Rent vs. Buy: Why Are More People Choosing to Rent?
Did you know that about 43 million households across the United States are renters, according to the National Multifamily Housing Council ? This number consists of young singles, families, and even retirees, and it is on the rise.
There are so many reasons why people are choosing to rent vs. buy. If you compare both, you may realize that there are a variety of benefits to renting. Renting can provide you with fewer costs, less maintenance, and more flexibility. Read on to learn more.
Fewer Costs
Home owning comes with plenty of expenses, from property taxes to insurance to a monthly mortgage to utilities. These expenses can vary month to month, which can seem overwhelming to many people. On the opposite side, renting is a set cost every month. Further, you aren’t required to cough up a down payment of 20 percent or more of the asking price as you would if you were to buy. Typically, renters submit a deposit equal to one month’s rent, and that deposit is returned when they move out, assuming that nothing in the apartment is damaged. This is probably why 82 percent of renters in 2019 said renting is more affordable than owning, jumping up from 67 percent the year before.
Less Maintenance
Things would get a little heated (literally) if your A/C unit broke in the middle of California’s humid and hot summer. If you owned a home, you’d have no choice but to visit the hardware store, find a repair person you could trust, or bear through the brutal heat. With renting, someone else is responsible for making repairs . For example, at Pointe Pacific Apartments , we have knowledgeable and friendly staff who are trained and certified to make repairs. 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. Another great reason to rent vs. buy!
More Flexibility
Some people don’t know if they are ready to stay in a home for 15 to 30 years. With renting, those individuals have the freedom to move where they want, when they want (after their lease is up, of course, which tends to be a one-year term on average). “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 Pointe Pacific Apartments, we are always sad to see you move, but we want to be sure that you are taken care of wherever you go. To do so, we have implemented a loyalty bonus for our residents: If you move from Pointe Pacific Apartments to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
It’s no surprise that more people are choosing to rent vs. buy. The decreased maintenance responsibility, lower costs, and more flexibility make renting seem like the ultimate ideal option. At Pacific Palms 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.
