Renting Has Never Been More Popular. Here’s Why
Renting has never been more popular. There are more renters in the United States now than ever since 1965 , making up 34 percent of America’s general population. And that percentage continues to rise.
More people are recognizing the benefits of renting, and while those reasons vary, it usually comes down to three: renting can be less expensive than buying, it comes with less responsibility, and it provides a more flexible lifestyle.
Renting Is Less Expensive
Right off the bat, your upfront costs for buying a home are higher than renting. Often, your down payment is 20 percent or more of the total purchase prices. Once you buy a home, there are a variety of unexpected expenses. Maintenance, insurance, taxes, and more add up and can vary month to month. And of course, there can be surprise expenses lurking around the corner ready to pop out. Then, over time, homeowners have to pay property taxes and home insurance to maintain their property.
On the other hand, renting is a set cost every month. When renting, you only need to pay a security deposit, usually equal to one month’s rent, which will be returned to you (as long as you don’t damage your space). Unlike homeowners, renters don’t have to pay property taxes, and their rent insurance is fairly inexpensive ( $180 per year on average ). These reasons alone probably explain why 82 percent of renters in 2019 said renting is more affordable than owning, jumping up from 67 percent the year before
Renting Removes Some Responsibility
If the dishwasher in your unit breaks or potato peels are accidentally shoved down the garbage disposal, it’s nice to know that you’re taken care of and that someone else is responsible for making repairs. For example, at Northwind Apartments, we have knowledgeable and friendly staff who are trained and certified to make repairs. When you report that something is broken or needs repair, our team will be there to address the issue. That’s much easier than making a trip to the hardware store!
Renting Is Flexible
One of the greatest benefits of renting is the freedom it gives you to live wherever you want. Mortgages can tie you down for 30 years, but renting is relatively short. According to Robert Pinnegar at The Washington Post , “Mobility is one of the top reasons people decide to rent. . . 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 want to make sure you are always taken care of that. That is why we have a loyalty bonus: If you move from Northwind to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
With fewer costs, less responsibility, and more freedom, there’s no reason why renting shouldn’t be gaining in popularity. At Northwind Apartments, we want to make coming home the best part of your day; give us a visit and see what the benefits of renting can do for you.
