4 Reasons To Rent Rather Than Own

Posted on: 7 December 2015

If you're looking for the least expensive way to live, you may want to consider renting rather than owning these days. Many people are choosing to live in a rental home or apartment because of the numerous benefits of doing so. By knowing some of the reasons to rent your living space versus owning it, you may be more encouraged to do so.

Reason #1: Costs

One of the biggest benefits of renting is that you typically do so at a much lower cost than that of owning a home. Studies show that the average cost of residential monthly rent during 2013 in the United States is $905.

On the other hand, the cost of a mortgage payment may be much higher than this amount. Additionally, most home sellers require that you put down 20% of the cost of the home to secure it.

Reason #2: Maintenance

Landlords typically are required to fix any items that break down in the rental property and work to maintain it, as well. This could save you a lot of money over time because the average cost to replace a heat pump is $10,000–20,000 based on the square footage of the living space.

Reason #3: Moving

If you need to move for any reason, such as a job relocation or a divorce, you may need to sell your home. This could take a lot of time, and you can avoid having to do this if you rent rather than own.

Reason #4: Security

Renting an apartment may translate to a more secure area to live in for you. Many apartment complexes offer the things below to help keep you more secure:

  • Surveillance cameras – These are often in place 24/7 and will catch any suspicious activity if this occurs on the property.
  • Gated community – Your apartment may be inside a gated area that makes it impossible for others to access except other tenants.
  • Lights – Having sufficient light during the night hours can help keep potential robbers away for your rental unit, and most complexes do offer this.

Making the right choice for your individual situation can help make your life less stressful. If money is a concern, then you may want to consider the lower cost that typically accompanies renting. Be sure to check with your real estate agent to assist you in finding the best rental property, such as Meadowdale Apartments, for your needs.