. That means more than 100 million people experiencing the positives of renting in apartments, homes, and other properties across the country.
People choose to rent over buying for various reasons. However, more people now realize the positives of renting over homeownership and never want to make that switch! Renting comes with fewer responsibilities, involves more freedom, and costs less than purchasing a home. Here are some of the positives of renting.
No Maintenance or Repairs
Have you ever had a baseball crash through your front window and wondered how you’re going to pay for the damage? Or had your heater malfunction on a cold day? When you live in a rental, you don’t have to worry because your landlord is responsible for the repairs. At The Courtyards & Tierra Palms Apartment Homes, our expert staff is trained and licensed to make repairs. As soon as you have a problem, our skilled team will get to work, making sure that your home is in perfect shape. Isn’t that better than trying to find a trustworthy repair shop or learning how to fix issues yourself?
Lower Upfront and Long-Term Expenses
Owning a home may seem exciting until you’re hit with the unexpected expenses. There’s insurance, taxes, maintenance, repairs, and more. The amounts can vary every month, and surprises are probably lurking around the corner. When you rent, though, you know how much you’re going to pay every month. According to Freddie Mac’s 2020 Profile of Today’s Renter and Owner survey, 84 percent of renters say renting is the more affordable option.
First of all, when you rent, your upfront costs are significantly lower. You only need to pay a security deposit, usually equal to a month’s rent, when you sign the lease. Plus, you’ll get that money back when you move, as long as you didn’t cause any property damage. When you buy, you’ve got to come up with a down payment that’s usually at least 20 percent of the purchase price.
Then there are the ongoing costs of homeownership. Property taxes change most years (usually going up), and you never know what you’ll need to replace next. Also, homeowner’s insurance is more expensive than renter’s insurance. The average renter’s insurance policy costs $180 per year, while a homeowner’s policy costs an average of $1,211, according to a study from the Insurance Information Institute.
More Flexibility to Move
Another positive of renting over owning is that you’ve got more freedom to move. A mortgage will tie you down for 30 years, but a lease is relatively short. “Regardless of age, mobility is one of the top reasons people decide to rent,” Robert Pinnegar writes in 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.”
While we’re never happy to say goodbye to our tenants, at The Courtyards & Tierra Palms Apartment Homes, we want to ensure you’re happy wherever they land. That’s why we offer a loyalty bonus. If you move to The Courtyards & Tierra Palms Apartment Homes from another AMC property or vice versa, we’ll give you $250.
It’s not hard to see why more and more people choose to rent, with lower costs, more freedom, and less responsibility than homeownership. We want to make sure that coming home is the best part of your day at The Courtyards & Tierra Palms Apartment Homes. Come for a visit and see for yourself the positives of renting.