You’ve got a great new job, and it’s time to find a place to live near your work. You’ve got a lot of options, and you might wonder why you should rent. It’s a common scenario, not only for young adults just getting started, but for people of all ages.
The number of people choosing to rent has gone up in recent years. Renters like apartments for their affordability, but that’s not the only reason why you should rent. Throw in freedom to move when needed and low upkeep, and you’ve got a recipe for an ideal living situation. Here are three reasons to consider renting instead of buying.
A lot of people who choose to rent cite finances as a reason, with 82 percent of renters saying it is more affordable than buying a home. When comparing the costs of renting with buying a home, there is a lot more to it than the monthly rent or mortgage. Even if the monthly mortgage payment is comparable to rent, owning a home has some additional expenses that buyers might not expect. The biggest difference you will find is the money you’ll need at the start. A home buyer will need to save up for a down payment, which could be a hefty 20 percent of the purchase price. Renters, on the other hand, generally just need a security deposit equal to one month’s rent.
Owners and renters both need to pay for insurance, but renters insurance is usually more affordable. 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.
Easier to Move
One of the greatest benefits of renting is the freedom it gives you to live wherever you want. Unlike a mortgage, which can tie you down for some 30-odd years, a lease is relatively short. “Regardless of age, mobility is one of the top reasons people decide to rent,” writes Robert Pinnegar at 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 aren’t eager to say goodbye, at Stonybrook 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 Stonybrook Apartments to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
Do you love to have projects like replacing faucets, installing ceiling fans, and tinkering with the broken toilet? If that doesn’t sound like the ideal weekend to you, consider low maintenance a good reason why you should rent. As a renter, when things break down, you don’t have to worry about how to get it fixed. Someone else is responsible for making repairs and keeping the property in good condition. For example, at Stonybrook Apartments, we have knowledgeable and friendly staff who are trained and certified to make repairs.
Come home to Stonybrook Apartments and enjoy the benefits of renting. With lower costs, less upkeep, and more flexibility, you’ll see why so many people love to rent.