Moving to a new place is a decision that people don’t take lightly. Is it time to take a leap and buy your own place, or should you rent? Renting works well for many people—34 percent of Americans, in fact. That adds up to more than 100 million people renting their homes, apartments, and other properties.
When you are looking into whether you should rent or buy, there are several factors to consider. The costs involved and necessary maintenance are important pieces of the puzzle, and you may find they point you toward renting. If creating pro and con lists is your preferred method of decision-making, here are some pros of renting to jot down.
Skip the Maintenance
Trimming the hedges, replacing the carpet, and fixing a leaky roof; owning a home comes with upkeep and repairs, both big and small. When those things need to be taken care of, one of the pros of renting is that someone else is responsible for making repairs. The helpful staff at Serena Vista Apartments are trained and certified to make repairs, and we’ll get to work the minute you call for help. You can count on your home being well maintained and in good repair, all thanks to the work of somebody besides you.
Pay Lower Expenses
Fixing things up around the house isn’t the only cost of homeownership that might come as a surprise. Renters have a fixed cost each month, while homeowners face added expenses like insurance, taxes, and more. Maybe that’s why in 2019, 82 percent of renters said renting is more affordable than owning, jumping up from 67 percent the year before.
If you like to save money, you can count lower costs up front—and in the long run—as pros of renting. Right off the bat, your upfront costs are lower. When buying a home with a mortgage, your down payment is typically around 20 percent of the total purchase price. 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).
Over the years, homeowners will also pay more in property taxes and insurance. 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.
Relocate More Easily
On average, Americans move about 11 times during their lives, including nine times during adulthood. You might move across the state for school, downtown to be close to work, or crosscountry for your sweetheart on a new adventure. When you are renting with a lease, you can make these moves a little more easily than you might with a 30-year mortgage. “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.”
At Serena Vista Apartments, we want to support you when life has you moving to a new place. With that in mind, we created our loyalty bonus: If you move from Serena Vista Apartments to another AMC property or vice versa, we’ll give you $250 to make the move a little easier.
With lower costs, easier relocation, and less work, it’s easy to see why more and more people are choosing to rent. Come to Serena Vista Apartments and see how coming home can be the best part of your day.