According to RentCafé, renters comprise 34 percent of America’s population. That means one-third of all people living in homes, apartments, and other properties in America are renters. And that number is on the rise.
Not everyone starts renting for the same reasons, but regardless of why, more and more people are discovering the pros of renting and not going back. Some of these pros include a more budget-friendly cost, fewer responsibilities, and more freedom. Still on the fence? Read on to better understand why so many are drawn to renting.
Renting Is Budget Friendly
When you buy a home, you never know what expenses are lurking around the corner. There are all the usual costs like insurance, maintenance, and taxes, but it is impossible to know when bigger things like major repairs or disasters will crop up. Maybe that’s why in 2019, 82 percent of renters said renting is more affordable than owning.
Even starter costs are lower with renting. Buying a home often requires mortgages and large down payments. In fact, the average down payment is around 20 percent of the purchase price. When renting, you only pay your monthly rent plus one security deposit at the beginning of your lease. And you even have the chance to get the deposit back when you move out.
Then there are long-term costs of buying. When you buy a home, you are responsible for property taxes and homeowner’s insurance, at a much higher price than renter’s insurance. According to a 2017 study by the Insurance Information Institute, the average renters insurance policy costs $180 per year, while the average homeowners policy costs $1,211. Buying a home means taking on many extra costs that you can avoid by renting.
Renting Means Maintenance or Repairs Are Not Your Responsibility
Sometimes, life comes at you fast, like in the form of a baseball crashing through a bedroom window. Instead of panicking, when you rent, you can have the assurance that you will be taken care of—that someone else is responsible for making repairs. At The 3900 Apartments, we have a team of knowledgeable staff trained to help you out with whatever repairs you need. That way, no matter when you need us, you can rely on the fact that your apartment will be back to tip-top shape as soon as possible.
Renting Allows You Flexibility
One of renting’s greatest pros is that you have the freedom to live wherever you want whenever you need to. Owning a home is a long-term decision that requires you to put down roots. In comparison, a lease is relatively short. “Regardless of age, mobility is one of the top reasons people decide to rent,” writes Robert Pinnegar at The Washington Post. He notes that younger people and older people alike “may choose to rent to have the flexibility to take advantage of new job opportunities as they arise.”
We at The 3900 Apartments understand how important this flexibility is to our renters. That is why we offer our loyalty bonus. We want to guarantee that you will be taken care of wherever you go, so if you move from The 3900 Apartments to another AMC property or vice versa, we’ll give you $250 to help you put your best foot forward in your new home.
With more affordable costs both in the short and long term, less responsibility on the renter, and more freedom to follow your dreams, it is clear why renting has attracted so many people these days. At The 3900 Apartments, we strive to make coming home the best part of your day. Come see us and see what the pros of renting can do for you.