According to RentCafé, 34 percent of Americans are renters. That means over 100 million people! And the number is growing.
More and more people are recognizing the benefits of renting instead of buying, and some people have decided they never want to buy! So here’s why you should rent: The costs are more affordable, you don’t have to take care of maintenance and repairs, and you have more mobility. Keep reading for more details.
Costs Are More Affordable
Having monthly expenses you can plan on is huge when it comes to peace of mind. That’s one of the greatest reasons why you should rent: With maintenance, repairs, and other expenses varying from month to month for homeowners, renters benefit from a set cost. That might be part of the reason a 2019 survey found that 82 percent of renters said renting is more affordable than owning.
When you first buy a home or rent an apartment, there are upfront costs—but these vary greatly between renting and buying. While people with a mortgage typically need to pay a 20 percent down payment, renters only need to pay a security deposit. And this deposit is returned when they move out, so long as the renter hasn’t damaged the property.
Then there are the costs that add up over time. Homeowners need to pay property taxes and homeowners insurance. And according to a 2017 study by the Insurance Information Institute, the average homeowners policy costs $1,211, while the average renters insurance policy costs only $180 per year.
You Aren’t Responsible for Maintenance or Repairs
When the unexpected happens, renters can rest easy, knowing that someone else is responsible for making repairs. For example, if something is broken and needs attention, you can report it to our Avignon Apartment Homes staff, and our knowledgeable and friendly staff will help, ensuring that your home stays in tip-top shape. That’s much preferable to making a trip to the hardware store, isn’t it?
You Can Move Whenever You’re Ready
One of the main reasons why you should rent is mobility. You never know when a new opportunity is going to come up, so as a renter, it’s nice to have that relatively short lease so that you can pack up and go when you need to. With a mortgage, on the other hand, you might be tied down for 30 years, making it much harder to move when opportunities arise.
To help make mobility an even bigger perk of renting, we’ve instituted our loyalty bonus: If you move from Avignon Apartment Homes to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
To sum up, here’s why you should rent: The costs are more affordable, you don’t have to take care of maintenance and repairs, and you have more mobility. At Avignon Apartment Homes, we want to make coming home the best part of your day; come visit us and see why renting might be the best decision for you.