More than 100 million people around the US realize the pros of renting in homes, apartments, and other properties. According to the 2019 American Community Survey, renters now make up 35.9 percent of all households in the US.
People have many reasons for choosing to rent over buying. More and more people, though, are seeing the pros of renting and never want to make the switch to homeownership! Renting means fewer responsibilities, it costs less than purchasing a home, and renters have more freedom. Read on for more pros of renting.
Lower Long-Term and Upfront Expenses
Insurance, taxes, maintenance, repairs—these are all ongoing and changing costs of homeownership. The amounts can vary by year or even month and can hit you when you least expect—or need—them. Renters, though, know how much they’re going to pay every month. In a recent survey, 84 percent of renters said that renting is more affordable than buying.
Upfront costs for renters are significantly lower than they are for buyers. In most cases, they pay a security deposit equal to one month’s rent. If they don’t damage the property, they usually get it back when they move. Buyers, though, are less fortunate: In most cases, buyers need to come up with 20 percent of the purchase price as a downpayment. On a $300,000 home, that’s $60,000.
There are also the ongoing costs of homeownership. There’s maintenance as well as repairing and replacing appliances and parts of the home. Then there are property taxes, which change every year—usually going up. Also, insurance is more expensive. According to the Insurance Information Institute, the average homeowner’s policy is $1,211 annually, while the average renter’s policy is only $180 per year.
No Repairs or Maintenance
Has your water heater ever given up the ghost? Or has your air conditioner conked out on a hot summer day? When you own a house, you’re responsible for finding a reputable and affordable repair shop or doing the work yourself. If you live in a rental, you don’t need to worry. At The Heights at Signal Hill, our skilled staff is on call when you have an emergency or need maintenance. When you let us know about your issue, our expert team will ensure you won’t need to worry. Isn’t that better than trying to do—and pay—for everything yourself?
You Can Move When You Want
Another one of the pros of renting is that you have more freedom to move. When you buy a home, you’re tied down to a mortgage for the next 30 years. But when you rent, your lease is much shorter. “Regardless of age, mobility is one of the top reasons people decide to rent,” Robert Pinnegar writes in 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.”
We’re never happy to say goodbye to our tenants, but at The Heights at Signal Hill, we want them to be happy wherever they end up. That’s the reason behind our loyalty bonus. If you move to The Heights at Signal Hill from another AMC property or vice versa, we’ll give you $250.
More and more people see the pros of renting—more freedom, lower costs, and fewer responsibilities. At The Heights at Signal Hill, we want to make sure that coming home is the best part of every day. Visit us and see for yourself the pros of renting.