Did you know that 34 percent of people in America are renters? That means over 100 million people around the country chose to rent vs. buy property long term. And that number continues to grow year after year.
Not everyone chooses to rent for the same reasons, but in increasing amounts, people are recognizing the benefits of renting, and some don’t ever want to switch to owning! Not only is renting less expensive than buying, but it comes with fewer responsibilities and more freedom. Read on to learn more.
Fewer Short- and Long-Term Expenses
There are always surprise expenses lurking when you own a home. On top of usual costs—like regular upkeep, insurance, mortgages, and taxes, you never know when you are going to need to shell out on emergencies. Renting, on the other hand, has a reliable, constant rate! It’s no surprise then that 82 percent of renters in 2019 said renting is more affordable than owning property.
Right off the bat, your upfront costs are lower. When buying a home with a mortgage, you must supply around 20 percent of the total purchase price as a down payment. When renting, though, you only need to pay a security deposit, usually equal to one month’s rent, which will be returned to you when you move out (so long as you haven’t damaged the property).
Over time, fewer costs build up as well. There are no property taxes to pay, and your insurance costs are much lower for renting. On average, according to a 2017 study by the Insurance Information Institute, renters only pay $180 per year for insurance compared to the $1,211 that homeowners must keep up with.
Life is full of surprises, both good and bad. But when surprises involve damage to your home, it is a comfort to know you don’t have to worry about them on your own—that there is someone there to help you out. At California Palms, for example, our team is trained to help you make repairs. When your apartment needs fixing, we are there to help!
Maybe the most well-known benefit of renting is the flexibility to move wherever you need to go. When you rent vs. buy, you don’t have a mortgage tying you down; leases are relatively short. “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.”
While we aren’t eager to say goodbye, we do want to be sure that you are taken care of wherever you go. That’s why we instated our loyalty bonus: If you move from California Palms to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
With more manageable expenses, less responsibility, and more freedom, it’s easy to see why more and more people are choosing to rent. At California Palms, coming home should be the best part of your day; give us a visit to see why renting is the way to go for you!