Some people’s dreams include owning a home, but that doesn’t necessarily fit into everyone’s life goals. The COVID-19 pandemic has resulted in numerous job losses and economic instability. As housing prices continue to rise, possessing your own place is increasingly becoming out of reach for many Americans, especially the younger generations.

With problems such as greater demand for space, properties selling without inspections, and limited inventory, it’s a good idea to consider renting an apartment or home. According to their financial circumstances, renting is a good option for individuals looking to save while living comfortably.  In the same way, you save time, cash, and problems when you opt to get a rental instead of a hotel for your extended vacation or business travels. Keep reading as we examine more advantages of renting a property.

1. More Flexibility

While homeowners are restricted regarding the areas in which they can afford to buy property, renters can live anywhere. You may not be able to buy a house in an expensive city like New York, but you can certainly live there on rent. You are much more likely to find affordable monthly payments as a renter in a district where house prices are high. If you’re in a financial slump, you can always downsize to a smaller place when your lease ends. This flexibility ensures that a smaller, cheaper alternative aligns with your budget.

2. Access to Amenities

One financial benefit of renting is that you can access amenities that would otherwise take a huge chunk out of your wallet. Luxuries like a fitness center or an in-ground pool come with no additional charge to tenants at many upscale to midscale apartment complexes.

As a homeowner, access to such amenities will cost you thousands of dollars just for maintenance and installation, which also applies to condo owners. You can find these expenses in your homeowner’s association (HOA) fees that need to be paid monthly.

3. Rent is Fixed

How much you pay in rent is determined beforehand in your lease agreement. While landlords can raise the rent after informing you, it’s easier to budget for the change since you know the amount you’re expected to pay.

As a homeowner, you should note that mortgage rates fluctuate, and you might be subject to a higher payment because of higher interest charges. Additionally, you have to pay property tax which doesn’t apply to renters.

4. No Down Payment

When you rent a property, the up-front cost decreases because you pay a security deposit typically amounting to one month’s rent. This deposit is returned to you once you move out if you haven’t damaged the property.

Buying a house with a mortgage will require you to make a sizable down payment, usually around 20% of your property’s value. For example, a house on the market for a value of $200,000 will result in you paying a $40,000 down payment.

5. More Free Time

Renting a home means avoiding the most time-consuming aspects attached to maintaining one. Your landlord handles appliance replacement, exterior repairs, extensive renovations, plumbing, painting, and snow removal. This time you save can be invested into recreational activities and other interests. Most renters choose rental homes precisely for the lifestyle they provide: less stress and more free time.

6. No Repair Bills or Maintenance Costs

Renters don’t have to deal with repair bills or maintenance costs because the landlord assumes full responsibility for all improvements, maintenance, and repairs. If your roof starts to leak or an appliance stops working, you simply need to contact your landlord, who must replace or fix such issues.

In contrast, homeowners have to maintain and repair their property and also bear the burden of all renovation costs. Fulfilling all these tasks can be expensive, especially depending on the type of task.

7. Cheaper Insurance

Like homeowners, renters are required to maintain an insurance policy. However, a renter’s insurance policy costs less and covers almost everything owned, such as computers, furniture, and valuables. Adequate insurance as a renter can cost as little as $125 a year, while a quality homeowners’ insurance price is up to a couple of thousand dollars. The amount only increases if you add flood insurance or other coverage.

8. Greater Career Options

Homeowners are tied down to where they live and cannot chase exciting career opportunities in new places unless they sell their homes. Renting a property enables you to pick up and leave whenever you need into another place with a new lease. This process is much quicker than selling a house and buying a new one. If you’re an adventurous person fond of traveling or someone who moves around a lot because of jobs, renting is the way to go.

Endnote

While owning a home is an asset because of the equity amount it helps you acquire, renting helps avoid the hassle of maintaining one. Property taxes and upkeep costs are higher than ever in today’s economy, and renting a property sounds like a better option for individuals interested in a flexible and more laidback lifestyle. If you wish to rent a home or apartment, it’s recommended to do extensive research and find a property that matches your financial situation and other needs.