Did you know? Renters now make up 34 percent of America’s general population. That means there are over 100 million people renting homes, apartments, and other properties throughout the country. And that number is rising.
When considering “rent vs. buy,” there are lots of pros to consider on the rent side of things! For starters, there’s more flexibility with moving, a difference in costs, and fewer tasks on your to-do list. Read on to learn more.
More Flexibility with Moving
When weighing up rent vs. buy, flexibility is a huge pro on the rent side of things. Unlike a mortgage, which can tie you down for some 30-odd years, a lease is relatively short. That can allow you to live a more flexible overall lifestyle. Instead of committing to eating a whole cake, you commit to one slice, and then you can get another slice, or change flavors!
“Renting has always been a step in the process and rarely the endgame,” says Robert Pinnegar, president and CEO of the National Apartment Association. “Based on the growing number of renters in major cities throughout the country . . . it’s clear that attitude is changing. Instead of viewing renting as a short-term phase, an increasing number of residents are choosing rental housing specifically because it offers a more-flexible lifestyle than homeownership.”
To support our tenants who are moving, we’ve instituted a loyalty bonus. If you move from Four Seasons Apartment Homes to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running. We’re not eager to say goodbye, but we want to help make your move as smooth as possible.
Difference in Costs
Imagine you’re in charge of buying a nice cake for a family member’s graduation party. You put a small deposit down when you order the cake and pay the remaining balance when you pick it up. While the cake is sitting on the table, you notice the decorative frosting has been smudged. You call the cake company, and they promptly come and rewrite the message. Then they give you your deposit back. (Just like renting an apartment.) Sweet!
Then imagine you need to order another nice cake from a different company. You put down 20 percent to hold it. When you pick up the cake, you notice the decorative frosting is smudged. But there’s no one to call! You scramble and end up paying your cousin to patch it up. After the party, you pay the remaining balance in payments, with interest, over the next several months. You end up spending way more than the price that was originally quoted to you. (Just like buying a home.) Not so sweet.
In 2019, 82 percent of renters said renting is more affordable than owning, jumping up from 67 percent the year before. When buying a home with a mortgage, your down payment is typically around 20 percent of the total purchase price. And you need to pay property taxes and homeowner’s insurance.
When renting, though, you only need to pay a security deposit, usually equal to one month’s rent, which will be returned to you when you move out (so long as you haven’t damaged the property). And renter’s insurance is much more affordable than homeowner’s insurance.
Fewer Tasks on Your To-Do List
Have you ever taken a bite of scrumptious-looking cake and realized the filling was a flavor you can’t stand? Life is like that sometimes—you’re enjoying your life when BAM! Your A/C stops working. When the unexpected happens, it’s nice to know that someone else is responsible for making repairs—you don’t have to worry about it! At Four Seasons Apartment Homes, for example, our knowledgeable and friendly staff are trained and certified to keep your apartment in tip-top shape. So as soon as you report that something needs attention, we are on it. That’s much preferable to making a trip to the hardware store, isn’t it?
When comparing rent vs. buy, it’s easy to see why more and more people are choosing to rent. There’s more flexibility with moving, a difference in costs, and fewer tasks on your to-do list. Ready to see if renting Paramount might be the right choice for you? Come visit Four Seasons Apartment Homes and see the benefits of renting here for yourself.