If you are looking to move and considering renting, you are in good company. According to RentCafé, 34 percent of America’s population rent their homes. That means there are over 100 million people just like you.
Renting offers many advantages that vary for each person. But, more and more people are recognizing those advantages and choosing to rent. Curious why you should rent? Read on for three of the benefits of renting.
You Have Fewer Expenses to Manage
Finding a new home can be daunting, and the expenses even more so, especially when you buy property. Between maintenance, taxes, insurance, and more, costs add up quickly. Renting, on the other hand, is a set cost each month. This makes renting much more affordable, and most renters agree. In 2019, 82 percent of renters surveyed said renting is more affordable than owning, jumping up from 67 percent the year before.
Right from the get-go, costs are lower when you rent. Buying a home requires a burdensome mortgage and a large down payment of around 20 percent of the total purchase price of the home. When renting, all you pay is rent month to month and a security deposit that is equal to one month’s rent—and that deposit is returned to you when you move out.
Costs also are more affordable over time when you rent. When you rent, you don’t pay property taxes and only have to budget for affordable renter’s insurance. The costs of buying are much higher. As a homeowner, you would have property taxes to pay. In addition, according to a 2017 study by the Insurance Information Institute, the average renter’s insurance policy costs $180 per year, while the average homeowner’s policy costs $1,211.
You Don’t Have to Make Repairs
Life is not always easy. Sometimes, the unexpected happens around the house, and you won’t know how to fix the flooding dishwasher or the broken window. When you rent, you don’t need to stress about repairs because they are not your responsibility. For example, at Crestwood, we have a skilled and friendly staff certified to help with your repairs. Our team is there to help you keep your home in tip-top shape.
You Have Freedom to Move
The freedom of renting is one of the main reasons why you should rent instead of buy. Renting allows you to test out an area to see if you like it before you commit to it for the 30-odd years a mortgage requires. This lack of long-term commitment is great for young people who may need to move frequently for jobs. As Robert Pinnegar at the Washington Post writes, for people new to their field, “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 aren’t eager to say goodbye, at Crestwood, we know you may need to change your home base. That’s why we instated our loyalty bonus: $250 dollars if you move from Crestwood to another AMC property or vice versa, so we know you are taken care of wherever you go.
With fewer expenses, less responsibility, and greater freedom, it is easy to see why so many have chosen to rent and why you should rent too. At Crestwood, 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.