Approximately 100 million people across America are renting their homes, and more people are choosing to do so each year. Reasons to rent are varied, but more and more, people who see the benefits of renting never look back.
When faced with the decision of renting vs. buying, there are many elements to think about. Not only is renting less expensive than buying, but it comes with fewer responsibilities and more freedom. As you decide whether to rent or buy, here are some things to consider.
1. Overall Costs
In a 2019 Freddie Mac survey, 82 percent of renters said they believed renting costs less than owning a home. Given the expenses that go into homeownership, the sentiment may not be far off. Rental costs generally stay the same each month, while homeowners may find expenses like taxes, insurance, and maintenance can be more variable.
Renters typically face fewer costs up front. Most rental agreements require a refundable security deposit—about the same cost as a month of rent. If you are planning to buy a home, on the other hand, you will probably need to fork over a 20 percent down payment.
The rental savings don’t end with the upfront costs. Over time, renters save money on property taxes, maintenance, and insurance costs. Homeowners can expect to pay an average of $1,200 each year for homeowners insurance, according to a 2017 study by the Insurance Information Institute. Renters, on the other hand, pay an average of $180 a year for renters insurance.
2. Maintenance and Upkeep
Home maintenance is a major part of the renting vs. buying question. Taking care of a home is no small feat, and the time and money that goes with it could be a deal-breaker. When you are renting, you can let somebody else deal with the minor repairs and major catastrophes. The expert staff at Solara Apartments are trained and certified to make repairs, and we’re eager to take care of any issues that may arise. When you report that something is broken or needs repair, our team will be there to address the issue, ensuring that your home stays in tip-top shape.
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 Forbes. “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 Solara 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 Solara Apartments to another AMC property or vice versa, we’ll give you $250 to help with the transition.
When you weigh the choice of renting vs. buying, lower costs, less responsibility, and more freedom help tip the scales in favor of renting. At Solara Apartments, 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.