Conventional wisdom says that buying a home is better than renting an apartment, but there are plenty of factors prompting 35% of American adults to rent, rather than own, their living space. Here are five reasons to rethink home buying and start browsing rentals on an apartment locator today.
It’s true that buying is still a better long-term investment than renting in many cases, but renting can keep you out of trouble financially. Not only does renting often cost less per month than owning a home, your monthly expenses are clearly laid out and evenly divided throughout the year. Homeowners have to worry about taxes, insurance and the costs of unforeseen repairs. Plus, you can always renegotiate your lease or move within the year if you change jobs or your income fluctuates — and that’s not necessarily the case with a mortgage. Most apartment finders also allow you to set parameters so that you won’t even see things you can’t afford, lessening the chances of stretching yourself too thin.
Luxurious apartments can be surprisingly affordable to rent. Some buildings may also offer high-class amenities as part of your rent, such as a pool, gym facilities, common entertaining areas or recreation space.
Whether you want to be able to accept an out-of-area job offer if your dream company calls or you just have a chronic case of wanderlust, renting allows frequent moves with minimal hassle and financial impact. Think you’d like to live in a cheap apartment near the university as a student, shift closer to downtown nightlife as a young professional, then move out to the suburbs for more space in your 30s? It’s as simple as hopping online and using an apartment locator or browsing your local apartment listings.
Renting comes with far fewer maintenance demands than owning your own home, which is great if you’re not too handy or prefer to spend your time on something other than cleaning space you don’t need. Repairs are your landlord’s concern, and pool cleaning, lawn care or snow removal (depending on your location) are all commonly included. Don’t forget that an apartment locator, despite its name, can also help you find a house if that’s what you want. The proportion of apartments to houses available for rent depends on which city and neighborhood you’re looking in, but you’ll likely have a wide variety of options; in Pasadena, Texas, for example, a full 38% of homes are rented rather than owned.
A standard apartment lease is only a starting point for negotiations. If you find an apartment you love but some of the landlord’s terms are not ideal, ask if he or she is willing to reconsider. Try to understand the underlying concern and alleviate it if possible; you may not be able to convince a landlord to let you have a golden retriever in a carpeted apartment, but you may be able to get some leeway if you’re a qualified, financially stable tenant.
What has been your experience renting living space? Let us know in the comments below. Read this website for more information.